Philippines Company Registration Services
Starting a business is a challenge. Setting up and running a business involves a lot of hard work, commitment, passion and dedication if you truly want to see your business succeed and thrive. Opening a business can be challenging enough on your own home turf, but to do it in another country where when you begin you’re unfamiliar with the surrounding and set up, bring a whole new set of challenges altogether.
Why do business in Philippines?
Just like every other market, the Philippines does have potential which is why it getting generating an interest among investors, enough interest to make them want to consider an investment in the market.
The benefits foreign investors stand to gain when looking at registering a company in the Philippines include:
- A favourable economic setting. The government has introduced incentives that are aimed at creating a more investor friendly economic climate to help draw investors in.
- Domestic and regional market opportunities.
- A highly educated and capable workforce.
- Being colonized by the US for almost 50 years resulted in the country’s educational system being closely aligned with that of the US.
- A cost-effective and affordable labour market.
- A good, strategic location, neighbouring countries such as Hong Kong, Singapore, China and Japan.
- The World Bank has forecasted that the Philippines could become the 16th largest economy in the world by 2050.
The challenges of opening a business in the Philippines
As a foreign investor, starting a business in the Philippines can prove to be a complicated challenge despite the many benefits that the country has to offer. It can be hard to find accurate and reliable information online, and it is best to appoint the services of a professional agency to assist with the process.
There are several complications involved during the process of registering a company, and it can be tricky finding these details online. It also must be pointed out that corruption remains a problem in this market, although it has improved and is continuing to improve.
Which is why it would be advisable to enlist the services of a professional in this instance.
Philippines company registration services and process
Before you begin the Philippines company registration process for your business, you would first need to scout the appropriate location that will be the best fit for the kind of business you are operating. The next few steps of the process involve:
- Opening a bank account for the business.
- Officially registering the business.
- Securing the local government permits to legally operate the business.
- Registering in the government-mandated sectors. As an employer, some of the sectors you would need to register with the Social Security System, The Bureau of International Revenue, and the Philippine Health Insurance Corporation.
- Preparation of monthly remittance by the employer.
Our panel of experts and consultants will carefully assess your business needs and help you determine what the best path would be for your business to flourish in the Philippines. Get in touch with us today to find out more about how we can help.