The Philippines has become one of the most appealing destinations for foreign investors interested in setting up businesses in Southeast Asia. Even if most people consider tourism is the main engine of the Philippines’ economy, there are regions in the country in which other industries are just as developed as tourism.
Foreign entrepreneurs who want to open companies in the Philippines can register their businesses in Cebu, or the capital Manila, but we also recommend them to look out for regions like Cagayan which is just as developed.
Our company formation specialists in the Philippines explain below a few of the most important reasons to choose Cagayan de Oro which is one of the most important business centers in the northern side of the country. We can offer tailored assistance and company registration services in Cagayan de Oro, but also in other large cities in the Philippines.
Cagayan de Oro – facts and figures
Also known as the City of Golden Friendship, Cagayan de Oro is one of the most prosperous cities in the region of Mindanao in the Philippines. Among the interesting facts foreign enterprisers should know about Cagayan de Oro and why they should choose to open companies here, we mention the following:
- Cagayan de Oro has one of the youngest and numerous workforces in the entire country;
- in 2017, Cagayan de Oro was the region to register the highest economic growth in the Philippines, of 2.3%;
- there are numerous economic sectors, among which IT and agriculture in which investors can prosper in Cagayan de Oro;
- the local authorities provide for several incentives, among which tax exemptions for those opening companies in Cagayan de Oro.
Our Philippines company formation agents can help those who want to invest in Cagayan de Oro.
Foreign nationals who are married to Filipino citizens can immigrate to the Philippines based on their marriage. They will need to prove that they have sufficient financial means, as well as provide other documents attesting to their good health and lack of any criminal record. We can give you more details about this if you want to permanently reside in Cagayan de Oro.
Industries and incentives to open a company in Cagayan de Oro
Those who want to set up a company in the Philippines are invited to see the benefits an important city such as Cagayan de Oro has to offer. For example, agriculture and tourism are two of the important industries here, however, foreign investors can equally register companies in IT, services, mining, manufacturing and retail in Cagayan de Oro.
Cagayan de Oro is one of the most important business centers in the Philippines, having several IT centers acknowledged by the Philippine Economic Zone Authority (PEZA).
Those interested in company formation in Cagayan de Oro will also be interested in finding out that when registering startup businesses here they can benefit from corporate tax exemptions for 3 or 4 years. There are also several non-fiscal incentives available here for foreign investors, among which support in finding local partners in Cagayan de Oro.
If you are interested in starting a company in the Philippines, in Cagayan de Oro, you can rely on us for assistance in registering it with the local authorities.
Company registration services offered by our agents in Cagayan de Oro
Those who want to establish companies in Cagayan de Oro can benefit from the support offered by our company formation representatives in the Philippines.
We will first help you decide on the best business structure, in accordance with your needs. For this purpose, we remind foreign investors that they can decide for a limited liability company which can be set up in partnership with another company in Cagayan de Oro or which can benefit from full foreign-ownership. Once the type of company is chosen, we can:
- prepare the documents which must be submitted with the local office of the Philippines Trade Register;
- choose and reserve the trade name of the future business (which must be unique) with the Companies Registrar;
- file the documents with the Trade Register and obtain the Certificate of Registration;
- register for taxation and obtain a VAT number for the company, as well as register for social security purposes.
Another important aspect when it comes to company registration in the Philippines and in Cagayan de Oro is the opening of the bank account in which the share capital of the business must be deposited. Foreign investors should know that when setting up a foreign-owned LLC, they will need at least 200,000 US dollars as share capital. In case a local partner is co-opted in the business, the share capital of the company will decrease to 100 US dollars.
Based on your preferences, we can help with the creation of any type of company in Cagayan de Oro. Do not hesitate to contact our local advisors if you need company formation services in Cagayan de Oro. We are at your disposal with company registration services in all major cities and regions in the Philippines.