Open Question: Home-based business in the Philippines?

I’m a student and I am starting my own home-based business in the Philippines. Can anyone help me on the things that I need to prepare before operating the business? I want to know exactly what requirements I need to meet in order to have it as a legal and registered business. What about taxes? Do i need to pay taxes for this type of business? If yes, how do I pay for it and how much does it usually cost here in the Philippines? What limitations are there for a home-based business? Thank you and God bless!

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