The Philippine archipelago has emerged as a highly attractive location for international investors . Mastering how to incorporate in the philippines is the primary requirement for entering this vibrant market . If you are hoping to establish a branch , the procedure is now more accessible even from abroad .
Why Choose Incorporating in the Philippines
Establishing a presence in the Philippines grants several advantages . To begin with , the workforce is highly skilled and fluent in English . Moreover , the government grants fiscal incentives for certain industries .
To incorporate in philippines from abroad, you need to familiarize themselves with the different types of legal entities . Common choices are Domestic Corporations , Branch Offices , and Representative Branches .
Primary Incorporation Requirements Philippines for Foreign Company
Prior to submitting your papers , you must prepare several documents . The Philippine SEC oversees the entire process .
Business Name : Should be unique and cleared by the SEC.
Articles of Incorporation : These detail the nature of the business .
Paid-in Capital : Foreign-owned domestic firms often demand a minimum capital of USD 200,000 unless using high technology .
Resident Agent : When you are incorporating remotely , you must designate a local representative to receive legal documents .
A Simple Guide : How to Incorporate foreign business incorporation philippines in the Philippines
1. Name Reservation : Check the availability via the SEC website . Once approved , the next step begins .
Step 2: Document Preparation : Write the Articles of Incorporation and Financial Statements . Since you are overseas , these documents must be authenticated in your home country .
Step 3: Obtain a Tax Identification Number (TIN) : All overseas director needs a local tax number . This is done via the Bureau of Internal Revenue (BIR) .
4. Capital Deposit : Open a treasurer-in-trust account to deposit the required capital .
Step 5: SEC Registration : File all documentation to the SEC . Once your certificate is issued , the company is officially born .
Managing Foreign Business Incorporation Philippines From Afar
Modernization of Philippine law , like the RCC , now allow a single person to start a OPC . This makes it much easier for individual investors to incorporate in philippines from abroad.
However , post-incorporation , you should obtain local permits . This includes Business Permit , local village clearance , and registration with social agencies like SSS, PhilHealth, and Pag-IBIG .
Summary
Starting a business in the Philippines is a smart 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 is promising .