Why would anyone want to start and do business in the Philippines?
Why would anyone want to start and do business in the Philippines?The bureaucratic and legal hurdles a company or entrepreneur must overcome to incorporate and register a new firm here can be frustrating. However, with the help of a business consultant, that has extensive experience in Philippines business registration and setting up foreign owned businesses here, such as Dayanan Business Consultancy, that is not an issue.
The fact that so many foreign companies have regional headquarters, representative offices, foreign branch offices and other business setups in the Philippines, speaks volumes that it is well worth wading through the red tape to have operations here.
English Speaking and Talented Human Resources
One of the biggest advantages of doing business in the Philippines is that it has a higher level of English proficiency than any other Asian country. There is also an immense pool of talented Filipino graduates and experienced workers providing cost effective human resource solutions.
In addition, the Philippine Government offers incentives through a dozen Investment Promotion Agencies (IPAs) promoting “Economic Zones” in selected areas of the country. Incentives include various tax exemptions, tax holidays, special investor’s visas, and others to promote investment in businesses.
These include:
• The Philippine Board of Investments (BOI)
• The Philippine Economic Zone Authority (PEZA)
• The Tourism Infrastructure and Enterprise Zone Authority (TIEZA)
• Aurora Special Economic Zone Authority
• Authority of the Freeport Area of Bataan (AFAB)
• Bases Conversation Development Authority (BCDA)
• Clark Development Corporation
• Cagayan Economic Zone Authority (CEZA)
• PHIVIDEC Industrial Authority
• Philippine Retirement Authority
• Regional Board of Investments (ARMM)
• Subic Bay Metropolitan Authority (SBMA)
• Zamboanga Economic Zone Authority
These secure ready-to-occupy world-class, environment-friendly, and competitively priced Special Economic Zones are waiting for various types of businesses, both commercial and industrial, to take advantage of them.
Depending on which Investment Promotion Agency is being utilized; these can include manufacturing, BPO, tourism, agri-business, IT services and more.
For example, the Philippine Board of Investments is focused on BPOs, the electronics industry, shipbuilding, and renewable energy. PEZA’s priorities are focused more on manufacturing and industrial agricultural manufacturing for export and BPO’s, as well as overall economic zone development and operation. There is some overlap in the kinds of businesses to which the IPAs will grant incentives.
It’s More Fun in The Philippines!
The Tourism Infrastructure and Enterprise Zone Authority of course – “encourage local and foreign investments in our tourism industry through the establishment of Tourism Enterprise Zones (TEZs) in strategic areas of the country.”
The tourism industry opens up a tremendous amount of opportunities for businesses, especially in the small to medium range.
TIEZA is giving incentives for the development of tourism related businesses such as:
• Travel and tour services
• Transport services – land, sea, and air
• Adventure sports such as mountaineering, spelunking, and scuba diving
• Convention organizers
• Accommodation establishments – hotels, resorts, condotels, Inns, motels and homestay operators that cater to tourist
• Tourism estate management services
• Restaurants, shops, and department stores
• SPAs
• Health and Wellness facilities
• Museums and Galleries (Especially in cultural heritage zones)
• Theme Parks
• Convention Centers
• Zoos
To learn more about the procedures, time, and cost involved in starting a business in the Philippines, business contact the DBC Team now for a free consultation.
