Investors interested in starting businesses in the Philippines can choose between several emerging industries, one of the most prolific being the financial technology sector, which is a combination between the financial and the IT sectors. One of the most important attributes of the fintech sector is that enterprisers can benefit from various incentives from the authorities when setting up this kind of ventures in the Philippines.
Foreign investors are also welcome to open fintech companies in this Asian archipelago and our Philippines company formation agents can support them.
Types of activities undertaken by fintech businesses in the Philippines
Even if it still in its early stages, the fintech sector is quite developed in the Philippines and entrepreneurs can choose between several types of activities they can develop in this industry.
The most popular types of fintech companies in the Philippines are:
- ICOs or initial coin offerings which refer to launching new digital currencies and selling them to investors in order to gather funds for startup companies;
- cryptocurrency companies through which enterprisers can create new virtual money;
- cryptocurrency ATMs businesses which enable people to charge electronic wallets and exchange money for digital coins;
- e-money payment businesses which can enable other companies to accept payments with digital money;
- cryptocurrency mining businesses which enable individuals to use computers to generate digital coins.
In order to start a fintech business in the Philippines, investors must first register a company with the Trade Register and then apply for certain licenses.
Our company registration consultants in the Philippines can guide foreign investors who want to register fintech businesses here.
Why set up a fintech company in the Philippines?
As an emerging fintech market, the Philippines offers several advantages to those who want to start such companies here. Among these advantages are:
- Easy incorporation procedure with no restrictions for those who set up IT companies with the purpose of creating fintech solutions;
- A very advantageous taxation system which is supported by various incentives granted by the government;
- The creation of the FinTech Philippines Association which offers consultancy to those interested in setting up fintech companies;
- The Philippines has recently become part of the ASEAN Fintech Association in order to expand its market.
For assistance in opening a fintech company, please contact our company formation advisors in the Philippines.
Our team also offers other types of services apart from those focused on company creation. We can assist foreign nationals who wish to know more about their options to immigrate to the Philippines. Relocating to this country is subject to a set of conditions and an immigration quota is also in place. You can find out more about these conditions from our team, based on your nationality.