The Republic of the Philippines has become a highly attractive destination for foreign entrepreneurs . Understanding how to incorporate in the philippines is the first step for tapping into a growing workforce . If you are hoping to expand your brand , the process is now more accessible from overseas .
The Benefits of Incorporating in the Philippines
Establishing a presence in this region provides several benefits . Primarily , the workforce is highly skilled and fluent in English . Additionally , the government grants economic perks through agencies like PEZA .
In order to incorporate in philippines from abroad, you need to understand the various forms of business entities . These include Domestic Corporations , Regional Headquarters , and Representative Branches .
Primary Incorporation Requirements Philippines for Foreign Company
Leading up to submitting your application , you must prepare several requirements . The Securities and Exchange Commission (SEC) regulates the incorporation workflow .
Business Name : Should be unique and approved by the SEC.
Constitutional Documents : These detail the nature of the business .
Paid-in Capital : Foreign-owned domestic firms usually require a minimum capital of USD 200,000 except when using high technology .
Resident Agent : When you are registering from abroad , it is mandatory to appoint a local representative to receive legal documents .
Step-by-Step : How to Incorporate in the Philippines
Step 1: Name Reservation : Verify the name via the SEC website . Once approved , the next step begins .
2. Document Preparation : Draft the Articles of Incorporation and Treasurer’s Affidavit . As you are overseas , these documents need to be Apostilled at the nearest embassy .
3. Get a TIN : All foreign incorporator requires a Philippine TIN . This is done via the Bureau of Internal Revenue (BIR) .
Step 4: Bank Account Opening : Set up a treasurer-in-trust account to deposit the initial investment .
5. Final Submission : Submit all documentation to the SEC . After the Certificate of Incorporation is released , the company is officially recognized .
Handling Foreign Business Incorporation Philippines Remotely
Changes to local regulations , such as the RCC , now allow one individual to form a OPC . This has made it much easier for individual investors to incorporate in philippines from abroad.
However , after registration , you must secure business licenses . This includes Business Permit , Barangay Clearance , and registration with labor benefits like SSS, PhilHealth, and Pag-IBIG .
Final Thoughts
Launching a business in the Pearl of the Orient is a rewarding move . If you follow the legal incorporation requirements philippines for foreign company, you how to incorporate in the philippines can guarantee a hassle-free setup . The future for global trade in the country is promising .