The Philippine archipelago has evolved into a highly attractive location for international investors . Mastering how to incorporate in the philippines is the first step for entering this vibrant market . Whether you are hoping to expand your brand , the steps are easier than ever while living in another country .
The Benefits of Foreign Business Incorporation Philippines
Establishing a presence in the Philippines grants many benefits . First , the workforce is exceptionally talented and English-speaking . Furthermore , the government grants fiscal incentives for certain industries .
In order to incorporate in philippines from abroad, investors should understand the different types of corporate setups . Options include Domestic Corporations , Regional Headquarters , and Representative Offices .
Core Incorporation Requirements Philippines for Foreign Company
Leading up to filing your application , you must compile several requirements . The Securities and Exchange Commission (SEC) oversees the entire process .
Business Name : Should be unique and reserved through the SEC.
The Bylaws : These outline the scope of the business .
Paid-in Capital : Foreign-owned domestic firms usually demand a paid-in capital of $200,000 except when export-oriented .
Local Representative : If you are registering from abroad , it is mandatory to designate a local representative to handle legal documents .
A Simple Guide : How to Incorporate in the Philippines
1. Select a Name : Check the availability via the SEC website . Once approved , the next step begins .
2. Drafting Paperwork : Prepare the Bylaws and Treasurer’s Affidavit . As you are abroad , these papers need to be Apostilled at the nearest embassy .
3. Get a TIN : Every foreign incorporator requires a Philippine TIN . This is processed through the Tax Authority .
Step 4: Bank Account Opening : Set up a treasurer-in-trust bank account to hold the required capital .
5. Final Submission : Submit all documentation to the Commission . Once your certificate is released , the company is legally born .
Managing Foreign Business Incorporation Philippines Remotely
Modernization of Philippine law , such as the RCC , currently permit a single person to form a OPC . This has made it much easier for individual investors to incorporate in philippines from abroad.
Still , post-incorporation , you should obtain business licenses . This includes the Mayor’s Permit , local village clearance , and signing up for social how to incorporate in the philippines agencies like SSS, PhilHealth, and Pag-IBIG .
Final Thoughts
Launching a business in the Philippines is a smart step . If you follow the correct incorporation requirements philippines for foreign company, you can guarantee a hassle-free entry . The future for foreign investment in the country is promising .