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| Philippines Business Set Up | |||||||
Philippines business set up is complicated by bureaucracy and lack of transparent procedures. Most entrepreneurs interested in Philippines business set up engage the services of a professional corporate services Firm on the ground in the Philippines to handle all formalities, including i) liaising with government authorities ii) obtaining investment approvals iii) arranging for documents to be notarised iv) assisting with tax returns and other statutory requirements and v) assisting the entrepreneur obtain work and residence visas. Philippines company set up normally evolves as follows:
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| 1. | The minimum paid up capital is lodged in a bank in Manila. The bank will issue a Certificate of Deposit as confirmation of the same.
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| 2. | A company name search is performed with the Philippines Securities and Exchange Commission (SEC) and, if approved, the SEC issues a Name Verification Slip.
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| 3. | Corporate documents are submitted to the SEC, including the bank Certificate of Deposit. Two weeks later, the SEC issues a Certificate of Registration. | ||||||
| 4. | A Community Tax Certificate is obtained from the local barangay (regional district office) where the company is incorporated.
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| 5. | The new business applies for a municipal license, filing the following documents at the Licensing Section of the Mayor’s Office: i) Completed application for a municipal license ii) certification from the Company Secretary that the company has been authorised to engage in the business specified iii) the amount of paid-up capital iv) the Certificate of Registration v) receipts for incorporation fees paid vi) Barangay clearance vii) lease contract for office premises and viii) the community tax certificate.
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| 6. | For additional information on a Philippines business set up, purchase our Asia Business Setup book, contact email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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| Contact Us | |||||||
For more information on Philippines business set up, contact email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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Back to Philippines Company Formation page
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