The Philippines is located centrally in South East Asia making it the perfect place to market to all Asian countries. Setting up your company in Metro Manila will allow you to have all modern business amenities with a highly trainable workforce. The country possesses many natural resources: copper, gold, nickel and petroleum. Other exports include: coconut oil, copra, banana and pineapple. Major trading partners are the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand.
Investing in the Philippines will give you as an investor what is required to enter the main Asian markets. Yes, corruption does exist but is diminishing rapidly and becoming a thing of the past.
An outline of the procedure of company formation in the Philippines and the required documents to submit to the SEC.
SEC Registration Requirement Guidelines
Reservation of the corporate name with the SEC, who will issue a name verification slip when approved. All the necessary documents must be submitted to the SEC, these include a Treasurer in Trust affidavit that the funds have been deposited into a bank account.
The minimum paid-in capital required varies with the nature of the business you intend to setup in the Philippines. A large subscribed paid-in capital will require the company to get a certificate proving that the funds have been deposited in a bank.
Once the new business has obtained its certificate of incorporation it will have to apply for a Mayors’ permit, with the following documents..
• Completed application for a municipal license
• Certificate of Incorporation
• Copy of Barangay Clearance
• Signed notarized copy of lease contract
All businesses in the Philippines are required to file annual returns and financial statements to the Bureau of Internal Revenue.
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