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My experience in getting Certificate of Registration as Financial Advisor (Part 1 of 2)

As a Licensed Financial Advisor of Insular Life, we are required by the law to register to Bureau of Internal of Revenue because we are considered Professionals just like Doctors, Lawyers, and any practicing profession.Financial Advisors are required to have a Certificate of Registration. I’m kind a proud of this because I’m a licensed Financial Planner regulated by Insurance Commission, Bangko Sentral ng Pilipinas and Securities of Exchange Commission unlike any businesses that you can see in the market which is not even authorized to sell any products and services here in our country. I’m sure that you’ve heard a lot of scams out there that sell investments and promise higher returns. They will tell you to just invest in gold and just recruit 2 of your friends and you can exit with a lot of money. I don’t know why these people get into these scams, even if they earn big with their scam business, it’s still illegal. It’s not in the proper way of earning money. I wonder if how they can stand the fact that what they feed to their family comes from illegal activities. My principle I have learned from Financial Literacy is this: Low Risk=Low Returns and High Risk=High Returns, if someone offers you Low Risk=High Returns, it’s a scam. Nevertheless, enough of these scams, let me share with you my experience in getting Certificate of Registration which I believe that can help you as well if you are also a new Financial Advisor or planning to be a Financial Advisor, you will get some ideas how the process of getting Certificate of Registration will go. Here is my experience:

I went to BIR Mandaluyong RDO 41 at around 9:30 am Thursday and asked the guard how to get Certificate of Registration, he gave me a number and waited for about 10 minutes and my number was called. I went to counter 3 and the guy asked me if I have the requirements. I showed him the requirements. I brought the copy of letter from Insular Life that showed that I was a Financial Advisor and I showed him also my Professional  Tax Receipt(I requested the PTR  two weeks ago from Mandaluyong City Hall ground floor, I  just showed my VUL License exam result and I paid Ph200.00. After that, he asked for a valid ID that showed I lived in Madaluyong City. Unfortunately, I did not have any ID’s with Mandaluyong address. He suggested that I can get a Police Clearance from City Hall because it would show my address in police clearance. I went right away to Mandaluyong City Hall to get Police Clearance, I paid Ph125.00. (Tip: When requesting Police Clearance, don’t say that you are applying for Business or Self-employed because they will ask you Ph200.00, just simply say for Identification requirement only). In fairness, issuance of Police Clearance in City Hall was fast.

police clearance

I went back to BIR RDO 41 and asked number for Certificate of Registration application. I waited for about 20 minutes and my number was called, I went to counter 3 again. I showed him my requirements again which were Letter from Insular Life, Professional Tax Receipt and Valid Identification with Mandaluyong Address which was my Police Clearance. After that he gave some kind of check list and told me to get 3 copies each Payment Form 0605 and Application of Registration 1901 told me to fill it out and went to counter 7 for assessment.

payment form1901

I went to counter 7 after I completely filled out the 2 forms (3 copies each) for assessment. The guy asked me if I would choose VAT or non-VAT. I told him that I would choose Non-VAT or 3% percentage/monthly as this was suggested to me by my manager.  After that he told me that I would pay Php500 for the registration fee. He told me to return to counter 3 again for further checking.

I went to counter 3 and told me that the payment would be in the bank, in my case, BIR RDO 41 was accredited to UCPB. I went there to pay the fee for Certificate of Registration and gave the teller the 3 copies of Payment Form 0605. After paying, the teller gave me the deposit slip copy and 1 copy of Payment Form 0605 which had stamp of received payment. The guy at counter 3 of BIR RDO 041 told me to photocopy the documents the bank gave me and the PTR which I did.

UCPB

I arrived again at BIR RDO 041 and went to counter 3 and gave him the Photocopy Payment Form and the Deposit Slip. While the he took 2 copies of Application of Registration 1901 and gave me 1 copy. He told me to return on Monday and show me the Application of Registration 1901 for next step and it was already 12:30 in the afternoon… to be continued….

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