Philippines, as the second largest archipelago in the world and World’s leading producer of coconuts, offers not only tropical bliss to newcomers, but good conditions for the establishment of their business.
Incorporate a company in Philippines NOW!
Basic Information about Philippines :
- Republic of Philippines is an island located in the Southeast of Asia
- Archipelago with more than seven thousand islands
- Capital city is Manila
- Official languages are Filipino and English
- They were under the domination of several countries like Spain, USA, Japan, but since 1946 they have full autonomy
Besides countless beaches, tropical weather and exotic fruits, what Philippines can offer you?
- Philippines have many trade agreements with neighboring countries, which entrepreneurs can use for business opportunities, it allowed Philippines reduce their costs and simplify access to the surrounding markets, which is a good option for those, who do business with international neighboring countries
- Why you should consider Philippines, if you are an investor? Philippines experienced great economic growth, which will continue in the coming years, and will become a suitable target destination, where to invest or move their business activities to. In investment business, it is important to be able to forecast and look for the future growing opportunities. Philippines is definitely one of them!
- If you are familiar with taxation system in Philippines, you probably know, that the basic tax rate on corporate income in the Philippines is set at 30%,
which ranks among the states with the highest rate of taxation of corporate profits, but newly registered companies can benefit from tax breaks, the Philippines government allows for six years, so during that period you can save a lot of money!
- Plus, This fact is compensated by exemption of dividends from withholding tax, but only those that lead the resident companies or individuals. In the case of dividend payments to foreign entities, the rate of withholding tax set at 30%, but under certain conditions can be reduced to 15%.
- One more pleasant bonus, Philippines have concluded many agreements on avoidance of double taxation, including the Czech Republic. Good for businessmen with international partners and clients
- Important to know, that the basic rate of VAT is 12% and must register for the entities that exceed an annual turnover of 1.919 million pesos (about US $ 42 500).
But before incorporating a company in Philippines, you should be ready that:
- All companies are required to apply for a license from the local office of the SEC (Securities and Exchange Commission)
- The company has an obligation to keep the address in the Philippines, must keep accounts and submit tax returns annually
- Also in Philippines are relatively high number of founders needed for the establishment, which is a minimum of five and a most of them must be Filipinos.