Retail is one of the global industries with rapid expansion in all countries around the world without exception. The variety of products combined with the lower sales prices and higher purchase power determine many investors to set up businesses in the retail sector. This trend can also be observed in the Philippines, especially when considering the large number of tourists the country has every year.
Foreign enterprisers who want to open companies in the retail sector in the Philippines must first choose and register one of the available business forms with the local Trade Register. Our Philippines company formation consultants can help with this process.
The retail industry in the Philippines
According to recent statistics, retail is one of the Philippines’ top industries considering the increased purchase power of the population and the increased number of companies operating in this sector. The most successful types of retail businesses in the Philippines are grocery shops and convenience stores, this is because Filipinos prefer to shop in smaller stores than in malls or supermarkets.
Another key branch of the retail sector in the Philippines is e-commerce, as the number of local retailers establishing both brick and mortar and online stores has increased in 2017. Moreover, the Ministry for Trade and Development created the E-commerce Roadmap through which the e-commerce industry is expected to represent 25% of the country’s Gross Domestic Product by 2020.
Our company registration agents in the Philippines can help foreign investors who want to open traditional or online retail businesses.
Registering a retail business in the Philippines
Those who want to set up retail companies in the Philippines must first register the business with the Securities Exchange Commission, following which several licenses must be obtained. Among these are:
- the Barangay Clearance;
- import/export licenses;
- city hall permit.
In the case of retail companies selling foodstuff, an approval from the Bureau of Food and Drugs must be obtained.
For full information on the requirements for opening a retail business in the Philippines, please contact us. We remind you that we can handle the company registration process of the Philippines company.
Our team also specializes in matters concerning immigration. We can assist foreign investors who wish to know how they can move to the Philippines before or after they have incorporated a business here. One should keep in mind that the Philippines implements an immigration visa quota that is dependent on the applicant’s country of origin and whether or not it offers the same immigration rights to Filipino nationals.