Business Consulting BlogServices Sector in the Philippines

March 10, 2015

Its undeniable that services drive the Philippines economy,

Outsourcing an initial system, a business function or bundled outsourcing to the Philippines is a normal practice for hundreds of companies looking to lower its costs, increase efficiency and flexibility.

Legal Requirements

While there are several industries such as retail, recruitment or civil engineering where there are restrictions for foreign investors, services is an open sector and the capital can be extremely low if the company exports its services.

Depending on the type of entity that suits your business, the legal and capital requirements will vary. This can easily be accessed by a consulting firm that will guide you through the incorporation process.

Tax advantages

As mentioned in a previous post, the Philippines government put in place several programs to increase foreign investment. Every service export based company is able to benefit from income tax holidays and other incentives for a period of 4 to 6 years by securing a PEZA or BOI licenses. These programs are also offering to foreigners the possibility to avail different working permits (visas) solutions, offering multiple entry visas.

Some business structure such as the Regional Operating Headquarter also offers great advantages to foreign investors : reduced personal income tax – 15% for managerial positions. This gives Philippines and edge over its rivals in the region.

The Philippines is also a great place to do business in general for many other reasons as explained here.

If you wish to understand why your company should settle some of its operations in the Philippines, Triple I Consulting can guide you through this process and provide optimal recommendations to success.

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