Under Philippines Law, a Partnership is a separate legal entity from that of the participants in the partnership. Partnerships may either have unlimited liability for the debts and obligation of the partnership (a general partnership), or one where one or more of the partners have unlimited liability and some partners have liability only up to the amount of their capital contributions (a limited partnership). It need to consist of two (2) or more individual. A partnership might be suitable for foreign companies to partner with Philippines companies for business ventures.

Similar to a Sole Proprietorship except for two individuals, both usually are responsible for all the actions of the partnership. Great arrangement for two corporations involved in a joint venture.

Requirements

• Partnership with less than P3,000.00 capital only need to register their name with Department of Trade and Industry DTI.

• Partnership with more than P3,000.00 capital must register with Securities and Exchange Commission (SEC).

• Submission of duly notarized Articles of Partnership.

• If one of the Partners is a foreigner submission of SEC form F-105.

• Licenses and clearance from necessary government offices

• Filing of Tax Identification Number TIN with Bureau of Internal Revenue BIR.

• If employing individuals must register with government offices.

• Business permit and Mayor's License for city of operation.

Procedure

• Secure reserved name from DTI

• Present accomplished forms/docs for processing and evaluation to SEC

• Present Verification from local bank of minimum paid up capital in trust account

• Present Requirements if one of the partners is a Foreigner or Corporation

• Pay filing fees to cashier

• Claim Registration from records division from Records Division

• Complete with all applicable government agencies.

Triple i can set-up your Partnership in the Philippines:

Total Registration Process is 1-2 weeks

Check out the Investor Incentive Programs to see benefits for setting up a business in the Philippines, and Philippines Investment Resources to see all the resources available for investors.