The Philippines has become a highly attractive destination for foreign entrepreneurs . Understanding how to incorporate in the philippines is the primary requirement for entering the Southeast Asian economy . Regardless of whether you are planning to establish a branch , the steps are now more accessible from overseas .
The Benefits of Foreign Business Incorporation Philippines
Establishing a presence in this region provides several benefits . Primarily , the workforce is exceptionally talented and fluent in English . Additionally , the administration grants economic perks through agencies like PEZA .
In order to incorporate in philippines from abroad, you need to understand the various forms of legal entities . These include Domestic Corporations , Regional Headquarters , and Representative Branches .
Essential Incorporation Requirements Philippines for Foreign Company
Prior to submitting your application , you must compile several files . The SEC oversees the entire process .
Company Name : Needs to be original and cleared by the SEC.
Articles of Incorporation : These outline the scope of the company .
Capitalization : Foreign-funded domestic firms usually require a paid-in capital of $200,000 unless using high technology .
Resident Agent : If you are registering from abroad , incorporate in philippines from abroad you must designate a local representative to receive notices .
Step-by-Step : How to Incorporate in the Philippines
Step 1: Select a Name : Check the availability via the SEC website . Once approved , you can proceed .
Step 2: Document Preparation : Write the Articles of Incorporation and Treasurer’s Affidavit . As you are abroad , these papers must be Apostilled at the nearest embassy .
3. Get a TIN : All overseas director needs a local tax number . This can be processed through the Tax Authority .
4. Bank Account Opening : Set up a treasurer-in-trust account to hold the required capital .
Step 5: SEC Registration : Upload all requirements to the Commission . Once your certificate is issued , the corporation is legally born .
Managing Foreign Business Incorporation Philippines From Afar
Advancements in Philippine law , like the Revised Corporation Code , currently permit a single person to start a One Person Corporation (OPC) . This makes the process simpler for solo entrepreneurs to incorporate in philippines from abroad.
Still , post-incorporation , you should obtain local permits . This involves the Mayor’s Permit , local village clearance , and signing up for social agencies for employees .
Conclusion
Expanding a company in the Philippines is a smart step . By following the proper incorporation requirements philippines for foreign company, investors can ensure a seamless entry . The outlook for foreign investment in the region remains strong .