The Republic of the Philippines, located in Southeast Asia, is one of the booming business grounds that provides local and foreign business investors to step forward and invest in the zone.
Compared to the other zones, it has established itself as a prosperous industrialized nation. Although the economy depends mainly on agriculture, other industries have also found a suitable space to grow.
Be it an established business or even a budding start-up that you hold; the Philippines is a perfect gateway to give a kick-start!
This blog outlines the steps required to incorporate a small business in the Philippines. If you are looking forward to setting up your business in the Philippines, it is a must-read for you!
However, before we deep-dive, let’s glance at the highlights of the economy.
Encouraging Features of the Philippines
A few of the provoking features of the nation are highlighted below:
- Ranked as the 34th largest economy
- There has been a continuous spike in the GDP
- A wide range of business industries
- Multiple times of business structures
- Multi-currency trading
Small Business in the Philippines
The economic upsurge has made the Philippines a flourishing nation during the past few years. A few of the benefits of starting a small business in the Philippines include:
- Domestic and regional market opportunities
- Favourable economic conditions
- English is the official language
The government has taken numerous initiatives to boost the MSMEs by building a development plan that aims and addresses the core challenges for further development.
A few of the initiatives taken by the government include:
- Establishment of Negosyo centres to improve the business environment
- ASENCO is a government aimed at creating an SME friendly environment
- The implementation of the Shared Service Facility (SSF) to promote skill, tools and knowledge among the different business entities.
How to Start a Small Business in the Philippines?
Starting a small business in the Philippines requires the below-mentioned steps are to be followed accordingly:
Figure out a list of business ideas
Initially, it would help if you listed a few business ideas in your mind. Your business investor needs to get a clear picture regarding the business that one is planning to start.
Conduct a project study
In the next move, you need to proceed ahead with the project study. But, first, a market study needs to be done to determine the viability of the options.
Draft a business plan
A business plan consists of an executive summary, SWOT analysis, goals and objectives, framework, summary etc.
This will help you create a clear roadmap and move on with the respective steps accordingly.
Highlight funding sources
If we are fully confident about our business plan, the next step would be to acquire funding from various sources.
Finalize a business structure
The ground of the Philippines allows the business investors to choose from a wide variety of business structures to proceed with.
It would help to finalise the business entity based on the available capital and the number of shareholders looking forward to investing in your business.
Finalize a business name
After deciding on the business form, you need to finalize the business trade name. The selected business name should represent the business activities. Also, it would help if you did market research to understand the trade names of the competitors available in the market.
Submit the relevant documents
Handover the respective set of documents to your business advisor so that the same can be submitted to the government authorities and separate approvals can be obtained easily.
Register the business
After obtaining the respective approvals from the relevant government authorities, get the certificate of incorporation. After fetching the same, the business activities can be commenced.
So, you have an overall idea about the small business set-up in the Philippines.
Now, the incorporation process turns out to be easier if you do have a helping hand by your side. At Business Setup Worldwide, we assist business minds in setting up their business at ease. We are a global network of business consultants providing business incorporation and support services in the Philippines.
For more information on the same, feel free to speak with our experts. Contact us today-we’d be glad to assist!
What are the best business industries in the Philippines?
A few of the best business segments in the Philippines include:
• Real Estate
• Wholesale and Retail Trading
• Food Service Activities
What are the best business structures in the Philippines?
• Sole proprietorship