If you want to set up a company in the Philippines as a foreign entrepreneur, this article will provide you with some important information. With the help of our local agents, you can benefit from a complete company formation process that can also include assistance in drafting documents, tax registration, business license application, and many more.
Table of Contents
Types of companies available in the Philippines
We invite you to explore some of the main types of entities available in the Philippines, from which you can choose depending on your business and development plans for this country:
- the sole proprietorship is the most popular and simple form of business in the Philippines. Debts and liabilities are the main concern of business owners;
- the partnership in the Philippines can be created by at least two individuals. They share both ownership and profits and losses.
- Corporation is also a popular business structure in the Philippines. This is a separate legal form that can be controlled by a board of managers. In the Philippines, there is also the option of a One-Person Corporation;
- the cooperative is another optimal business structure for foreign entrepreneurs in the Philippines, where shareholders have common interests and joint benefits;
- the branch is suitable for international entrepreneurs who want to expand their companies in the Philippines;
- the liaison office is also an option for those who want to test the market in the Philippines, without carrying out activities and issuing invoices.
In most cases, the proper business entity in the Philippines is the one that brings advantages to the foreign or local entrepreneur, can be easily controlled, and is incorporated quickly. We invite you to discuss more with our agents about company incorporation in the Philippines.
What are the procedures for registering a sole trader in the Philippines?
One of the most popular business structures in the Philippines is the sole proprietorship. This can be registered by taking into account the following:
- registration begins with the Securities and Exchange Commission (SEC) in the Philippines;
- foreigners must deposit a minimum share capital of USD 200,000;
- it is mandatory to verify and reserve the desired business name;
- the Articles of Incorporation must be notarized before being filed with the SEC;
- a Treasury Affidavit is solicited, alongside a Certificate of Deposit from the selected bank;
- a standard form (F-100) must be completed by those opening a corporation in the Philippines;
- this is followed by registration for tax purposes in the Philippines with the Bureau of Internal Revenue to obtain the Tax Identification Number (TIN);
- sole traders must also register their businesses with the Department of Trade and Industry in the Philippines;
- the Local Government Unit is another institution where you must register a sole proprietorship in the Philippines.
All these procedures and formalities can be carefully managed by our Philippine agents who can represent customers with a power of attorney. Opening a company in the Philippines can be done with our dedicated assistance & services.
Company formation services we offer in the Philippines
Foreign and local entrepreneurs can be represented by our agents in a wide range of services linked to company formation in the Philippines. Here’s what it’s all about:
- registration with relevant authorities,
- support in tax registration,
- assistance in getting the business license,
- guidance in trademark registration,
- support in opening an onshore and offshore bank account, and many more.
Ready to open a company in the Philippines? We invite you to contact our team of agents and learn more about the company formation services we offer to foreign businessmen. Personalized offers are also available.