Those interested in opening companies in the Philippines have various industries they can choose form. From industries which require a small start-up capital to businesses in industries which require higher amounts of money to get started, the Philippines is suitable for any type of business.
During the last few years, the financial industry has become very prolific, partly because of the appearance of the cryptocurrency industry which attracts young enterprisers.
Those interested in setting up a financial company in Philippines must comply with several laws and must obtain certain licenses before starting operating. Our Philippines company registration advisors can offer information on the requirements for setting up a financial company in this country.
Legislation related to the financial industry in the Philippines
Both local and foreign investors interested in starting a financial business in the Philippines must comply with the following laws:
- the Banking Law;
- the New Central Bank Law;
- the Financing Company Law;
- the Anti-Money Laundering Law;
- the Investment Houses Law;
- the Thrift Banks Law.
Our local agents can explain the different requirements of the laws mentioned above.
Types of financial businesses in the Philippines
Based on the legislation mentioned above, there are various types of companies one can set up in the financial sector in the Philippines. Among these are:
- banking institutions;
- financing companies;
- fintech companies;
- cryptocurrency businesses;
- insurance companies.
The activities of all financial companies in the Philippines are supervised and authorized by the Securities and Exchange Commission (SEC).
Registration requirements for a Filipino financial company
The first step to open a financial company in the Philippines is to choose and register one of the business forms prescribed by the Commercial Code. Among these private and public companies are the most employed. Following that, the financial must obtain a special license from the SEC if it falls under the regulations of one of the laws above.
Also, certain share capital requirements are imposed to financial companies, among which:
- financing companies must have a share capital ranging between 2,5 million and 10 million pesos, depending on the city where they operate;
- investments companies must have a minimum share capital of 300 million pesos;
- banks must have a minimum capital of 2,8 million pesos.
For full information on the requirements related to starting a financial company in this country, please contact our company formation agents in the Philippines.