How To Start A Business In Philippines – Let me tell you how to start a business in the Philippines, based on my own experience, what you should do, enjoy the journey and I believe this post will help you achieve your goals.
With 7,641 islands in the Philippines, I wouldn’t be surprised if you are excited to learn how to start a business in the Philippines in this beautiful archipelago. Doing business in the Philippines is a good idea because this paradise island offers you sun, surf and sand all year round.
How To Start A Business In Philippines
I have personally spent some time on this picturesque island in Southeast Asia and can confirm from experience that I started a business in the Philippines
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This is the main reason why many multinational companies and global financial institutions have established their headquarters on this island. You will find Citigroup, Intel, Toyota, Hewlett-Packard, ING Bank, HSBC and more.
It is located right in the center of Asia with cheap flights to Australia, North America, Europe, Middle East, Asia, South America and the rest of Asia.
, and has a link to ASEAN (Association of Southeast Asian Nations – opens in a new tab) – opens up great business opportunities for your company.
Currently, most major cities in the Philippines have well-developed business, transportation and communication infrastructures, so you will have no difficulty setting up your office here. Above all, you have the power
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Labor in this small Asian country is also cheap, so doing business in the Philippines makes a lot of sense. You will not regret doing business with the locals because Filipinos are very skilled and hard workers with a good attitude.
In addition, the majority of the population understands and knows English. This is not at all surprising, since the United States colonized them for almost 50 years in the middle of the 20th century.
When considering how to start a business in the Philippines, the first thing you should consider is the type of business you want to be involved in. There are different types of business entities that you can establish in the country.
A sole proprietorship in this country means that you are the sole owner of the business. It is the most basic type of business you can establish here.
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All it takes is one person to open and operate this type of business in the Philippines; therefore, the founder of this type of business is called a
Sole proprietorship gives you power, but it also means that you are personally liable for any liability that your business incurs.
A sole proprietorship in the Philippines means that both your business and your personal interests are considered as one entity.
If you incur a debt and your business goes bankrupt, they can take payments against your personal assets.
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Unlike the above, a partnership means that there is more than one person responsible for this business in the Philippines.
Two or more people who agree to start the business are required. Obviously, the profit would be split and shared between the parties concerned.
If you choose to have a larger company in the country, you must register this business entity with the SEC, also known as the Securities and Exchange Commission (opens in a new tab).
When starting a business, you must have at least 5 shareholders who will invest capital in your business in the Philippines.
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It is important to note that each shareholder’s liability is limited to the total amount they have contributed to the capital.
As above, to be considered a legitimate company doing business in the Philippines, you must register your company with the SEC (Securities and Exchange Commission) (opens in a new tab).
A branch or satellite office can be an extension of your foreign company. It will strive to conduct the same business as its parent company does abroad.
The biggest difference, however, is that you are doing these activities on foreign soil. Therefore, your satellite operations in the Philippines must comply with all the country’s rules and regulations.
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A representative office means that your company in the Philippines does not have full rights to conduct trade in the country.
However, the law does not allow you to buy and/or sell in any form while you are in the country.
It is wise to open this type of business in the Philippines while you are still studying the country and testing the waters.
This way you can see what the country is like without paying for some of the expensive business permits and other government documents.
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I totally feel you for that! I enjoyed the many pristine beaches in the Philippines such as Boracay, Panglao and Siargao.
Starting a business in the Philippines as a foreigner may be the last thing on your mind as you sip mimosas under a parasol with the sun giving you that golden tan and the wind gently caressing your face.
But now is the time to look around to see the benefits of doing business in this island paradise.
Starting a business in the Philippines has become much easier now and much easier for foreigners in recent years.
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All the discounts and tax breaks they give you make it really tempting to open a business and build your business in the Philippines.
Today, the Philippine government has made it easy for foreigners like you and me to incorporate all kinds of businesses.
They did it to encourage all businessmen to invest in this developing country. Read on to see the simple steps required to start your own business in the Philippines.
If you’ve forgotten what they are, a quick love in the first segment of this article will jog your memory.
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Your choice is based on a number of parameters. It depends on the size of your business, your resources and your goals as a business.
The second step to starting your business in the Philippines is to come up with a unique name and register your proposed name with various government offices.
You pay a fee to register your business in the Philippines. The cost varies between 40 Philippine pesos (Php) and 120 pesos. Now the similarity between the different types of business units ends here. There are several steps to setting it up
I will elaborate on each of them below. They all have different costs and different document requirements.
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After checking the DTI (Philippines Department of Trade and Industry) website (opens in a new tab) to make sure your business name does not match another, you can proceed with your application and enter your business name in the Register DTI.
The next step is to register with a barangay, also known in English as a municipality. Go to the barangay to fill out an application.
Here you can also get your Community Tax Certificate (CTC) and Barangay Clearance (opens in a new tab).
You must register your business with the local government unit (LGU) (opens in a new tab) where your business is located.
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You must submit your DTI and barangay certificates along with your application. Again, you need two valid ID cards and your proof of residence.
The BIR is the Bureau of Internal Revenue (opens in a new tab) or tax department that governs all types of businesses in the Philippines.
Once you have received the above certificate and permit, you must visit the BIR Regional District Office nearest to your business address.
You must pay a fee, together with the BIR 0605 form (opens in a new tab). Then you record your account book and your receipts. After completing these steps, you can your
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You must register your partnership or business with the SEC. This is the Securities and Exchange Commission, which is a national government regulatory agency that oversees all types of companies registered in the Philippines.
, so you can do business in the Philippines. This would only take you around Php 500 and a day to complete.
That said, your chosen bank will ask you for more papers, such as identification documents and your articles of association.
Similar to a sole proprietorship, you must visit the Barangay Hall (opens in a new tab) where your business is located to obtain the authorization that gives you the privilege to do business in the Philippines.
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It ranges from Php300 to Php1,000 that you have to pay if you want to operate your business in the Philippines.
This is the annual basic and additional tax. The basic tax depends on your business activity, which does not exceed five hundred pesos.
However, the surcharge is variable as it is subject to the rateable value of your property, along with your profits and dividends.
You need a business permit from the BPLO or Business Permits and Licensing Office (opens in a new tab).
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To illustrate, a gas station requires a permit from the Department of Energy and a Department of Fire Safety and Inspection.
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