Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in the Philippines
The country of the Philippines is not just attractive to tourists. It is also a magnet for investors who are interested in not only enjoying the available business opportunities but also the tax incentives that the government has in place for businesses. If you are thinking about company incorporate in the Philippines, then now is the right time to go ahead and register your entity. And we at 3E Accounting are ready to accord you all the resources and assistance for successful incorporation.
Types of Business Entities for Registration in the Philippines
If you are considering doing business in the Philippines, there are various entities at your disposal. Your choice should be in tandem with your business goals and objectives. If you are not sure of what entity you should register, you can call 3E Accounting Indonesia. Our reputable business incorporation experts in the Philippines are ready to give you all the information and guidance you need.
But that notwithstanding, there are several forms of businesses you can register, with the main ones being the following-:
- The sole proprietorship
- The partnership
- The corporation
- A branch office
- A representative office
For sole proprietorship and partnership, you don’t need to have any special requirements according to the company registration laws in the Philippines.
On corporations, you may choose to register a stock or a non-stock corporation. Most of the foreigners in the Philippines usually prefer to register the stock corporation. This is because it requires a minimum capital share requirement of approximately USD 100. As for the number of shareholders required, the minimum and maximum numbers are 5 and 15 respectively.
Compliance with Local Resident Requirements
According to the Philippines laws, the majority of the incorporators and directors of the companies must be residents of the Philippines. It means that 100% of foreign ownership is not possible. And for most foreign companies, it is not always easy to fully comply with the local resident requirements.
To overcome this hurdle, foreigners can always use nominee incorporator and director services to meet the requirements for local residents. At 3E Accounting, we offer such and other business formation services to make the process of company incorporate in the Philippines a breeze for you.
The Company Formation Procedure in the Philippines
Just like with most jurisdictions, choosing and reserving a company name is the very first step for company incorporate in the Philippines. You have to do this with the Securities and Exchange Commission. Once the name is chosen and reserved, the next step is to open a corporate bank account and deposit the minimum required share capital.
You will then get a Barangay of clearance which will give you the green light to register for taxes and also apply for the various business licenses and permits necessary to start your venture.
Work with Us
Do you find the process of company incorporate in Philippines challenges? Do you need help to navigate through the various processes and procedures? If so, then we are the right experts you should talk to. We are well versed with the formation processes of various business in the Philippines, and you can tap into our experience and expertise for smooth sailing. Contact us now and let us begin the process of registering a new company for you.