As an entrepreneur, it is vital to stay up-to-date with the latest tax laws to ensure that your company is compliant with its corresponding rules and regulations. Doing so also enables you to align your business towards notable changes provided by recent tax laws.
doing business in the Philippines
The overall investment climate in the Philippines has improved in the past decade, and that’s a good thing. Experts say that the Philippines will sustain strong growth amidst the local and global uncertainties brought by the COVID-19 pandemic. They also stated that it will achieve new heights in economic growth in the coming years.
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.
Foreign companies starting or doing business in the Philippines must register their company with various government agencies including the SEC, BIR, SSS, Phil-health, Pag-ibig and obtain clearance from local governments .
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.