The Philippines is one of the most open Asian countries when it comes to foreign direct investments. With large industries, such as tourism, trading, and manufacturing which support the economy, setting up a company in the Philippines can be a great idea for those interested in operating in Southeast Asia.
Out of all Filipino cities, Manila, the capital, stands out as one of the most developed. Manila also offers plenty of business opportunities for those interested in opening small or large companies in the Philippines.
Our local specialists in company formation in the Philippines are here to help you open a company in Manila.
What is the best way of starting a business in Manila?
The City of Manila, as it officially called, is the most populated city in the world which makes it a great place for business if we consider the great number of customers a company can have. Another great advantage of Manila is that every type of business no matter how small or large can thrive here. Moreover, Manila is very cosmopolite capital given the large number of foreign citizens residing here.
Those who want to open companies in Manila can choose between one of the following structures:
- the sole proprietorship which is suitable for small businesses such as catering establishments and food delivery services;
- the domestic corporation which can be set up as a partnership between foreign and Filipino business persons;
- fully-foreign owned corporations which can be set up by foreign investors who want to have full control over the business;
- branch offices and subsidiaries which can be established by foreign companies.
No matter the chosen type of entity, foreign investors will be subject to different criteria in relation to the amount of money they are required to invest. Our company formation agents in Manila can offer detailed information on the registration requirements imposed by the Company Law in the Philippines.
How to open a foreign-owned company in Manila
The company formation procedure in Manila implies a few specific requirements for foreign business people looking to start a business here. These requirements are:
- the company must have at least 15 shareholders who must own at least one share in the company;
- at least 5 shareholders must be Philippines residents (the foreign shareholders can apply for residence permits for this purpose);
- at least 3 of the foreign shareholders must relocate to the country at the time of company registration in Manila;
- the company must also have one secretary who must be a Philippines resident, one treasurer and one president who can be foreign citizens.
The minimum amount of money needed to register a company in Manila starts at 200,000 USD, however, this amount depends on the number of employees in the company and the activities it will undertake.
Our company registration consultants in Manila can fully advise on the requirements related to setting up a business here. Please note that we will need detailed information on the type of company you plan on establishing and the activities it complete.
The services provided by our accountant in the Philippines are useful for all locally incorporated companies. Our solutions include bookkeeping (recording the financial transactions, accounts payable and receivable, etc.), invoicing, bank account reconciliation, cashflow management, as well as payroll management. You can reach out to us for a complete list of our services.
Why start a company in Manila?
Not only is Manila the most developed and densely populated city in the Philippines, but the investment opportunities here are immense. A recent report issued by the famous magazine Forbes says that the Philippines is expected to become a middle-income economy by 2020 with the development of the capital city standing at the base of such good results.
Manila is currently the country’s most important industrial center and the main entry point into the country. With a favorable location at the shore of the Pacific Ocean and situated close to Hong Kong, Manila offers diverse investment opportunities in the maritime, tourism, trading, but also IT industries.
If you are interested not only in company formation in Manila, but also relocating to this city, our team can answer your questions about how you can move to the Philippines. The process does require certain steps, and a particular condition for the country’s applicant to have signed a reciprocity agreement with the Philippines. Our team can give you more details.
Company formation services offered by our agents in Manila
With a vast variety in company formation services, our experts in Manila can offer tailored assistance to foreign investors interested in opening companies in the Philippines, including in the capital city.
You can rely on us for the following company registration services in Manila:
- assistance in preparing the documents needed to register the company;
- assistance in choosing and reserving the company name for the business;
- filing the incorporation documents with the Trade Register in Manila;
- guidance in applying for the necessary licenses and permits for the company;
- virtual office services in Manila for those seeking for office space.
Do not hesitate to contact us for full information on our company formation packages in Manila. We also offer specialized business counseling services in the Philippines.