Friday, February 27, 2009

How to put up a pawnshop business

As promized, here's the manual on how to put up a pawnshop business. I bought this from TRC e-library.


I tried to make a thorough research on this one, but sources are limited. I will try to add info once I get more details.

  • Call Bangko Sentral ng Pilipinas (BSP) pawnshop hotline, (02)524-8713, to check if the pawnshop name you want is already taken.
  • Register your business either at the Department of Trade and Industry (DTI) for single proprietorship, or the Securities and Exchange Commission, for partnerships or corporations.
  • Only Filipinos may own a pawnshop organized as a single proprietorship. For partnerships and corporations, foreign ownership should be limited to 30 percent.
  • Secure a business permit from the city or municipality where pawnshop will be located.
  • Register with the BSP. For the complete checklist of registration requirements, check here. These include permits from the DTI or SEC and the local government, an information sheet, personal data sheets, bank certification of at least P100,000 capital and location sketch.
  • Sample copy of signage.
  • Sample copy of pawn ticket.
  • Letter of authority to transact and/or receive BSP Acknowledgment of Registration.
  • Pay the processing fee of P1,000.

It will take two to three weeks for the BSP to process your application. Make sure you open your business within six months after the application is approved or your permit will be revoked.


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