Foreign entrepreneurs who want to open companies in the Philippines have several niche economic sectors they can choose from. One of these sectors is the consultancy industry which is highly regulated in the Philippines.
During the last several years, the government together with several agencies have worked in order to create a suitable environment which led to the development of the consultancy market in the Philippines. Moreover, the number of Filipino consultancy companies offering their services abroad has increased a lot.
Below, our company formation agents in the Philippines explain how to open a consultancy company in this country.
How to register a consulting business in the Philippines
Foreign investors are welcome to register companies in the Philippines as most of the industries are opened to foreign direct investments. The consulting sector is one of these industries, and its development transformed it into one of the most prolific economic sectors in the country.
If you want to set up a consulting business in the Philippines, you must first decide on the type of company to register and then prepare and file the incorporation documents with the Business Registrar. You should keep in mind that you must appoint a local agent to complete the Philippines company registration process.
Our Philippines accountants offer services to all types of businesses, irrespective of their size, number of employees, or industry. We assist with compiling the audited mandatory annual financial statements, as well as with bookkeeping solutions that help companies keep a transparent image of their current financial situation. We also offer other services, such as invoicing, or employee payment, and social security contributions payments.
Licenses required for consulting companies in the Philippines
In order to ensure the high quality of services provided by consulting companies, the employees offering such services must be authorized by the Ministry for Trade and Industry. An exception from this rule applies to specific industries, such as accounting and the legal one.
The government is also considering putting in place an accreditation system through which consultants in different fields of activities are recognized.
It should also be noted that if you want to set up a consulting business which is categorized as small or medium-sized enterprise, several tax incentives are available.
The most common consulting services offered by Filipino companies at the moment are related to financial, marketing, production and human resources.
For assistance in opening a consulting company, please contact our Philippines company formation specialists.
If you are interested in matters other than company formation in the Philippines, our team can also answer your questions. Foreign nationals who wish to immigrate to Philippines should know that the country imposes very particular rules for the purpose of relocation, and these are based on whether or not the applicant’s country of origin also offers the same immigration rights to Filipino nationals.