The Philippines is an archipelago known for its scenic beaches, picturesque mountains, and, if you didn’t know, cities full of economic opportunity. The Philippines is rich in both natural and labor resources and is home to one of the largest populations of English-speaking Southeast Asians. It is no wonder that many foreigners have decided to pursue their entrepreneurial interests here.
If you are a foreigner looking to start up a business in the Philippines, you are in the right place. You might be asking, “Where do I start? Can a foreigner even own a business in the Philippines?” To answer the latter, yes. Though foreigners cannot have businesses registered in their name, they may own a maximum of 40% of the total shares of a company. As for the former, we have compiled a list of things you need to know when navigating business in the Philippine scene.
What are the booming sectors?
As the Philippines is still a newly industrializing country, a large chunk of its economy is supported by the agriculture sector. For the country’s industrial sector, it is majorly composed of assembly operations and manufacturing in the field of tech and machinery. The retail sector has also been experiencing a boom in recent years.
How do I start my new business in the Philippines?
- Conduct essential market research
The key behind the success of any business is ample preparation. Part of the preparation process includes doing market research in the locality where you will potentially put up shop. Do the right preparatory steps to ascertain success. After all, failure to plan is planning to fail.
- Make good use of the data
After conducting your research, make good use of the data you gathered. Make it a point to utilize your findings to guide your business decisions, such as listening to prospective customer feedback about their needs, wants, and pain points.
- Follow the letter of the law
Your business will thrive provided it does so on the grounds of the law. For this, it is important to hire experts in the field of accounting, taxation, and labor laws to help ensure that you are running your company the right way.
- Manage fiscal health properly
A large number of business failures can be attributed to poor financial management. To ensure the success of your business, it is advised that you consult with financial professionals, like accountants and business analysts, to help you make good decisions.
If you need help establishing your business in the Philippines, reach out to our team. We can readily assist you with business registration services. Count on our experts to help you collate the necessary requirements and coordinate with the respective government offices to secure crucial licenses and permits for operation. Starting on a solid foundation means you will encounter fewer problems in the future. Don’t hesitate to call us for a free 30-minute consultation.