As a British entrepreneur living in the Philippines, I know just how hard it can be to start a business in the Philippines from the UK. But is it even possible? Well, let check out the quick guide below for the answer.
Open A Business In The Philippines (Quick-Guide)
It is possible to start a business in the Philippines without physically being in the Philippines. However, it can be quite a challenge. On some occasions, foreigners can own 100% of a company, but if you are not owning 100% but instead owning 40%, then you will need to find the relevant partners for the remaining 60%.
Finding an appropriate business lawyer in the Philippines and registering the business is fairly straightforward. the real struggle when looking to open a business in the Philippines from the UK comes from building your team.
If you have your business plan finalized, a Filipino team, then the first step would be to contact a lawyer who will start the process legally. They will often ask for a legal representative or somebody in the Philippines representing your business.
Open A Business In The Philippines From UK
1. Understand The Business Law Of The Philippines
There is a great deal of business law surrounding the Philippines. Therefore, starting a business in the Philippines from the UK can be much easier or more challenging, depending on the type of business you are interested in.
For example, if you are looking to target the domestic market of the Philippines, you will need to have a minimum capital of $200,000 (£146,000). However, in most cases, at the time of registering the business, you only need to show that you have the means of $200K at your disposal.
However, the good news is, starting a business in the Philippines from the UK can be started for much less. This is because several categories of businesses gain their profits from overseas, such as exporting businesses and call centers. Because of this, the capital needed to register a business can be minimal.
Because starting a business in the Philippines from the UK takes a lot of time, effort, and research, you may find step 2 the best place to start once you have investigated your options.
2 Find & Hire A Business Lawyer
Business regulations can differ slightly depending on the location. Therefore whatever location you plan to start your business, will also be where you find a business lawyer.
Consultation fees differ, if you are with a Filipino or have a connection, the price is much lower. 30K – 60K Pesos is an estimate based on data and my own experience, but the total fee will depend on the lawyer and the location.
Ownerships of businesses in the Philippines state that foreign ownership can only reach a maximum of 40%. This is correct for most companies and situations, but there are grey areas, and foreigners can indeed own 100% of a business in the Philippines with the right circumstances.
Because of these reasons and industrial regulations that may apply to you (depending on your industry), it’s highly recommended to seek the assistance of a business lawyer in the Philippines once you have made your mind up about your business and its operations.
3. Recruit Your Team And Launch Your Business
Suppose you cannot own 100% of the business due to regulations and own a smaller percentage such as 30 or 40%. In that case, you will need to find a trustworthy business partner or partners that will have ownership of the other 70 to 60% of the business. This is the most challenging part of starting a business in the Philippines from the UK.
When I started a corporation, my lawyer kindly informed me that as I was the president (of the business) and a foreigner, I would own 40% of the company. 4 roles needed to be filled, including administration, vice president, and so on. Each of these had to be given a percentage of the business, but this could be as low as 1%.
The most challenging part is finding individuals you can trust, and this is one reason why starting a business in the Philippines from the UK Is not common practice. However, at this stage, planning your business and building a network of trustworthy individuals is always a wise idea.
More Philippines Business Guides
- Cost of Living in the Philippines 2022
- Cost of living in the Philippines vs. The United States
- Cost of living in the Philippines vs. Australia
- Can I Live Comfortably in the Philippines
- Best Dollar Accounts in the Philippines
- Cost of living: Philippines vs. United States
- 15 Exclusive Ways How To Live Cheaper In The Philippines
- 15 Tips How To Live In The Philippines As A Foreigner
- 5 Best Places To Live Philippines 2022
- Best Business For Foreigners Philippines
- Best Place To Retire Philippines 2022
- Can A Canadian Own A Business Philippines
- Can A Foreigner Drive In The Philippines?
- Can A Foreigner Get A Loan In The Philippines?
- Can Foreigners Invest In Philippines Stock Market?
- Cheapest Cities To Live Philippines 2022
- Cheapest Places To Retire Philippines
- Cost Of Living In Quezon City For Expats
- Do You Want To Retire In Cebu Philippines?
- Examples Of Foreign Investment Philippines
- Expat Cost Of Living Davao City In 2022
- Expat Cost Of Living In Cebu Philippines
- Expat Living Outside Of Davao City
- Full Moving To The Philippines From The USA
- Health Insurance For Foreigners Philippines 2022
- Helpful Guide Living In Pasay City As A Foreigner
- Helpful Guide To Living In Olongapo City As An Expat
- How Can A Foreigner Invest In The Philippines
- How Can A Foreigner Work Philippines Legally?
- How Much Does It Cost To Live Comfortably Philippines 2022
- How Much Is The Minimum Cost Of Living In The Philippines
- How Much Money To Bring To The Philippines
- How Much To Live Like A King Philippines
- How To Find Cheap Flights To The Philippines
- How To Invest In The Philippines From USA
- How To Make Friends In The Philippines
- How To Make Money Philippines As A Foreigner
- How To Open A Bank Account Philippines For Foreigners
- How To Open A Business Philippines From Australia
- How To Open A Business Philippines From UK
- How To Rent A Condo Philippines As An Expat
- How To Send Money From Abroad Philippines
- How To Stay In The Philippines Permanently
- Is It Better To Live In Thailand Or Philippines
- Is It Safe In The Philippines For Foreigners?
- Is Tagalog Easy Or Hard To Learn For Beginners
- Life As An Expat Living In Davao City
- Live & Retire In Puerto Princesa Palawan
- Living In Angeles City Philippines As An Expat
- Living In Bacolod Philippines As An Expat
- Living In Butuan City As An Expat
- Living In Cagayan De Oro Philippines For Expats
- Living In General Santos City Philippines As A Foreigner
- Living In Lapu Lapu City As A Foreigners
- Living In Manila Philippines As A Foreigners
- Living In Manila Pros And Cons
- Living In Palawan Philippines As A Foreigner
- Living In Pasig City Philippines As A Foreigner
- Living In The Philippines On $1000 Or More
- Living Las Piñas Philippines For Expats
- Moving Or Retiring To The Philippines From UK
- Moving To Leyte Philippines For Foreigners
- Philippines Living Costs For First Timers
- Retirement & Living In Makati For Foreigners
- Should I Bring Cash To The Philippines
- Should I Retire In The Philippines?
- Starting A Business Philippines As A Foreigner
- Ultimate Guide To Dating Philippines 2022
- What Is Considered Rich In The Philippines
- What Is It Like To Live In Manila?
- What Is Life Like In The Philippines 2022
- What Its Like Living In Cebu As A Foreigner
- What To Take To Philippines Checklist
- What You Can Buy Philippines On A Budget
- Which Is Cheaper – Thailand vs Philippines