Foreign investors interested in exploring the beauties of the Philippines can set up various types of businesses in the tourism sector. This industry is one of the most developed economic sectors of the country, therefore the investment possibilities here are unlimited.
Among the types of businesses one can set up in the Philippines tourism industry are travel agencies, restaurants and hotels. The last two together with cafes form the HORECA sector.
Below, our Philippines company formation agents explain the requirements for creating a HORECA business in this country.
Registering a company in the HORECA sector in the Philippines
The limited liability company is the most employed type of structure by both local and foreign investors who open companies in the Philippines. This business form is also the most appropriate when deciding to establish a HORECA company.
Foreign investors are subject to several requirements when opening a HORECA company in the Philippines, among which:
- they must deposit a minimum share capital of 5,000 PHP, apart from the investment made in the business;
- they must be at least 5 in order to register the company.
Our company registration specialists in the Philippines can help foreign enterprisers with the incorporation of a business.
HORECA companies are expected to follow the requirements for filing audited annual financial statements. This is a step with which our certified public accountants in the Philippines can assist with. Additionally, we also offer bookkeeping services, social security contribution payment and management, invoicing, bank account reconciliation, cashflow management, and more.
Licenses for HORECA businesses in the Philippines
A particularity of the Philippines is that most HORECA businesses work best when established as resorts. This means that investors can open several types of businesses in one place: hotels, restaurants and cafes can work well together, as most tourists prefer to stay within the resort throughout their vacations.
The licensing procedures in this case are also easier and various application can be filed at the same time. Among these are:
- for restaurants and cafes, the food establishment permit and the liquor license;
- the hotel rating, in the case of hotels.
Also, all types of HORECA establishments must have qualified personnel and must undergo sanitary and fire safety inspections.
For full information on the requirements related to setting up a HORECA business in the Philippines, please contact us. We can assist with the company registration process of the company with the Filipino Business Register.
Our team can also help you if you wish to know how you can move to the Philippines. If you are already in the country, we can assist you with applications submitted to the Bureau of Immigration. We can help foreign investors with information about the procedure and the requirements according to visa type. We also offer guidance, based on the applicant’s nationality, which is essential for the immigration quota.