The Philippines tourism industry is made up of several branches among which the latest development is related to the meetings, incentives, conventions and exhibitions sector, shortly known as MICE, or the events management sector.
Those interested in opening event management companies in the Philippines are not subject to any special requirements related to the registration process of the business. However certain approvals will be required when organizing events. Below, our Philippines company formation agents explain how to register a company in the events management sector in this country.
Foreign investors opening event management companies in the Philippines
The event management sector is opened to both local and foreign investors, therefore the number of overseas enterprisers who set up these types of companies in this country has increased considerably. Even so, foreign entrepreneurs are required to respect the Commercial Law in the Philippines which imposes certain criteria related to foreign ownership in a company. These are:
- the minimum share capital which starts at 5,000 PS for limited liability companies;
- drafting a business plan;
- applying for the Barangay Clearance certificate;
- registering the company with the Securities and Exchange Commission;
- applying for tax and VAT registration numbers.
Do you own an event management company or plan on opening one? Our accountants in Philippines can help you comply with the local accounting standards, as well as with the mandatory requirement for filing annual, audited financial statements and meeting the deadlines for tax filing and payment. We also provide audit and consulting services, as well as assist our clients with tax optimization.
Our Philippines company registration consultants can help foreign enterprisers with the incorporation of the event management company.
Licenses and approvals for an event management company in the Philippines
Once the Philippines event management business is registered, the organizer must consider the licenses and approval the event will need. These licenses depend on the size, the number of persons attending and the specific of the event.
Among the licenses and approvals needed when starting an event management company in the Philippines are:
- a license issued by the city municipality;
- approval from the police department;
- approval from the fire department;
- music license, if applicable.
For full information on how to set up a company in the event management industry in the Philippines, please contact us. We can assist with the registration and licensing of the Philippines company.