The Philippine archipelago has emerged as a premier destination for international investors . Learning how to incorporate in the philippines is the first step for tapping into this vibrant market . Whether you are hoping to expand your brand , the process is easier than ever while living in another country .
Advantages of Incorporating in the Philippines
Establishing a presence in the Philippines grants many benefits . Primarily , the workforce is exceptionally talented and communicatively effective . 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 Branches .
Core Incorporation Requirements Philippines for Foreign Company
Leading up to filing your application , you must compile several requirements . The Securities and Exchange Commission (SEC) manages the registration phase .
Company 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 require a paid-in capital of $200,000 except when export-oriented .
Local Representative : If you are registering remotely , you must incorporation requirements philippines for foreign company designate a local representative to receive 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 overseas , these documents need to be Apostilled at the nearest embassy .
Step 3: Obtain a Tax Identification Number (TIN) : Every foreign incorporator requires a local tax number . This can be processed through the Tax Authority .
Step 4: Bank Account Opening : Set up a temporary bank account to hold the initial investment .
5. Final Submission : Submit all requirements to the Commission . Once the Certificate of Incorporation 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 makes it much easier for individual investors to incorporate in philippines from abroad.
Still , post-incorporation , you should obtain local permits . This includes the Mayor’s Permit , local village clearance , and signing up for social agencies like SSS, PhilHealth, and Pag-IBIG .
Summary
Launching a business in the Philippines is a rewarding step . By following the correct incorporation requirements philippines for foreign company, you can guarantee a hassle-free entry . The future for foreign investment in the country remains strong .