Becoming one of the most appealing industries in the Philippines in the last few years, real estate has undergone significant changes as the government has seen an opportunity in creating a suitable framework for those who want to start a company or work in this field. The large number of visitors also contributed to the creation of the new Philippines Real Estate Services Act, simply known as RESA.
Below, our company formation agents in the Philippines explain the requirements for starting company in the real estate sector in this country.
Foreign investors who wish to open this type of business can talk to our immigration lawyers in Philippines.
Registering a real estate business in the Philippines
The registration of a real estate company in the Philippines starts with the same procedures as for a business in any other industry. In the case of foreign investors, these are advised to select the right type of structure and have company registration representatives in the Philippines to prepare and file the paperwork with the Business Register.
Once the Business Registry approves the incorporation of the company, the business license issued by the Ministry for Trade and Industry must be obtained. It should be noted that this is different from the real estate license which must be obtained with the same ministry.
Our local consultants can guide you through the opening of a real estate agency in the Philippines.
Real estate companies need to work with a certified and independent accountant in Philippines, such as the ones from our team. This is mandatory because all companies need to prepare annual financial statements which are drawn up by such an accountant and which are audited. Our team offers accounting and bookkeeping solutions, as well as other services for local companies.
We can also offer details about immigration to Philippines.
The real estate broker’s license in the Philippines
Under the new Real Estate Service Law, those who want to activate on the real estate market in the Philippines must obtain a broker license with the Department of Trade and Industry. Prior to that, the future business owner must pass the Licensed Real Estate Broker exam.
The documents required for obtaining a real estate broker license in the Philippines are:
- proof of passing the examination mentioned above;
- a clearance from a regional court in the Philippines;
- a lease agreement for the location of the company;
- the application form;
- proof of registration fees payment.
Once the license is obtained, the Filipino real estate agency must register with the Housing Land Use Regulatory Board and the National Association of Realtors.
If you are a foreign applicant, our immigration lawyers in Philippines will give you more details.
For assistance in setting up a real estate company in the Philippines, please feel free to contact our local advisors.
Our team also assists foreign investors in other matters of interest, such as visa applications. Based on your nationality, we will be able to give you reliable information on the immigrant visa quota that can apply in your case, as well as the other criteria if you wish to move to the Philippines. Understanding these requirements beforehand is essential and our team can answer your questions.