An appeal to change PHL foreign ownership laws by CREBA

With regards to the foreign ownership laws by its neighboring Asian countries, the Philippines is lacking initiatives on amending its laws to respond to the current global trading.  According to The Chamber of Real Estate & Builders’ Associations, Inc. (CREBA), it is time for Philippine lawmakers to review the existing foreign ownership laws of the Philippines. For CREBA, they believe that allowing foreigners to own land in the Philippines will encourage foreign investors to put bigger and more substantial investments in the Philippines and attract the much-needed capital that will create a butterfly in the country. CREBA also stated that foreign investment will also promote additional opportunities for local businesses and employment and raise additional government revenues from taxes.

Gov’t commits to opening more industries to foreigners

In the mid-year economic briefing last September 30, 2011, Economic Planning Secretary Cayetano Paderanga said that the Aquino government has now committed to allow foreigners to invest more in the industries under the negative list and allow more foreign professionals to practice in the Philippines.

Paderanga said that the government would be working on the Foreign Investment Negative List to make the local investment environment more attractive to foreign investors.

“Our aim is to make the Foreign Investment Negative List as short as possible. Those that will remain on the list are those that are covered by constitutional restrictions,” Paderanga said.

Landbank and SEC tie up to improve corporate registration procedure

In order to improve the procedures of business registration in the Philippines, The Land Bank of the Philippines (Landbank), a government financial institution and the Securities and Exchange Commission (SEC), the country’s corporate regulator, have started implementing a partnership agreement.

Landbank announced that it would start accepting application for SEC registration of stock corporations starting Sept. 15. All Landbank provincial branches would already be able to accept applications for registration.

How to Register Your Company in the Philippines

by: Austin Shi

Registering a company in the Philippines can be a complicated and tedious process, even when equipped with the right information. However, a company can overcome these initial difficulties easily, if the correct procedure is followed accordingly, and if the necessary assistance is procured. This article will tackle the basics of registering a company in the Philippines, as well as registering for tax incentives with government agencies like PEZA and BOI. Furthermore, we will also look at the general business registration procedures that a company undergoes in incorporating a business in the Philippines, and discuss the best way to go about them. This article should not be taken as a comprehensive guide to Philippine business registration, as it only presents a general overview of the entire process.

How to Register a Business in the Philippines

by: Austin Shi

If not done correctly from the outset, registering a business in the Philippines can be a complicated and tedious process. That is why it is important for foreign companies to be 100% compliant from the very beginning, and to familiarize themselves with the procedures in setting up and registering a business in the Philippines. In order to successfully incorporate a business in the Philippines, a number of things must first be taken into consideration. The appropriate investment vehicle must be chosen, whether it is a fully-foreign owned branch office, a fully-foreign owned domestic corporation, a fully-foreign owned representative office, or a 60/40 subsidiary, and the business must be registered with the relevant government agencies, including the Philippines Securities and Exchange Commission (SEC), the Department of Trade and Industry (DTI), the Bureau of Internal Revenue (BIR), as well as with investment bodies like PEZA and BOI.