Specials How to get your micro business tax exempted Do you own a micro business or interested starting one soon? Apply for BMBE accreditation and enjoy its benefits. MSMEs are defined as registered businesses, enterprises, or startups that have total assets of less than P million in value and have at most employees. This is where Republic Act No. Enacted in , the BMBE Law aims to scale-up MSMEs — helping them drive the economy better — by giving them several benefits, such as tax exemption and market assistance, among others.
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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. Objective of the BMBE Law 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. The requirements for first-time registration differs depending on the value of your assets. Basic requirements for new applicants and BMBEs applying for renewal of registration: a. 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: a. For those with assets worth three hundred thousand pesos P, and less 1. Registration as a business entity or enterprise from the appropriate government agency e. 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.
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: a. 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.
Documents previously mentioned in item II. The Municipal or City Treasurer evaluates the application. The application shall be processed within 15 working days upon submission; otherwise, the BMBE shall be deemed registered. The application is renewable every two years. 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.
What You Need to Hear About the BMBE Law
Republic Act No. Section 3. Any such applications shall be processed within fifteen 15 working days upon submission of complete documents. Otherwise, the BMBEs shall be deemed registered.
How to Apply for Certification as a Barangay Micro Business Enterprise (BMBE)