Help! Problem starting a registered lending business

[misspost]

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Hey guys can you help me outta here. I want to engage in a lending business but the problem is the mimimum capital requirement for SEC is 1M. I only have 500k so i can't register my business. Lending investor activities is under nman sa SEC dli na sa DTI and corporation na jud dli na puede sigle/sole proprietorship. People say start lang sa gud maski dli pa registered but i dont want to do that. Lisod kau na unregistered ta wala tay dag-anan if naa reklamo nimo or inspection ba ron nuon ka sa tga-city hall ug tga BIR kadakong problema... So im wondering if u know of any lending company na magpa-franchise or something like that...

[lintanks]

From what I know, lending activities need not be registered. Ask any lawyer, he will tell you the same.

However, in case of collection of bad debts, you have to go first to your nearest barangay (I am not sure if it is the lender's or borrower's barangay) to file your complaint. And if it does not solve your problem, that is the only time you can file your complaint with the courts.

And what do you mean by the capital? Is the minimum requirement of 1 million the paid up capital or subscribed or paid up?

Instead of trying to get a lending franchise ( which to me is not that easy as it involves a lot of corporate work and franchising agreement) why not invite other investors to your proposed business?

Just my two cents thoughts.

[misspost]

Thank you for ur two cents thoughts lintanks... 1M is the minimum paid up capital required by SEC. I dont want to engage in business na not duly registered man gud. I want a legitimate lending business nga naa jud klaro office dli kanang inato lang. Coz i have a friend in the BIR and she said most complaints of issuing unofficial receipts comes from lending jud and the penalty for issuing unregistered receipts is P20,000 per count. What w/ the ongoing BIR I-text ang Resibo campaign unsaun na lang nko ang 20k per count....

[Earnest]

bro kumusta ni mong plan? nakastart na ka?