Starting a business in the Philippines as a Chinese citizen is possible. The process is fairly straightforward; thus, in today’s article, we will be covering the process of starting a business in the Philippines from China. To do so, we will cover some of the most common questions you may have about starting a business in the Philippines as a Chinese citizen.
Can I Start A Business In The Philippines From China
It is possible to start a business in the Philippines from China. Still, in most cases, you will need to have a representative who can register your business and speak with your business lawyer if you decide to hire one. In most cases, starting a business from outside the Philippines is more challenging; however, it is possible.
Chinese entrepreneurs can start a business in the Philippines, similar to any other citizen born and raised outside of the Philippines. The business law of the Philippines is what you need to focus on when starting a business in the Philippines from China.
Business Law In The Philippines For Chinese Citizens
Business Law in the Philippines for Chinese citizens is the same as business law for other foreign citizens. In most cases, you will need a minimum capital of $200,000 (1,270,600 CNY) to start a business in the Philippines as a foreign Chinese citizen.
However, the capital needed can be much lower if you are not serving the domestic market or earning the majority of your business income from the Philippines. In other words, you can start a business with less capital if your business earns money from overseas. This is usually through a business such as an outsourcing call center or an exporting business.
You may also be wondering about how much of the business you can own legally as a Chinese citizen. Some business industries allow for 100% foreign ownership, and these tend to be businesses that build their wealth from overseas rather than domestic markets. Other industries may only allow a foreigner to own 40% and, in some cases, less.
Types Of Business In The Philippines
In the Philippines, there are five main types of business. These include Sole Proprietorship, Partnership, Corporation, Stock Corporation, Non-Stock Corporation. Each is slightly different from the other, and every type of business in the Philippines has its terms and requirements.
A Corporation is the most common business type for Chinese citizens looking to start a business in the Philippines from China. You will need a minimum of five individuals, including yourself, to represent the corporation. This includes filling in authority roles such as the president (yourself), vice president, etc., the minimum price to start a corporation in the Philippines is 5000 Pesos.
Easiest Business In The Philippines For Chinese Citizens
As mentioned earlier, rules and regulations differ with different types of businesses in the Philippines for Chinese citizens; if you are looking to start a business in the Philippines from China, you will likely wonder what is the best type of business to start.
Some would argue that the best and easiest type of business to start in the Philippines from China is a business that gets its income from overseas. This will make the process of registration and ownership much easier.
For example, if you decide to start an outsourcing call center in Manila, you will likely be able to own a large part of the business (even 100%) as long as the other business requirements are in place.
If, on the other hand, you are starting a business for a domestic market (selling to Filipinos), then the total ownership you will be able to own will be around 40%, and this may be more challenging to register as there are sometimes more requirements needed but this is not always the case.
How To Start A Business In The Philippines From China
The process to start a business in the Philippines from China is fairly straightforward. As mentioned, you will need a physical representation in the Philippines (a local Filipino) who will help you if you are not physically in the Philippines. However, if you are physically in the Philippines, the first step is getting in touch with a business lawyer.
As business regulations and registration are registered locally, you will need to find a business lawyer who lives in the area where you wish to start a business. There are several different fees, and prices can vary, so it’s always good to shop around before selecting your business lawyer.
Below is a step by step process of starting a business in the Philippines from China
- Research The Market And Industry, Including Rules And Regulations
- Find A Business Lawyer In The Area Where You Plan To Do Business
- Find A Suitable Business Location
- Choose An Register A Business Name
- Register Your Documents At SEC
- Register At DTI
- Obtain Mayor Business Permits
- Obtain BIR Registration
- Register For Philhealth & SSS
The process of starting a business in the Philippines from China is near complete. Now that we have answered the main question of, can a Chinese person start a business in the Philippines, you may be wondering what’s next?
The next stage for a Chinese entrepreneur is to open up a bank account and start the process of business. There will be several smaller tasks that you will need to do depending on the type of business you are operating. Still, the above 9 stages are the main areas when starting a business as a Chinese citizen in the Philippines.
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