MORE BUSINESS KITS Lending, pawnshop and payment businesses: the permits each one needs Home › Business kits
These businesses have fewer searches or fewer business-specific permits, so they share this page. Each still needs the four basic registrations (DTI, barangay clearance, mayor's permit and BIR) plus the extra items listed under it.
Bills payment outlet Insurance agency Money remittance Pawnshop Bills payment outlet Permit or rule Agency When it applies Fee Registration as Operator of Payment System (OPS) under BSP Circular 1049[1 ] BSP if you operate the bills payment service yourself (not merely as an agent) Agent outlets: the operator, not the agent, registers as OPS[1 ] BSP if the outlet merely acts as an agent of a bills payment operator Bills payment service providers are OPS under BSP rules[2 ] BSP definition Enforcement against unregistered operators[2 ] BSP if operating a payment system without registration Legal basis: RA 11127 National Payment Systems Act[1 ] BSP always
Operators of bills payment services must register with the BSP (Circular 1049, Memorandum Order 2019-023)[1 ] Where delivery is through an agent arrangement, the operator of the bills payment service registers as OPS, not the agent (BSP MO 2020-004, stated for BSFI agents)[1 ] Under BSP regulations, OPS include cash-in service providers and bills payment service providers[2 ] If an OPS stays unregistered, the Monetary Board orders it to stop operating and register[2 ] OPS registration is part of the phased implementation of RA 11127 (National Payment Systems Act)[1 ] Get the full Permit Path for a bills payment outlet
Insurance agency Permit or rule Agency When it applies Fee Insurance agent / broker licence[3 ] Insurance Commission always (anyone soliciting insurance for commission) fee prescribed by the Code Written licensing examination[3 ] Insurance Commission always (may be waived for extensive insurance education/training) Broker surety bond (min PHP 500,000) and errors-and-omissions policies[3 ] Insurance Commission if acting as an insurance broker (for the insured) bond not less than PHP 500,000 Agency (partnership/corporation) licence covers only named individuals; extra fee per individual[3 ] Insurance Commission if the agency is a partnership, association or corporation full additional licence fee per extra named individual General agent: registered written power of attorney[3 ] Insurance Commission if acting as general agent of an insurance company
No one may act as insurance agent or broker or receive commissions without an Insurance Commission licence, renewed every 3 years[3 ] Every licence applicant must pass a written examination set by the Insurance Commissioner[3 ] Broker licence applicants must file and keep a surety bond of at least PHP 500,000[3 ] A licence issued to a firm authorises only the individuals named; a full additional fee is charged per extra individual[3 ] Acting as general agent requires a written power of attorney from the insurer registered with the Commissioner[3 ] Get the full Permit Path for a insurance agency
Money remittance Permit or rule Agency When it applies Fee Registration with BSP as a remittance and transfer company (money service business)[4 ] BSP always (the remittance company is the primary registered entity) Documentary requirements for MSB registration (eight)[4 ] BSP new registration as money service business AML training for owners and senior officers[4 ] BSP / AMLC before operations Anti-money laundering compliance as a covered person (RA 9160 as amended)[5 ] AMLC / BSP always (remittance and transfer companies)
The remittance and transfer company remains the primary entity registered with the BSP and is responsible for its sub-agents[4 ] BSP Circular 1039 set eight documentary requirements for money service businesses (remittance, money changers/FX dealers)[4 ] AML training requirement applies to proprietors, partners, directors and senior officers of pawnshops and MSBs[4 ] Pawnshops, money changers, remittance and transfer companies and other BSP-supervised entities are AMLA covered persons[5 ] Get the full Permit Path for a money remittance
Pawnshop Permit or rule Agency When it applies Fee Registration with the BSP (information sheet before operating)[6 ] BSP always Minimum paid-in capital[6 ] BSP always Filipino ownership rule[6 ] BSP always Branch processing and annual fees[7 ] BSP per branch PHP 1,000 one-time processing; PHP 500 annual (as reported in 2011) Separate BSP registration to act as FX dealer, money changer or remittance agent[7 ] BSP if the pawnshop also does FX or remittance Documentary requirements reduced to four (Circular 1039)[4 ] BSP new registration Anti-money laundering compliance as a covered person (RA 9160 as amended)[5 ] AMLC / BSP always (pawnshops)
PD 114 Sec. 6: a pawnshop must file a sworn information sheet with the Central Bank (now BSP) before starting operations[6 ] PD 114 Sec. 7: minimum paid-in capital PHP 100,000 (1973 decree; BSP may have raised it, see unknowns)[6 ] PD 114 Sec. 8: sole-proprietor pawnshops only by Filipinos; partnerships/corporations at least 70% Filipino-owned[6 ] Every pawnshop branch pays a one-time PHP 1,000 processing fee and PHP 500 annual fee (BSP Circular 711, reported Feb 2011; may be outdated)[7 ] BSP warned pawnshops operating as FX dealer, money changer or remittance agent without the necessary BSP certificate of registration[7 ] BSP Circular 1039 (2019) cut pawnshop registration documentary requirements to four from 11[4 ] Pawnshops, money changers, remittance and transfer companies and other BSP-supervised entities are AMLA covered persons[5 ] Get the full Permit Path for a pawnshop