The number of foreign investors coming to the Philippines has increased in the last few years. Doing business here comes with various requirements which is why businessmen have many questions related to the incorporation procedures of a company.
Below, our Philippines company formation agents have answered some of the most frequently asked questions related to the procedure of opening a company.
Yes, the Philippines is open to foreign investors, therefore persons and companies from other countries can start companies here. Our agents can offer information on the laws related to foreign investments.
Yes, you will need a residence permit if you want to live in the country and start a business here. If you don’t plan on moving to the Philippines, the residence permit is not required.
There are several types of structures available for company registration in the Philippines. These are:
The following steps must be completed in order to register a company in the Philippines:
Yes, a company registered in the Philippines must have a local address. For this purpose, a virtual office can be used during the registration phase.
The share capital requirements for setting up a company in the Philippines will depend on the type of company and the number of employees it will have. For foreign investors, the minimum amount of money starts at 100,000 USD and can go up to 3 million USD.
Opening a bank account is not complicated and a foreigner will need a proof of residence in the Philippines and identification papers. We can handle the procedure of corporate bank account opening.
Yes, there are a few licenses which need to be obtained when opening a company in the Philippines. Among these is the Barangay Clearance which is required no matter the type of companies created.
Philippines companies are subject to a corporate tax of 30%. The government offers various incentives through which this tax rate can be reduced.
Companies observe the IAS/IFRS rules for accounting and file their audited financial statements each year. These are audited by an independent certified public accountant. Our local team offers these types of services, along with bookkeeping, tax filing and payment, social security contributions, and other solutions for businesses. Our accountants in Philippines can give you more details about our services.
The company registration process in the Philippines can take up to 2 months. However, an additional period should be considered for the licensing procedures.
If you have any other questions or need company formation services in the Philippines, please contact us.
Opening a company in the Philippines can also mean that the foreign investor will be interested in a long-term stay in the country. if you want to move to Philippines, discussing your options with our immigration expert is advisable beforehand. All foreign nationals are subject to certain qualifications, as well as a quota for an immigrant visa, based on nationality. We can detail these requirements.
