The Philippine archipelago has emerged as a premier destination for international investors . Understanding how to incorporate in the philippines is the primary requirement for accessing the Southeast Asian economy . If you are looking to expand your brand , the steps are easier than ever from overseas .
The Benefits of Foreign Business Incorporation Philippines
Registering a company in the Philippines grants many benefits . First , the workforce is exceptionally talented and communicatively effective . Furthermore , the government grants fiscal incentives for certain industries .
To incorporate in philippines from abroad, investors should understand the different types of business entities . Options include Subsidiaries , Branch Offices , and Representative Offices .
Core Incorporation Requirements Philippines for Foreign Company
Leading up to submitting your papers , you must gather several files . The SEC oversees the incorporation workflow .
Company Name : Needs to be unique and cleared by the SEC.
Articles of Incorporation : These define the purpose of the business .
Minimum Investment : Foreign-funded retail firms usually need a minimum capital of $200,000 except when using high technology .
Resident Agent : If you are incorporating from abroad , you must designate a local representative to handle legal documents .
The Process : How to Incorporate in the Philippines
Step 1: Select a Name : Check the availability on the SEC online portal . Once approved , the next step begins .
Step 2: Document Preparation : Prepare the Articles of Incorporation and Treasurer’s Affidavit . Since you are abroad , these documents need to be Apostilled in your home country .
3. Obtain a Tax Identification Number incorporate in philippines from abroad (TIN) : All overseas director requires a local tax number . This is done through the Bureau of Internal Revenue (BIR) .
Step 4: Capital Deposit : Set up a temporary bank account to deposit the initial investment .
Step 5: SEC Registration : File all requirements to the SEC . After the Certificate of Incorporation is issued , the company is legally recognized .
Managing Foreign Business Incorporation Philippines Remotely
Advancements in Philippine law , such as the Revised Corporation Code , now allow one individual to start a OPC . This has made the process simpler for individual investors to incorporate in philippines from abroad.
Still , post-incorporation , you should secure local permits . This includes the Mayor’s Permit , Barangay Clearance , and signing up for labor benefits like SSS, PhilHealth, and Pag-IBIG .
Conclusion
Starting a company in the Pearl of the Orient is a smart decision . If you follow the proper incorporation requirements philippines for foreign company, you can achieve a seamless setup . The outlook for global trade in the country is promising .