BMBE LAW PDF

“We highly encourage micro enterprises to register their businesses and avail of the incentives under the BMBE Law,” DTI Cordillera. The said law provides for incentives to BMBEs (Barangay Micro Business Enterprises) which includes tax exemptions and easier access to. BMBE Law – Download as Word Doc .doc), PDF File .pdf), Text File .txt) or read online.

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If your business falls under the micro business or enterprise category, then you might be eligible to register it as a Barangay Micro Business Enterprise BMBE. We have taken the most important information about BMBE and collected them all in this quick guide.

Such assets shall include those arising from loans but not the land on which the plant and equipment are located.

President Gloria Macapagal-Arroyo signed the Act into law on November 13,to encourage the formation and growth of BMBEs by granting them incentives and other benefits. The country recognizes that small businesses are essential to the economic development of the country. Supporting the growth of BMBEs will increase jobs, provide livelihood, and a better quality of life for Filipinos.

Both your first-time BMBE registration and its renewal must take place at the Office of the Treasurer of the city or municipality where your business is located. Basic requirements for new applicants and BMBEs applying for renewal of registration:.

How to get your micro business tax exempted

Duly filled out application form BMBE Form 01 in triplicate, signed by the owner or manager of the entity applying for registration; and. For those with assets worth three hundred thousand pesos P, and less. Registration as a business entity or enterprise from the appropriate government agency e.

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For those with assets worth more than three hundred thousand pesos P, up to three million pesos P3,Registration as a business entity as explained above in item no. bmbs

Sworn affidavit executed by the sole proprietor or the President of the enterprise, as the case may be, that the enterprise is barangay-based and micro-business in nature and scope. Sworn Statement of Assets and Liabilities supported by pertinent documents. Pictures of the place of business and its assets, other than cash, receivables and intangibles.

Documents previously listed in item II. Annual Information Return for the year immediately preceding the renewal of registration duly filed with the BIR, together with its attachments. The Municipal or City Treasurer evaluates the application. The application bmhe be processed within 15 working days upon submission; otherwise, the BMBE shall be deemed registered. The application is renewable every two years.

The registration and issuance of the Certificate of Authority of the LGU is free and must be done promptly. However, LGUs are allowed to charge a fee not exceeding P 1, As a solopreneur operating a small business on your own, registering as a BMBE will provide you with many benefits.

Save my name, email, and website in this browser for the next time I comment. Hit enter to search or ESC to close. Objective of the BMBE Law The country recognizes that small businesses are essential to the economic development of the country.

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The requirements for first-time registration differs depending on the value of your assets.

DTI urges micro enterprises to avail of benefits under BMBE law

Basic requirements for new applicants and BMBEs applying for renewal of registration: Duly filled out application form BMBE Form 01 in triplicate, signed by the owner or manager of the entity applying for registration; and, b. Three passport size ID pictures. Additional requirements for new applicants: For those with assets worth three hundred thousand pesos P, and less 1. Sworn affidavit executed by the sole proprietor or the President of the enterprise, as the case may be, that the enterprise is barangay-based and micro-business in nature and scope; 6.

Sworn Statement of Assets and Liabilities supported by pertinent documents; 7. Pictures of the place of business and its assets, other than cash, receivables and intangibles; 8. Additional requirements for the renewal of BMBE registration: Documents previously mentioned in item II.

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