The Philippines is more than scenic beaches and hospitable residents. Thanks to its developing infrastructure, young and economical workforce and strategic location, many foreign investors plan on setting up a business in the Philippines.
Investors from countries like the Netherlands, the US, Japan, and Singapore, realize the vast potential that this country has to offer in business opportunities such as manufacturing, gas, steam, and real estate, among others. In addition, the country boasts over 105 million people, most of whom are highly literate, young, and well-versed in the English language.
The Philippines has witnessed a steady flow of high foreign direct investment over the years, which reached a record of $10 billion in 2018. So if you are wondering about how to start a business in the Philippines, the Special Investor’s Resident VISA or the SIRV is a step in the right direction. Read on to learn more!
What is the Special Investor’s Resident VISA or the SIRV?
Foreigners can apply for the Special Investor’s Resident VISA or the SIRV for a price of $75,000, which is significantly lower than the sum mandated in its neighbouring nations. Foreigners can pour their resources into Filipino equities or local companies with the help of a SIRV. However, they should fall into the categories that the government is hoping to boost such as, services, construction, tourism, and so forth.
The SIRV allows foreigners to invest in the following:
- Publicly-listed companies
- Companies that are involved in the priority areas of economic activities mentioned under the IPP or the Investment Priorities Plan of the Board of Investments
- Companies that are involved in services and manufacturing sectors
Eligibility for Philippines Investor VISA
If you plan on doing business in the Philippines and want to acquire an investor VISA for the same purpose, you will be glad to know that the process is relatively simple. The SIRV program does not exclude any nationality, but the investor is subject to the following conditions:
- Must be 21 years of age or older
- Should not have any past criminal history
- Should not have any contagious disease
- Should not boast any record of being admitted to a hospital for any mental disorder
- Should be equipped with proof of possessing at least $75,000, which can be accessed and used without any hassle
Another great news for investors is that they won’t have to pay any extra sum if they wish to bring in their family members to reside in the Philippines. Your spouse and dependent children (unmarried children under 21) can live with you in the Philippines.
Documentary Requirements for the Philippines Investor VISA
An interested investor will have to visit the embassy or consulate nearest to them to apply for residence in the country. However, starting a business in the Philippines has become relatively easy. The person can visit the One-Stop SIRV centre in Manila and apply for the VISA directly. The required documents include:
- Your passport
- Your birth certificate
- Your marriage certificate (if applicable)
- A completed application form
- A statement of personal history
- A translated and authenticated proof of police clearance from the country of your residence
- A medical certificate proving that you are mentally and physically fit.
- A proof of the intention of the remittance of funds from the Development Bank of the Philippines or the Land Bank of the Philippines
- An application fee of $300
Once you have presented all the applicable documents and approved your application, the relevant Filipino authority will confer a probationary SIRV whose validity is six months. It is required for foreigners to make their investments at that time.
Conversion of the Probationary SIRV to an Indefinite SIRV
Once the relevant authority has greenlit your probationary SIRV, you will have to invest. The latter is crucial for doing business in the Philippines and eventually getting your hands on the indefinite SIRV.
As the application process mandates, you will have to transfer the investment sum into one of the two government-owned banks. It is essential to keep in mind that you will have to conduct prior research to invest in the right business areas.
The Philippines mandates that the person with the SIRV must convert his peso time deposit into investment within one hundred and eighty days from the issuance of the probationary SIRV.
One of the fastest-developing economies globally, the Philippines is known for having a strategic location and abundant workforce. If you wish to reap business benefits, you should consider applying for the SIRV VISA. Get in touch with us today to learn more!