Company formation in Philippines – SK Patodia

ADVANTAGES OF COMPANY FORMATION IN PHILIPPINES

The Philippines is a country in Southeast Asia, located in the Western Pacific region. It consists of more than 7500 islands. The increasing demand for company registration in the Philippines is due to its economy growing at a blitzkrieg rate. Recently, its economic growth was recorded at 6.9%, which is substantial as compared to other Southeast Asian countries. Service Industry, Trade, and Agriculture make for the major source of GDP. Additionally, Philippines has signed tax treaties with 41 countries including India, USA, UAE, Russia, Germany etc. The major benefits of setting up a business in the Philippines are as follows:

  • Skilled and English speaking employees are obtainable at a bargain basement rate.

  • Company incorporation in the Philippines is especially profitable for businesses’ in the Manufacturing, Service and Industrial sector.

  • The Philippines is an export hub for electronic products, precious gems, metal components and transport equipment among others.

  • Recently the government signed the General Appropriations Act (GAA) that amounted to PHP 3.767 trillion.

  • The enactment of Tax Reforms for Acceleration and Inclusion (TRAIN) will positively influence the taxation system in the Philippines.

REQUIREMENT TO OPEN A COMPANY

BASIC REQUIREMENTS

  • Minimum two Directors (any nationality).
  • Minimum two Shareholders (any nationality).
  • Locally registered office.
  • A Corporate Secretary (should be a Philippines citizen and resident).
  • Minimum Paid-up capital is USD 200,000.
  • A President (must be a director).
  • A Treasurer (should be a Philippines citizen and resident).
  • The same person may hold two (2) or more positions concurrently, except that no one shall act as president and secretary or as president and treasurer at the same time.

DOCUMENTS REQUIRED

  • Registered office address.
  • Details of capital.
  • Details of minimum two Shareholders & Directors.

OUR SERVICES

  • Drafting extensive documents pertaining to Company Incorporation.
  • Registering the company with Securities and Exchange Commission (SEC), Bureau of Internal Revenue (BIR), Local Government Unit (LGU), Social Security System (SSS), Home Development Mutual Fund (Pag – IBIG), Philippine Health Insurance (PhilHealth) & Bangko Sentral ng Pilipinas (BSP).
  • Nominee Director Services.
  • Provision for Business Address.
  • Corporate Secretarial Services.
  • VAT Registration.
  • Opening of TITF Bank A/c.

TIME PERIOD

Setting up a company in the Philippines takes approximately 2 months.
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