
Company Formation in the Philippines
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The country of the Philippines is represented by one of the most beautiful sets of islands in the world which is attractive not only to tourists but also to investors interested in doing business here. With friendly legislation towards foreign investments, the Philippines government allows for the establishment of companies here under very advantageous conditions.
If you want to open a company in the Philippines, the guide below will take you through a tour of the company registration procedure in this country. Our specialists in company formation in the Philippines offer tailored services to foreign investors seeking to start their own businesses in this country.
If you are a foreign investor and want to set up a company in the Philippines, we can help you with the following services:
We can also assist foreign companies interested in operating in the Philippines through branches and subsidiaries. Those seeking to research the market can rely on us for opening a liaison office in the Philippines.
Our services are personalized to the clients’ needs and requirements. We also offer virtual office services to those who want to register their companies in the shortest time possible.
The main set of documents required to start a company in the Philippines is the Memorandum and Articles of Association. These must be prepared in accordance with the requirements of the Corporation Code in the Philippines and must be notarized. The other documents related to the company registration process are:
You can rely on our local company registration agents for assistance in drafting the incorporation documents for any type of company. Moreover, if you are interested in expanding your business in another country, for example in Singapore, our Singapore partners who are specialists in company formation matters can help you.
The first step related to starting a company in the Philippines is to choose and reserve a company name with the Securities and Exchange Commission, followed by the opening of the corporate bank account where you'll have to deposit the share capital. Based on these, the company will receive the Barangay clearance. The last steps imply registering for tax purposes and applying for the business licenses required to start the activities.
One of the most important requirements for setting up a company in the Philippines as a foreign investor refers to preparing an investment plan which must be submitted for approval with the Securities and Exchange Commission (SEC).
Based on the investment plan and the industry the foreign investor wants to operate in, the minimum share capital will be conveyed by the SEC after the analysis of the investment plan.
If you need more information on the procedure on how to open a company in the Philippines, our agents can offer such details.
One of the most important aspects related to the Philippines company registration procedure refers to the residency requirements imposed by the Company Law. According to it, most of the shareholders and directors in the company must be Filipino residents.
For the most common type of company in the Philippines, which is the equivalent of the limited liability company in Western countries, the minimum number of shareholders allowed is 5 and all of them must be natural persons. The majority of the shareholders must be Philippines residents (however, they are not required to by citizens of this country) which is why foreign investors must first obtain residence permits.
With respect to the company directors, the minimum number of directors is 5, while the maximum number can reach 15. The majority of the directors must be Philippines residents.
For this purpose, our agents in the Philippines can provide nominee services. We offer both nominee shareholder and director services. Do not hesitate to get in touch with us and ask about these services.
It is also important to note that foreign investors are not allowed to set up companies in certain industries which are on the so-called Negative Investment List.
Our specialists in the Philippines can offer more information on the investment options available for foreign investors.
One of the most important aspects of registering a company in the Philippines is related to the licensing requirements which one must comply with. From this point of view, the Philippines is very different from Western countries, as the number of compulsory licenses is larger. Here are the main licenses to be obtained when opening a company in the Philippines:
Out of these, one of the most important is the Barangay Clearance. Once these are obtained, where the industry requires it, special licenses must be obtained with other relevant authorities.
You can obtain more information on the business permits and licenses required from our company registration agents in the Philippines.
Philippines companies must also comply with a few requirements related to the registration as employers with the Social Security System. A company must also register with the Internal Revenue Bureau, as well as with the Health Insurance Authority.
It is possible for local companies to hire foreign workers for which they must apply for work permits. Our company formation agents in the Philippines can explain the requirements of the Employment Law in this sense.
Type of Company | Number of shareholders | Minimum share capital |
Corporation | 5 | 200,000 USD |
Partnership | 2 | No mimum share capital required |
Sole proprietorship | 1 | No mimum share capital required |