Business expanding into the Philippines? You need to read this
If you’re a business who is looking to expand into the Philippines you’ll be pleased to hear that its economy is among the most promising in the world. That said, doing business can be a tricky thing to manage without the help of some local experts, or without a business base on the ground. The Philippines have the 12th largest population in the world, and with the 43rd largest economy in the world it’s definitely a great spot for you to consider moving into with your business. Plus, in addition to these favourable conditions the Philippines is now home to many successful corporations who were looking to take advantage of the competitive wages and highly educated workers to boost their business. Big names like Toyota, IBM and Intel have all set up offices in the Philippines thanks to the excellent location in Asia and the proximity to places like China, Malaysia and Singapore. It’s no wonder that businesses with savvy outlooks are looking to move into the Philippines.
How do you do it?
So how do you get started with your business in the Philippines? There are huge amount of procedures to manage – sixteen in total – which you need to work through. Don’t be put off by this amount of work, but it will take an average of a month to get through all of the procedures you need to do to get your business set up there. You need to set up electricity, register the property you’re looking to lease, and jump through various other hoops. Of course, there is a way around all of this – and it makes setting up a business in the Philippines a complete breeze. The answer to the problem lies in the form of the virtual office. A virtual office is the perfect solution for an international business looking to expand easily and with minimal risk. When you have a virtual office you have a secretary, a phone number, a physical address, a boardroom for hire, corporate suites on demand, and a full range of office services like printing and internet – for a fixed monthly fee that is scalable depending on your requirements. Not a bad choice for a flexible business!
Other things to manage when you’re expanding into the Philippines
Of course, there are a few other things you need to wrangle into submission before you set up your business in the Philippines. You need to organise paying taxes – and there are around 47 tax payments to wrangle, with employee-paid tax taking up the most time. You need to get your head around trading across borders – given the fact that the Philippines is an island economy.
What about the culture?
You might be aware of the nuances of doing business in Asia and how they differ to doing business in the western world. You need to ensure that you know how to manage the hierarchical organisation of the businesses here – and to be aware that senior management makes the majority of the decisions within business in the Philippines. Small talk is part of the deal-making process, so it’s important not to get frustrated in a not-particularly-efficient meeting; it’s all part of the larger deal-making process and of cultivating the relationship you need to get work done.
Consider the Philippines as your next business hub and enjoy the greater freedom and flexibility that comes from having an office space in such a vibrant, connected and well-positioned place. It’s a good choice for your business and one that – given the right research – will surely pay off.