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Philippines

Legal form:

SEC, SSS, BIR

Delivery:

3 days

Price: $

2000

Payment methods:

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Philippines

Email

Phone

Listing
Open website
UK comapny formation (1).webp

About

Philippines

Capital
Official languages
Population 
Currency

ISO 4217

Manila

Filipino and English

107,668,231 (as of July 2020)

Philippine Peso

PHP

FAQ

Q: What is the process for company formation in the Philippines?

A: The process for company formation in the Philippines involves registering the company with the Securities and Exchange Commission (SEC), obtaining a tax identification number (TIN) from the Bureau of Internal Revenue (BIR), and registering with the local government unit where the business will be operating.


Q: What are the requirements for company formation in the Philippines?

A: The requirements for company formation in the Philippines include at least five incorporators, a minimum authorized capital stock of PHP 5,000, registration with the SEC, registration with the BIR, and compliance with various regulations and laws.


Q: What types of companies can be formed in the Philippines?

A: The types of companies that can be formed in the Philippines include stock corporations, non-stock corporations, partnerships, and sole proprietorships.


Q: How long does it take to form a company in the Philippines?

A: The time it takes to form a company in the Philippines varies, but it typically takes around two to four weeks to complete the registration process.


Q: What are the tax implications for companies in the Philippines?

A: Companies in the Philippines are subject to corporate income tax, value-added tax (VAT), and other taxes and fees. The tax rates and rules depend on the company's size, industry, and location.


Q: What is the legal system in the Philippines?

A: The legal system in the Philippines is based on civil law, with some elements of common law.


Q: What is the currency used in the Philippines?

A: The currency used in the Philippines is the Philippine peso (PHP).


Q: Can foreign nationals own a company in the Philippines?

A: Yes, foreign nationals can own a company in the Philippines.


Q: Are there any specific regulations for foreign-owned companies in the Philippines?

A: Foreign-owned companies in the Philippines must comply with various regulations and restrictions, including foreign equity ownership limits, capitalization requirements, and other restrictions on certain industries.


Q: What are the benefits of forming a company in the Philippines?

A: Some of the benefits of forming a company in the Philippines include a strategic location in Southeast Asia, a large and growing consumer market, a skilled and English-speaking workforce, a favorable business environment, and a range of investment incentives and promotion programs offered by the government. Additionally, the Philippines has a strong economy with a diverse range of industries, including business process outsourcing (BPO), manufacturing, and tourism.

Economy

The Philippines has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 6.2% in 2019, making it one of the fastest growing economies in the world. The country's inflation rate was 2.7% in 2019, which is lower than the average inflation rate of the region. The unemployment rate in the Philippines was 5.3% in 2019, which is lower than the regional average of 6.2%. The country's exports totaled $77.3 billion in 2019, while imports totaled $86.2 billion. The Philippines has also seen an increase in foreign direct investment, with $10.3 billion in 2019, up from $9.2 billion in 2018. The country's current account balance was $2.3 billion in 2019, up from $1.7 billion in 2018. Overall, the Philippines has seen a steady growth in its economy, with strong indicators of economic stability.

Taxation

Taxation in the Philippines includes both corporate and personal taxes, as well as value-added tax (VAT) and excise taxes. 


For corporations, the standard corporate income tax rate is 30%, while small businesses with net taxable income of not more than PHP 3 million may avail of a graduated income tax rate ranging from 0% to 20%. Additionally, businesses with gross annual sales of PHP 3 million or less are exempt from VAT. 


For individuals, personal income tax rates range from 0% to 35%, with the tax brackets adjusted annually to account for inflation. 


Tax payments in the Philippines are generally made on a quarterly basis, with the filing and payment of income taxes due on the 15th day of April, August, and November of each year. VAT is also due on a quarterly basis, with the filing and payment of VAT due on the 25th day of the month following the end of the taxable quarter. Excise taxes are paid on a monthly basis, with the filing and payment of excise taxes due on the 20th day of the month following the month in which the tax was incurred.


It's worth noting that the Philippines has a complex tax system and tax compliance can be challenging for businesses and individuals. Taxpayers are encouraged to seek the advice of qualified tax professionals to ensure that they are complying with all applicable tax laws and regulations.

Company incorporation application form

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