Opening your company inside the Philippines brings benefits. Its convenient location, rich natural and human resources, and consistently growing economy help it become an ideal location to establish and expand your venture. Look for professional with <a href=”http://www.tripleiconsulting.com/main/services/philippines-business-consulting”>business consultants</a> experienced with the Asian market to see the way to maximize your benefits.
Why You Should Do Business inside the Philippines
The land is among Asia’s fastest rising economies at this time because foreign investors are selecting it as their new market center. One reason is the low cost of putting together and doing business. You can save between 30-40% from your own business costs because wages and utilities are more affordable in comparison to US rates. Its location is also suitable for start-up businesses, since the Philippines functions as the gateway to the rest of Asia. Major Asian cities are simply a few hours’ flight from the nation’s capital, Manila.
Ask your service provider of business consulting in Philippines regarding the government incentives available to foreign investors. In case you fit in an industry not contained in the country’s Foreign Investment Negative List (FINL), you may claim 100% ownership of your company. The Board of Investments and the Philippine Economic Zone Authority offers different tax incentives that allow you to save further. Compare benefits from BoI and PEZA registration and register with one of these associations.
Locating qualified workforce is not difficult since the country posesses a 94% literacy rate. Language barriers will not be an issue because English is a part of every school’s program plus they are the third largest English-speaking country on the globe. Your business consultants can find skilled labor from 350,000 university-educated graduates yearly. You can also benefit from the free trade zones put in place by the Association of Southeast Asian Nations (ASEAN), in which you will discover skilled and competitive laborers.
You should still learn Philippine business registration processes even though you have business consultants readily available. This will help you prepare all necessary documents earlier, speeding up the process. First, register under your respective business category. Philippine laws will recognize your business under one of three – a sole proprietorship, if you’re in total domination over your business; a partnership, should you have another investor with the exact same power and control; and a corporation, in case your company has separate stockholders. Every type comes with 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 will depend on your industry type.
You will have to acquire necessary permits from local government units before beginning your operations. Go to the “barangay hall” and the city or municipality hall in which 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 on what incentives you prefer to receive.
You can try this by yourself, however it could be easier through the help of an organization offering business consulting in Philippines. Find a qualified consultant and figure out how to <a href=”http://www.tripleiconsulting.com/”>open a business Philippines</a>.
Eve Welch teaches business consultants on business consulting Philippines processes.