Philippines

Required documents and verification process for businesses in the Philippines

Verifying a Philippines-Registered Business

Businesses registered in the Philippines can verify their HitPay account by completing both identity and document verification steps.

Verification Process

Identity Verification

The account representative must complete:

• ID verification
• A selfie submission for facial match

This step takes place after you’ve set up your bank account.

Document Verification

You’ll need to submit the following:

• Registration document:

  • DTI Registration (for sole proprietors)
  • SEC Registration Certificate (for corporations and partnerships)

• Ownership information:

  • Articles of Incorporation or GIS (for corporations)
  • Articles of Partnership (for partnerships)

• BIR Requirements:

  • BIR Certificate of Registration (Form 2303)
  • Business bank account proof (e.g. passbook, bank certificate, statement, or screenshot)
  • Sworn Declaration (if applicable)

If the account representative is not listed in the SEC registration:

• A signed Letter of Authorisation (LOA) from the company secretary or director
• Identification documents for:
  • The account representative
  • The person signing the LOA

Additional documents may be requested by our Compliance team based on your business type.

Common Additional Requirements

• Complex ownership structures → Provide Beneficial Ownership Structure
• Multiple shareholders/partners → Submit ID of owners with 25%+ ownership
• Regulated industries → Submit licenses, such as:
  • Department of Tourism (DOT) accreditation
  • NTC Certificate (for telcos)
• No online presence → Provide physical proof (store photos, tenancy agreement, Mayor’s Permit)

Entity Types and Required Documents

Entity Type	Required Documents
Corporation	SEC Registration Certificate, Articles of Incorporation, GIS, BIR Form 2303, Proof of Business, Corporate Bank Proof
Partnership	SEC Registration, Articles of Partnership, BIR Form 2303, Proof of Business, Partnership Bank Proof
Sole Proprietorship	DTI Registration, BIR Form 2303, Proof of Business, Business Bank Proof
Not-for-Profit	One of: ITR, AFS, PCNC Cert, SEC Mandatory Disclosure Form

Document Requirements	Details	Corporation	Partnership	Sole-Proprietorship
Government IDs of authorized person and of the owners/incorporators	Clear copy of ID, not cropped and no information removed. Full name is consistent with authorized person and not expiring in the next 3 months.	✔	✔	✔
SEC Registration Certificate	Document must be active. Legal name consistent with information provided.	✔	✔
Latest General Information Sheet	Full name is consistent with name of merchant. Must have confirmation that document was received by SEC	✔
Articles of Incorporation and By-Laws	Primary purpose consistent with industry information provided. Legal name consistent with information provided.	✔
For Not-for-Profit, provide one of the following:(a) Latest Income Tax Return (ITR). (b) Latest Audited Financial Statements (AFS) (c) Philippine Council for NGO Certification (d) SEC Mandatory Disclosure Form	✔ Applicable to Non-stock Corporation / Not-for-Profit Organizations	✔
Articles of Partnership	Primary purpose consistent with industry information provided. Legal name consistent with information provided.		✔
DTI registration certificate				✔
Proof of Business	Brand logo and storefront Photo of products, invoice for services; Website	✔	✔	✔
BIR Certificate of Registration (Colored copy of Form 2303) 2 pages	Must be Business TIN for DTI and SEC-registered businesses	✔ Corporate BIR registration	✔ Partnership BIR registration	✔ Business BIR form
Proof of bank account	Proof of bank account that reflects the account you are using in HitPay, containing full account name and account number. Passbook, Online banking screenshot, Bank certificate, Validated deposit slip are acceptable	✔ Corporate bank account	✔ Partnership bank account	✔ Business bank account

Ensure documents are not cropped, names are consistent, and ID documents are valid for at least 3 months.

BIR Withholding Tax Regulations

BIR Business Registration

• Register here: BIR New Business Registration

Overview

Under Revenue Regulations No. 16-2023, as amended, and RMC No. 55-2024, a 1% withholding tax will apply to gross remittances made by digital financial service providers and electronic marketplace operators to sellers/merchants.

All HitPay-registered merchants are subject to this 1% withholding tax unless they qualify for an exemption.

Exemptions Include:

• Non-stock, non-profit organizations exempt from income tax
• Entities with annual gross remittances via digital financial service providers not exceeding PHP 500,000

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Required Documents During Onboarding

1. BIR Certificate of Registration (Form 2303)

2. Business Bank Account

   • Note: As per BIR rules (RMC No. 8-2024), payouts can only be made to business bank accounts — not personal accounts.

3. To Assess Tax Exemption Eligibility

   • Sworn Declaration
     • Must be notarized, stamped, and verified by your BIR RDO
     • Download Sworn Declaration Template
   • Alternative Documents (if applicable):
     • Certification of BMBE registration
     • Proof of non-profit, tax-exempt status

Important:

If the sworn declaration is not submitted, the 1% withholding tax will automatically be applied to 50% of your gross sales starting October 12, 2024, regardless of your earnings.

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Tax Forms and Reporting

Merchants subject to withholding tax will receive BIR Form 2307 at their registered email within 15 days after the end of each quarter.

FAQs

How do I register a business in the Philippines?

Use the following official resources:

• DTI Business Registration
• BNRS Guide
• SEC Registration for Partnerships
• Stock Corporations
• Non-Stock Corporations

What are the tax compliance requirements for HitPay merchants?

Under BIR Revenue Regulations No. 16-2023 and RMC No. 55-2024, a 1% withholding tax applies to remittances made by digital platforms unless exempt.

Exemptions include:

• Non-stock, non-profits
• Merchants earning below PHP 500,000 via digital providers annually

Submit a notarized, stamped, and BIR-verified Sworn Declaration to qualify for exemption.

If not submitted, 1% tax applies to 50% of gross sales starting October 12, 2024.

Withholding tax will be reported quarterly via BIR Form 2307, sent to your registered email.