Having a business in the Philippines is similar to learn a new language, the more time and dedication you put into it, better results will be achieved. Trading in Southeast Asia is in general a great challenge by itself and a test for your patience and negotiation skills but the Philippines is what I call, Southeast Asia for advanced. Here are what I consider some of the biggest challenges for your company:
Register your company wisely – There are several different juridical structures in the Philippines and this step might be more crucial than you think. Choosing the right structure, location and business purpose might save you thousands of dollars and plenty of headaches caused by the red tape that you will have to deal with in case the incorporation is not done correctly.
The importance of networking – In Southeast Asia, trust is the main key to have successful business relationships and the Philippines is not a different story. Regardless of your industry, product or service, do not expect to arrive and conquer your market straight away. Relationships and confidence will have to built so be prepared to spend a considerable amount of time in creating brand awareness. Network as much as possible, meet people and show your commitment to the Philippines are some of the key aspects.
Create a good working atmosphere – The way you will work alongside your employees is fundamental. Local employees have their own way to operate and the more you understand them, more you can expect from Filipinos. In the Philippines, a good working atmosphere is essential to retain your best employees and keep them motivated.
Be patient – Having patience is mandatory in the Philippines. Dealing with governmental agencies is extremely complicated and demands a lot of composure. Processes are long and the red tape will frustrate you. Outsourcing is the key. It will save you time and money that you can apply in the growth of your business.
Meanwhile, do not hesitate to request our business insights about the Philippines. Triple i helps you to understand this emerging market and its specifications.