With its strong showing and growing presence in the global market, the Philippines has been dubbed by many as the rising tiger economy of Asia. The country’s Gross Domestic Product has been increasing, exports have been growing as well, the Philippine Peso has been holding its own against other currencies, and investment grades have been raised.
These recent economic developments have been key in attracting foreign investors to this tropical island nation. Laws, government departments, and local entrepreneurs have all pitched in to attract more investments and boost the country’s financials. And among this is allowing foreign entities to become part owners of local businesses.
Incorporating a business in the Philippines is not something new, but one that requires an investor’s keen attention. Foreign investors have been allowed by law to become part owner of a company in the Philippines, so long as majority ownership belongs to Filipinos, that is, no less than 60%.
If you already own part of a company in the Philippines, the next logical move is to incorporate it so that you can protect your personal assets. There are only a few basic requirements for businesses wanting to incorporate as a stock corporation, and most of this deals only with the Securities and Exchange Commission.
First, you’ll need to fill out a Name Verification Slip. And thanks to the Philippines’ SEC, the service is now available online. Businesspeople can just visit the SEC i-Register page on the agency’s website, sign up for an account, and verify the proposed company name and register it online. This is to check and reserve your proposed name and file the application for company registration.
After that, you’ll need to fill out the Articles of Incorporation and company by-laws. For the preparation of these documents, we at Triple i Consulting can help. This is the more common and safer route, since mistakes are common for those who draft their own requirements, and errors could lead to problems.
After that, you’ll need to work with the SEC, the Central Bank, and other government agencies to satisfy other financial and legal requirements. Although this may seem tedious, the process is a lot simpler than it sounds.
We here at Triple i Consulting boast of many years of experience in this particular area of business. Our experienced team of advisers can assist you every step of the way, helping you gallop alongside the strongest economic growth in Southeast Asia and one of the world’s best performing stock markets. Contact us today and you’ll be one step closer to incorporating your business.