Doing business in the Philippines is just the same as doing business in other countries. It just differs only in the specific laws and culture. The Philippines’ business industry is very rich and powerful. Once you decide to get into business and put in all the effort to make your business work in the Philippines, you can become highly successful. Many foreigners have invested in different types of businesses in the Philippines and have been quite successful. A foreigner who starts a business in the Philippines will need to follow a guide so that you can get off on the right foot.
So many foreigners prefer setting up a business in the Philippines because of the courteous attitude of the Filipino people. The Filipino people are very loyal. So if you serve them well and provide good quality products and services, you are assured of getting returning customers to your business. Setting up a business in the Philippines is definitely a great idea especially if you wish to run a business in a peaceful and wealthy country. You can follow this guide and get to know more about starting up a business in the Philippines.
Before getting into a business in the Philippines, one needs to know about the culture, language and all about the country and its people. The Philippines is a country that has a lot of scattered islands. The people have different dialects which one does not need to know all. But it will be better if you can learn some of the languages spoken in the Philippines especially the ones most widely used. Getting to know the culture and the places is easy since there are many books and other forms of literature about the country. You should visit the country yourself so you can get a first hand view of the people, culture, and business environment. You should not get into a business without studying all of your options.
Get to know which types of business will work well in the Philippines. Try doing some research on the types of businesses that are widely successful in this country. Also, one should be familiar with how that particular business works particularly in a country like the Philippines. Since the Philippines have almost all types of businesses, you can pick out the best business that will also fit your interest. You should know everything about the business in order for them to operate it smoothly. Study your options when it comes to the type of business that you will put up. Discover the pros and cons to help you decide easily.
Choose a particular place where you would like to place your business. The Philippines have lots of provinces and cities. Studying about the people and status of the different businesses in that particular area will help you decide the location of your business. Also, get to know how much you will need to set up the business. This is important so you will know if you really can invest in that particular business. This is just for the capital amount needed by the business. All licenses and other expenses will not yet be included in the amount.
After all the decision making, it is now time to get to know the laws in doing business in the Philippines. There are certain rules and laws stated when the business investor is non-Filipino. For foreigners who invest in a Philippine company, their investment can only be limited to 40%. To be able to file or register the foreign business in the Philippines, the non-Filipino must file a bond in SEC with the amount of P100, 000.
Just like any other businesses in the Philippines, one needs to register their business with DTI or Department of Trade and Industry for single proprietorship, SEC or Securities and Exchange Commission for partnerships or corporation or with CDA or Cooperative Development Authority for cooperatives. You will be registering your business name but make sure that it is unique in order for to obtain a business name certificate. Once you have your business name certificate, you will need to get permits from the municipality or city where the business will be operating and with the BIR or Bureau of Internal Revenue. All of these agencies have their own websites to even inform you of the requirements needed for each and every permit needed. To even give you convenience, the different websites of government agencies are all accepting applications through their online site. This way, one can easily file for permits and registrations.
The Philippine law makes sure that all employees of any business whether owned by a Filipino or not will have all the benefits they deserve from their employers. If your business will have employees, you will also need to register them with the different Philippine agencies like SSS or Social Security Systems, Phil Health and Pag-Ibig funds. You should also get permits from the Department of Labor so that your business can hire people especially Filipinos. These are mandatory for businesses with employees.
Once all of these are accomplished, you will then know how much your capital amount ends up with. This will include all the expenses in getting permits and certificates. You can then start with the business. You just have to make sure that you pay your taxes and go abide with the rules and laws of the Philippine government when it comes to foreign businesses.