Like everything else, starting a successful business in the Philippines starts with a good business idea. Hundreds of companies have decided based on marketing studies to have a chance in the Filipino or Asian market. Based on these studies, companies should determine in advance that their products or services are well positioned in terms of pricing, features, and other factors.
Some of these companies have already exported their products and services to the local market and have a solid knowledge base of the market potential: In this case, the decision is obvious! There are other successful international companies that are attractive and branded in the Philippines but have no physical bases – franchisees.
Even then, there are important aspects that the new company needs to consider and careful analysis needs to be done before starting your successful business in the Philippines. Just be aware that you are in good company: A growing number of foreign companies and entrepreneurs play an active and important role in the local economy, just like that Philippine Board of Investments! A key reason for this is the investor-friendly environment and the well-trained workforce available here.
The most important decision regarding the business structure is which legal person to use, which types are available and what best suits your business and personal goals. The basic entities available are:
- one-man business
- Stock Corporation
- Corporation (AG)
A lawyer or an accounting firm can help you make the right choice. There are many law firms, auditors and consultants who have made international start-ups successful. Don’t forget that the United States is one of the few countries in the world where taxation is given to citizens who live abroad and make money Expat tax advisor that will file your taxes in the US too.
A company must ensure that its products meet the technical and safety standards in the Philippines.
Taxation and accounting
You also need professional support for tax and accounting issues. It is usually money well spent as it shortens your “learning curve” considerably and can avoid costly mistakes. Choose a good accounting firm, a good lawyer, and a recruiter. The experts can draw your attention to the different types and tax rates, including VAT, capital gains tax and income tax.
The various health insurance and health practices are another area that needs to be carefully considered when preparing to start a business in the Philippines. Indigenous personnel practices are equally important, as the notice periods are longer than in the United States, are contractually regulated, and enforced by courts.
When budgeting, make sure you follow the same principle as for a personal budget and add a pillow for unpredictable expenses, as with all the willingness needed in every developing country.
It is important in the start-up process to take into account the many financing alternatives and investment incentives that the Philippines offer. Some of these depend on the site selected for your company. This could be the most important decision as it determines your market access and logistical basis and has a direct impact on your bottom line. Here, an impartial and professional website selection professional must support you early and thoroughly.
What you have already done well is to consider the Philippines the first choice for your business: a country that continues to be one of the fastest growing economies in Asia. It is not for nothing that hundreds of international companies call the country their home.
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