New business

Dante asks, "Is it okay not to pay your employees the mandated minimum wage, justifying that you're just starting and they would understand?"

Paying employees the minimum wage is one of the biggest concerns of micro and small business owners. Especially, when they are just new and still learning about the business.

That’s why Republic Act 9178 was passed to help new small businesses like yours.

R.A. 9178 or THE BMBE LAW ( Baranggay Micro Business Enterprise )

This law was passed to help new small enterprises like yours, as well as those that are already existing, to grow by making available incentives and benefits.

WHO ARE QUALIFIED TO REGISTER

You can apply for a BMBE Certificate if your business is into:

1. Production, processing or manufacturing of goods, including processing of agricultural produce

2. Engages in selling or trading, and services (except government licensed services like doctors, lawyers, etc.)

3. Has total assets of not more than P3 million, excluding the land on which the enterprise is located.

PERKS OF BEING A BMBE BENEFICIARY

You can avail of the following incentives if you register as a BMBE:

1. Tax Exemption. Exemption from paying tax on the income you derive from your small enterprise.

2. Minimum Wage Exemption. Exemption from the coverage of the Minimum Wage Law. However, your employees remain entitled to SSS and health care benefits like other employees.

3. Credit Priority. Priority to a special credit window that was set up specifically to address the financing requirements of small enterprises.

4. Growth Assistance. Access to the different programs that are designed to help small enterprises. These include technology transfer, production and management training, and marketing assistance from government agencies like DTI, DOST, UP-ISSI, CDA, TESTA and TLRC.

#GrowYourBusinessPinoy!

#MyrnaTamNatividad

#MommyNegosyo

#businesstips

#PeopleManagement

#hiringtips

#scaling

#entrepreneurship

#startup

#smallbusiness

#entrepreneurship

#EmpoweringMSME