subject: Investing And Business Consulting In Philippines [print this page] Opening your company inside the Philippines brings many benefits. Its location, rich natural and human resources, and consistently growing economy help it become an excellent location to build and expand your venture. Look for professional with business consultants knowledgeable about the Asian market to see the way to get the maximum benefits.
Why You Ought To Do Business inside the Philippines
The country is among Asia's fastest rising economies today because foreign investors are selecting it as their new business center. One reason would be the low cost of putting together and conducting business. You'll save between 30-40% from your own business costs because wages and utilities are less expensive in comparison to US rates. Its location is furthermore perfect for start-up businesses, as the Philippines will serve as your gateway to the rest of Asia. Major Asian cities are just a few hours' flight from the nation's capital, Manila.
Ask your service provider of business consulting in Philippines regarding the government incentives provided to foreign investors. In case you fit in a niche not contained in the country's Foreign Investment Negative List (FINL), you could claim 100% ownership of your company. The Board of Investments and also the Philippine Economic Zone Authority offers different tax incentives that allow you to save further. Compare added benefits from BoI and PEZA registration and sign up with one of these associations.
Finding qualified workforce is not difficult as the country boasts a 94% literacy rate. Language barriers will never be an issue because English is a part of every school's curriculum and they are the third largest English-speaking country in the world. Your business consultants will find skilled labor from 350,000 university-educated graduates every year. You could also enjoy the free trade zones established by the Association of Southeast Asian Nations (ASEAN), wherein you will find skilled and competitive laborers.
Registration Procedure
You need to still teach yourself on Philippine business registration processes even when you have business consultants available. This can help you prepare all necessary written documents earlier, speeding up the task. First, register under your respective business classification. Philippine laws will recognize your organization under one of three - a sole proprietorship, if you're in total domination over your organization; a partnership, in case you have another investor with the same power and control; and a corporation, when your company has separate stockholders. Each kind includes its own tax incentives as well as other benefits. Whether you need to register with the Department of Trade and Industry or the Securities and Exchange Commission depends upon your industry type.
You will have to acquire necessary permits from local government units before you start your operations. Visit the "barangay hall" and the city or municipality hall where you will set up your business and submit your DTI or SEC registration along with other requirements to receive a clearance to operate. Next, obtain your tax payer identification number from the Bureau of Internal Revenue (BIR) and register your books. Finally, register with the BoI or PEZA based upon what incentives you want to receive.
You can do this all by yourself, however it will be easier with the help of a company offering business consulting in Philippines. Look for a qualified consultant and figure out how to open a business Philippines.
Eve Welch teaches business consultants on business consulting Philippines processes.
