Setting Up a Business in the Philippines from Overseas
You don't need to go to the Philippines to start a local business. Here's how you can set up a business in the Philippines while you are overseas.
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Establishing a business overseas comes with many challenges. Fortunately, setting up a business in the Philippines from overseas is possible. In this article, we will discuss how you can open a company without going to the Philippines.
We will also give an overview of some requirements to set up a business in the Philippines. We will also share other ways you can do business in the Philippines remotely.
How to Set Up a Company in the Philippines from Overseas
The most common business entity among foreign investors are domestic corporation and one person corporation. The type of corporation depends on the number of shareholders.
The business registration process in the Philippines is fairly straightforward. However, most require in-person submission of documents. Luckily, you can have a representative, like Emerhub, to submit documents on your behalf.
Our team in Manila can facilitate your company registration in the Philippines. Our consultants will help you prepare and submit all necessary documents.
Setting up a business in the Philippines, the hassle-free way
Establish a corporation in the Philippines with Emerhub
Requirements for Setting up a Business in the Philippines
Aside from the steps listed above, there are other things to note when setting up a business in the Philippines. You must meet the minimum capital requirement for your business. You will also need to appoint corporate officers for your company.
Business Address for a Company in the Philippines
You also need to register with the local government where your business will operate. As such, a business address is necessary to complete company registration. Because you will not be able to check commercial properties yourself while you are abroad, signing lease agreements is risky.
Instead, you can also use our virtual office address in Manila. Using a virtual address is a simple and cost-effective solution to get a business address in the Philippines. Our address meets the requirements for a business address so you won’t have to worry about finding an appropriate property.
Minimum Capital Requirement in the Philippines
The minimum capital requirement for a company with over 40% foreign ownership is USD 200,000. Depending on certain conditions, this may be higher or lower. The table below shows a summary of minimum capital requirements in the Philippines for corporations:
|Conditions||Minimum capital requirement|
|Company with over 40% foreign ownership||USD 200,000*|
*Higher capital requirement for some industries
|Company with less than 40% foreign ownership||PHP 5,000 (approx. USD 100)|
|Company employs at least 50 Filipinos||USD 100,000|
|Company uses advanced technology||USD 100,000|
|Company exports at least 70% of its products||PHP 5,000 (approx. USD 100)|
How to set up a bank account in the Philippines from overseas
It is necessary to have a local corporate bank account in the Philippines. It will make transactions easier. It will also help when tracking and reporting your investment. Most banks require account holders to open bank accounts in person. This will cause delays, especially if you are unable to go to the Philippines.
In some cases, banks allow authorized representatives to open bank accounts for businesses. Emerhub can open a corporate bank account in the Philippines for you. We have partnered with a local bank and we can set up an account on your behalf. There will be no need for you to appear in person, we will handle everything for you.
Other Ways to Do Business in the Philippines from Overseas
Establishing a company is not the only way you can do business in the Philippines. You can also set up a remote office or hire remote employees without registering a local business.
Hire Remote Employees in the Philippines
The Philippines has highly skilled and educated professionals working in high-demand fields. These include marketing, customer service, and IT, among others. You can hire remote employees in the Philippines through an employer of record. You don’t need to set up a legal entity to do this.
Emerhub can be your employer of record in the Philippines. We will source, recruit, and hire employees in the Philippines on your behalf.
Set Up an Offshore Office in the Philippines
A representative office is another way to establish a legal entity in the Philippines without setting up a company. This is an office set up by a foreign parent company. Representative offices can conduct most business activities including hiring local and foreign employees. Note, however, that it cannot generate revenue in the Philippines.
Start setting up your business in the Philippines from overseas. Fill out the form below to get in touch with our consultants. We will be happy to assist you in establishing your company in the Philippines.
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