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Offices| Aspect | Details |
|---|---|
| Fees | The fees for company incorporation in Philippines start from $2699 |
| Timeline | Usually, company formation in Philippines takes around 4 to 8 weeks |
| Registration Benefits | Benefits of company registration in Philippines include:
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| Type of Business Structures | Types of structures for foreign business setup in Philippines include:
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| Documents Required | Documents required for Online Company Registration in Philippines include:
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| Top Businesses for Foreign Entrepreneurs | Some of the top business for foreign entrepreneurs applying for company registration in Philippines are:
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| Procedure for Online Company Registration in Philippines | The procedure for company registration in Philippines includes the following steps:
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| How can we help you? |
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Talk to our seasoned consultants and proceed with worry-free and timely business setup in Philippines
Company registration in the fastest-growing economy of the Philippines offers a receptive, transparent, and open market for business growth and success. The company registration in Philippines, which is projected to reach $507.67 billion by 2025, is exclusively governed by the Securities and Exchange Commission (SEC) which is a government agency that mandates supervising the corporate sector in the country.
Philippines, typically ranked around middle of the pack in Asia is considered an appealing destination which promotes ease of doing business. The business environment of Philippines which promotes foreign investment sets an ambitious goal to be among the top 20% of countries in the World Bank’s Business Ready report by 2026. However, the entrepreneurs committed to enhancing the ease of doing business in Philippines simplified the online registration system making it more efficient for both local and foreign investors.
Let our expert consultants help you with online company registration in Philippines, and you can focus on growing your business.
Attractive Tax Incentives
Access to Southeast Asian Markets
100% Foreign Ownership
Competitive Workforce
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No Taxes on Net Wealth
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Before setting up a company in the Philippines, entrepreneurs must choose from a legally recognized business structure aligning with their business's long-term goals and objectives. Have a look over the most common types of business structures for company registration in Philippines, as discussed below:
Corporation which is mainly characterized by the nationality of their stockholders is a common business structure having a maximum of 15 people acting as a single entity. Corporation which can be categorized as stock or non-stock requires a minimum capital of 1 million as authorized stock. The wholly foreign and Filipino-owned corporations are held eligible to determine the level of foreign equity in their chosen industry.
Branch Office is an extension of the foreign corporation established to conduct business, subject to SEC approval. However, a branch office which operates as an extension of the foreign corporation is subject to local regulations governing the business setup in Philippines.
A sole proprietorship is the most common business structure established and controlled by a sole owner. The sole owner or proprietor must either be a Filipinos or foreigner individual liable for all debts and liabilities incurred while doing business in Philippines. However, in case the business is owned by a foreigner, it must have a capital requirement of $200,000 USD, and its business should not come under the Foreign Investment Negative List.
A partnership which can be classified into general partnership and limited partnership is a common business structure established by two or more persons intending to share in building the assets of the company. Similar to a corporation, the partnership is a separate legal entity distinct from its partners. However, unlike corporations, partnership does not enjoy the right of succession.
One person corporation which is a special type of corporation having only one stockholder. The corporation registered with the SEC must hold a capital requirement for Filipino and foreign stockholders, having more than 60 % of their revenue coming from foreign sources.
A cooperative is an organization commonly known as an autonomous and duly registered association of persons having a common interest. The organization registered with the Cooperative Development Authority (CDA) is formed by individuals having voluntarily joined to achieve their social, economic, and cultural goals.
A representative office, which is an extension of a foreign corporation, is established for the purpose of conducting market research, promotion, and liaison activities. However, a representative office that is limited in scope is not eligible to undertake or engage in revenue-generating activities.
Regional Headquarters (RHQ) and Regional Operating Headquarters (ROHQ) are business structures typically used by multinational corporations centrally manging and supporting the functions within the region. Moreover, these business structures enjoy several tax incentives subject to approval from the Board of Investment (BoI).
The step-by-step guide for company registration in Philippines provides a comprehensive overview of the procedure required to legally setup a corporate structure in the business economy of Philippines. The following is the procedure required for Philippines company formation for foreign entrepreneurs, as outlined below:
The applicants are initially required to reserve a business name with the SEC (Securities and Exchange Commission). In the case the structure is a sole proprietorship, the application must be sent before the DTI (Department of Trade and Industry,), if cooperative, then before the CDA (Cooperative Development Authority).
The applicants are further advised to make submission of necessary documents and register their business through the Securities and Exchange Commission (SEC) online eSARAL portal.
Upon successful filing of the online application, the entrepreneurs obtain a registration certificate from the local government units of the location where the applicant wants to establish its company.
The applicants are further required to secure a Certificate of Registration (COR), also known as BIR Form 2303, from the Bureau of Internal Revenue (BIR), which officially registers your business for tax purposes.
The applicants complying with the Philippines labour laws and providing mandatory benefits to employees must register as employers with the government agencies.
The timeline for company incorporation in Philippines, which varies depending upon factors like the type of business structure and the completeness of required documents, is as outlined below:
It takes around 1 week to prepare the necessary documents required for setting up a business in the Philippines.
It takes around 1 to 2 months for the submission of the application for company incorporation in Philippines.
The timeline to obtain approval form for opening a bank account in Philippines and internet banking services takes around 2 months.
The timeline to obtain other necessary licenses and company seals varies depending on the type of business activity and the regulatory requirements in the Philippines.
The list of documents required for company registration in Philippines is provided below:
Application for Registration
Copy of the Document such as Board Resolution
Copies of Articles of Incorporation and By-Laws
Treasurer’s Affidavit (Upon SEC’s Request)
Notarised Bank Certificate of Deposit
BIR Registration Certificate
Mayor’s Business Permit
Barangay Clearance
Verification Slips of the Company’s Name
Proof of Official Registered Address
Tax Identification Number (TIN) of the Filipino
Tax Identification Number (TIN)of the Principal and Signatory
Passport IDs of the Foreign Investors
Foreign Investment Application Form F-100
Proof of Inward Remittance by Non-Resident Aliens/ Subscribers
Valid IDs of the Incorporators
Other Company Documents (if any)
Yes, a foreign entrepreneur aiming to start a business in Philippines must legally own a business setup in Philippines. The ever-expanding business environment of the Philippines welcomes foreign investment, allowing 100% foreign ownership in certain sectors as specified under the Foreign Investment Negative List (FINL).
The foreign business setups driving significant foreign investments must further comply with the Foreign Investment negative List (FINL) outlining sectors where ownership is restricted or limited. Moreover, adherence to these regulations allows foreign entrepreneurs to successfully establish and operate their businesses within the Philippines’ dynamic market.
100% Foreign Ownership- Certain Sectors
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Simplifying online company registration in Philippines comes with many benefits, making it an attractive destination for entrepreneurs. Here are some of the key advantages of registering a company in Philippines:
The business-friendly environment of the Philippines offers significant advantages to international investors, particularly those involved in government-designated development industries. Through the Board of Investments (BoI) and the Philippines Economic Zone Authority (PEZA), the Philippines government further offers multinational corporation tax subsidies and duty-free imports, making it an ideal location for business setup.
The Philippines offers a range of tax incentives designed to attract foreign entrepreneurs and support business growth. These incentives provide significant advantages, including flexibility in deducting fringe benefits and other business expenses. However, the tax holiday available to newly registered businesses for 4 to 6 years offer benefits such as tax credits, tax and duty-free purchase of machinery & other assets, and a unique 5% tax on gross earnings, placing all other municipal and federal taxes.
The strategic business location of the Philippines has become an eminent location for the expansion of corporate activities in the Asia Pacific global market. Moreover, the culturally diverse and welcoming community of the Philippines builds corporate networking and collaborations, streamlining smooth business growth and expansion.
The Philippines economy distinguished by its well-developed transportation, communication, economic and business infrastructure ensures connecting the three major islands. Also, the liberalized domestic aviation, inter-island shipping, and economic reforms prioritize regional development, transforming remote locations into business hubs.
The Philippines, which is a member of the ASEAN Free Trade Area (AFTA), offers unrestricted business opportunities and linkages to business entrepreneurs seeking business registration in the member state. The country’s foreign ownership regulations further facilitate and encourage foreign investments, making business setup easy for micro, small and medium enterprises (MSMEs).
Incorporating your business in the Philippines is majorly advantageous, resulting in great flexibility while raising capital. The business-environment of Philippines further facilities access to easy capital by selling stocks and other equity interests, instead of borrowing money and making interest payments. It is one of the significant benefits of company registration in Philippines.
According to the World Bank report, the Philippines boasts a literacy rate of approximately 96.29%, providing businesses with a skilled and competitive workforce. This highly educated talent assists businesses in meeting the demand and operational requirements, making the Philippines an attractive destination for entrepreneurs looking to establish their presence.
The investor-friendly government policies issued by the government of the Philippines offer unrestricted foreign ownership and directorship to entrepreneurs, allowing businesses to control and make decisions aligned with the state’s policies. It is one of the unmissable benefits of company registration in Philippines.
Below mentioned are some of the requirements for company formation in Philippines:
The top industries best suited for tax-friendly business setup in Philippines are as discussed below:
Top 10 Industries for Company Registration in Philippines
Top 10 Business Ideas for Company Formation in Philippines
The post-setup compliances for company registration in Philippines are as discussed below:
With 10+ years of expertise, Enterslice offers trouble-free company registration in Philippines’s changing market dynamics. Connect with Enterslice to discover why we are the preferred choice for global entrepreneurs.
The process to register a company in Philippines requires the applicant to comply with the following steps as discussed below:
Yes, a foreign entrepreneur seeking is legally entitled to own a business setup in Philippines. The ever-expanding business environment of the Philippines welcomes foreign investment, allowing 100% foreign ownership in certain sectors as specified under the Foreign Investment Negative List (FINL).
Currently, the government of the Philippines imposes a VAT rate of 12% on the taxable gross selling price of properties and goods, along with the gross value of service receipts and property leases.
Typically, the self-employed professionals like doctors, lawyers, and accountants are exempted to obtain a business permit in Philippines.
It typically takes around 4 to 8 weeks to register and start a business in the ever-evolving business environment of the Philippines.
Yes, an entrepreneur living abroad is eligible to open a business in the Philippines.
The minimum corporate income tax (MCIT) of 2 percent is imposed on the gross income of both domestic and resident foreign corporations, on an annual basis.
The types of business structures for company formation in Philippines are Sole Proprietorship, Partnership, Corporation, Cooperative, Branch Office, Representative Office, Regional Headquarters (RHQ) and Regional Operating Headquarters (ROHQ).
The basic requirements include a business name, articles of incorporation, and registration with the SEC (Securities and Exchange Commission).
Government incentives, tax benefits, and access to capital are among the benefits of registering a company in the Philippines.
Post-registration requirements include obtaining business permits, complying with tax obligations, and submitting annual reports to the relevant government agencies.
No, LLC (Limited Liability Company) type of business is allowed in the Philippines; however, the Philippines corporation code treats a domestic corporation as the closest to an LLC.
Yes, changing the business structure or name in the Philippines after foreign business setup is possible, subject to meeting the compliance requirements.
Yes, a foreigner can register a company in the Philippines subject to certain restrictions and requirements such as the Foreign Investments Act and other relevant laws.
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