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Philippines is an Asian nation nestled in the Pacific Ocean between South China Sea and Philippines Sea. It is the fifth largest economy of the ASEAN nation. Philippines is an economically progressive country with GDP rising at the rate of 6% per annum. The government is offering multiple ease of doing business conditions for the businesses to flourish in Philippines and creating an ecosystem to support this business infrastructure. This piece of writing discusses the 5 simple steps of Incorporating a Company in Philippines.
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Before diving into the incorporation process directly, it is advised that the promoters of the company first complete the following tasks to make the process of incorporation smooth:
The process of incorporating a company in Philippines is fast and executed in the following 5 easy steps.
In case the promoters wish to register a sole proprietorship, the business name has to be reserved with the Department of Trade and Industry (DTI) and if a cooperative wants to be established, the name must be reserved with the Cooperative Development Authority (CDA).
Apart from the BIR Registration certificate, a business needs to obtain the following documents as well:
From the abovementioned step by step process of incorporating a company in Philippines, it can be concluded that incorporating a company in Philippines is an easy process if professional help is sought to complete the process of incorporation. Further, the benefits such as access to ASEAN market, tax incentives, IT infrastructure and International treaties signed by the government make it ideal for any business to start a business in Philippines.
Read Our Article: Investment in Foreign Company by Indian individual: An Overall Procedure
Prabhat has done his BA LLB (Hons) and has been writing research papers since his law school days. His interest in content writing made him pursue a career in legal research and content writing. His core areas of interest are indirect taxes, finance and real estate.
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