BOI further streamlines corporate requirements
The agency issued Memorandum Circular 2017-003, which requires registered business enterprises to submit only an annual report on actual operations, replacing the eight different types of S-1 forms for various industries and sectors. File
MANILA, Philippines - The Board of Investments (BOI) has simplified the reporting requirements for registered business enterprises.
The agency issued Memorandum Circular 2017-003, which requires registered business enterprises to submit only an annual report on actual operations, replacing the eight different types of S-1 forms for various industries and sectors.
“With the more compact and simplified S-1 form, registered business enterprises are no longer required to submit S1-2 forms or the semestral report on actual operations,” the BOI said.
An S-1 form contains a registered business report on operations including attachments such as income tax returns, audited annual financial statements, and production and sales reports.
All registered business enterprises are required to submit one report for each registered project.
The use of the revised S-1 form would start for reports covering fiscal year 2016, the BOI said.
“The submission of such reports within the prescribed period are required by law, under the Omnibus Investments Code which provides the board to periodically check and verify the compliance by registered business enterprises with relevant provisions of the code, its rules and regulations, and terms and conditions for registration,” it said.
The BOI is also planning to offer online submission of reportorial requirements in the future to make submissions more convenient and easier for BOI-registered business enterprises.
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