QUESTION regards financial statement

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QUESTION regards financial statement

Post by jene on Thu Apr 08, 2010 6:42 pm

id like to ask what if we want to join a bidding, but since we are a new company we still cant provide financial statement, are we still qualify to join the bidding? thank you,, Smile
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Re: QUESTION regards financial statement

Post by RDV @ GP3i on Fri Apr 09, 2010 8:03 am

jene wrote:id like to ask what if we want to join a bidding, but since we are a new company we still cant provide financial statement, are we still qualify to join the bidding? thank you,, Smile

Submission of an Audited Financial Statement with the stamped "Received" by the BIR or any of its authorized receiving institutions is one of the basic eligibility requirements (Financial Eligibility) in order to be eligible to bid.

Another basic requirement is experience (Technical Eligibility) which is normally set by the procuring entity, such as minimum 3-year experience.

If you are really a new company, the only way by which you could participate in a bidding for government projects is to form a joint venture with another company which has the required experience and can comply with the financial statement requirement. In a joint venture, compliance by any one of the joint venture partners of the technical and financial eligibility requirements is already sufficient compliance. However, as far as the legal requirements are concerned (DTI/SEC/CDA registration and mayor's permit), all the joint venture partners have to comply with such.
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Re: QUESTION regards financial statement

Post by jene on Sat Apr 10, 2010 1:40 am

thanks fOr ur reply,, but we are qualified in technical and also in the completed project,and i dont think we need to have JVA. my cOncern is,our company have been established for Only a year now thats why we cant still provide financial dOcuments stamped by BIR are there any documents tantamount for that? could not that be an exemption for a new company? Neutral
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Re: QUESTION regards financial statement

Post by sunriser431 on Sat Apr 10, 2010 7:09 am

jene wrote:thanks fOr ur reply,, but we are qualified in technical and also in the completed project,and i dont think we need to have JVA. my cOncern is,our company have been established for Only a year now thats why we cant still provide financial dOcuments stamped by BIR are there any documents tantamount for that? could not that be an exemption for a new company? Neutral
welcome to the forum jene. as to your concern, try this link http://www.gppb.gov.ph/issuances/Circulars/2004/01-2004.pdf
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Re: QUESTION regards financial statement

Post by RDV @ GP3i on Sat Apr 10, 2010 9:36 am

jene wrote:thanks fOr ur reply,, but we are qualified in technical and also in the completed project,and i dont think we need to have JVA. my cOncern is,our company have been established for Only a year now thats why we cant still provide financial dOcuments stamped by BIR are there any documents tantamount for that? could not that be an exemption for a new company?
Neutral

Unfortunately, there is no exception from the submission of Audited Financial Statement (showing, among others, current assets and liabilities) with stamped "REceived" by BIR or its duly accredited or authorized institutions for the preceding calendar year. There are no no other others allowed as a replacement for the AFS.

Since you said you are already a year-old company, do not wait for the deadline for submission.
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Re: QUESTION regards financial statement

Post by Niwram on Sat Apr 10, 2010 10:16 am

jene wrote:thanks fOr ur reply,, but we are qualified in technical and also in the completed project,and i dont think we need to have JVA. my cOncern is,our company have been established for Only a year now thats why we cant still provide financial dOcuments stamped by BIR are there any documents tantamount for that? could not that be an exemption for a new company? Neutral

welcome to the forum.. there's no other alternative financial documents except for AFS.. if your company is only a year now, and you really want to join a bidding the only possible thing you can do to join a bidding is to enter into a JVA. there's no exemption for a new company..
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