Following in the footsteps of global tech hubs Singapore and Hong Kong, the Philippines is slowly fostering a tech startup ecosystem to facilitate the market-entry and participation of new entrants to its economic marketplace. The obvious advantages of a huge consumer base, high mobile penetration, and enormous potential for digitization in untapped resources – along with a large, English-speaking population and cost-effective technical, marketing, and back-office support – make the country an ideal test market for startup companies looking to develop their business models in an economy with a digital infrastructure that is still in its infancy.
Doing Business in the Philippines
The Filipino workforce is among the most compelling advantages that the Philippines has over any other Asian country. With higher education priority, the literacy rate in the country is 96.6% – among the highest.
Registration of foreign/non-resident investments with the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines) is not mandatory. However, it is required when foreign exchange (FX) used to fund repatriation of the capital or remittance of dividends/profits is purchased from the Philippine banking system.
Companies starting or doing business in the Philippines need to perform a number of key steps to setup a company in the Philippines and start their business. Whether you are putting up a BPO such as a call center or web development outsourcing company, below are tasks you would need to accomplish to get your new company up and running as quickly and efficiently as possible.