The Philippines has been one of the most prosperous places in the world to set up a company in. Being a country that has a diverse and ethnic culture has made the people living in the Philippines, one of the most literate and most reliable workforces in the world. From a company formation perspective, this is one of the essential things that a company looks for, a literate and robust workforce. With the government of the Philippines taking new steps to attract foreign investors, it has now become more comfortable for them to establish a corporation in the Philippines. Once you have decided to start a company in the Philippines, it is also necessary that some tasks can be outsourced to companies who are experienced in a particular field. Here are five things that you should consider doing after you set up a company in the Philippines.
Advantages of Setting up Your Company in the Philippines
But before all of that, let us understand the benefits of setting up a company in the Philippines. Here are some benefits of setting up your company in the Philippines;
- Ease of Doing Business in the Philippines: The Philippines is a country where it is easy to do business. The people in the Philippines do understand English and on top of that, are very courteous and helpful. Moreover, the government of the Philippines has reduced tax rates for both mainland companies as well as the offshore corporation in the Philippines, which has boosted Foreign Direct Investment (FDI) in the Philippines.
- Strong Workforce: The Philippines has one of the most capable workforces in the region, with a literacy rate of 95.6% in 2018. Having been influenced by the US for more than 50 years, English is widely spoken and understood within the country. Although they have a distinct dialect, Filipinos can adjust their communication accordingly.
- Ease of Finding Young and Skilled Labour: Having access to cheap and skilled labour is what most of the company's lookout for, as it will reduce the overhead costs of the company, which in return will benefit in investing elsewhere. The Philippines has no such shortage of people. With an average age of a Filipino being 23 years, it becomes easier for the companies to hire them.
- High-Quality Outcomes: According to research publishers, the Philippines ranks at the top, in terms of delivering quality service to clients. Ensuring quality performance is one of the main things that corporations in the Philippines aim for to be the best.
- Highly Favourable Economic Conditions: The government of the Philippines has always taken steps such as TRAIN (Tax Reform for Acceleration and Inclusion), to provide more opportunities and reduce payment of tax in the Philippines.
- Market opportunities: While the domestic market is offering many opportunities to start a new business in the Philippines, it is also a place which can help expand your market into the Asia-Pacific region, more specifically, the ASEAN countries.
5 Things You can do, once your company has set up in the Philippines
Once you have understood the advantages of setting up a business in the Philippines, it is also necessary to realize that the company can do not everything. It is difficult to employ workers who do not produce a beneficial outcome, as it would be challenging to train and justify their actions. This is where you need to understand why outsourcing some services is essential. These are some things you can do, once your company has set up in the Philippines
1.Company Secretarial Service in the Philippines
A company secretary is a person/firm that takes care of most of the corporate governance that is required in a company. The local government says that the company secretary/firm should be a citizen of the Philippines and should ensure that every part of the company is functioning in compliance with the local laws and regulations. These are some things that a corporate secretarial service firm takes care of
- Preparing the formal minutes of the Board meeting, any decisions made by the shareholders on crucial company matters.
- Preparing the Memorandum of Association and its articles,
- Maintain the company seal
- Managing the company’s statutory registers and company books.
- Preparing annual GIS and filing them with the Securities and Exchange Commission (SEC)
- Countersign relevant documents as mandated by the government authorities
2.Accounting and Bookkeeping Service in the Philippines
Accounting and bookkeeping services make up for some of the most important and crucial aspects of a company's progress. Accounting and Bookkeeping services are necessary for a company as they maintain a record of the financial statements of the company. Here are the things that an accounting and bookkeeping service does;
- Recording financial statements
- Maintaining consistency in the bank accounts
- Handle payment related issues
- Prepare reports of the finances of the company
- Assisting in tax compliance with the tax filer
- Assisting in activities related to payroll in the Philippines
3.Tax Services in the Philippines
Tax is another vital part of the smooth functioning of a company. By paying the right amount of tax in the Philippines, it will benefit your company, and will also help the government in developing the country. Here are some of the things that tax services in the Philippines do.
- Identifying the tax risks of the company
- Preparing taxes at the end of the financial year and filing them
- Planning corporate taxes
- Tax auditing and consultations
- Audit assistance by the BIR
4.Intellectual Property Service in the Philippines
Let's say that your company is providing some service that most of the other companies are doing. In this case, it is advisable to register your company as intellectual property. Here are some of the intellectual property services that are done by companies in the Philippines
- Registering trademarks for companies
- Registering copyright in the Philippines
- Patent registration
5.Visa Service in the Philippines
Last but not least, to set up a business in the Philippines, it is necessary for the investor to visit the country to know more about the formation of a company. Without a valid visa, it is not possible to enter the Philippines. Here are some of the things that visa services in the Philippines do.
- Applying for all types of visas
- Arranging for any possible visa cancellations and visa transfer
- Visa renewal in the Philippines for business and employment visas
There you go! Here are the five things you can do after setting up a business in the Philippines. Once you avail these services, it will become easy for your company and will run smoothly without any hiccups. We at Business Setup Worldwide do provide the services mentioned above, and if you are interested in availing the service, feel free to contact us. We are available at all times