Self-Employment in the Philippines

 

 

Business opportunities abound in the Philippines for foreigners who wish to be more flexible and do not wish to be employed by a corporation. They can choose to be independent contractors or business owners, operate a branch of their business or incorporate their own here in the Philippines, register a corporation, partnership, or a single proprietorship.

Franchising is quite common in the Philippines with the food business on top of the list, as Filipinos love to eat. Currently, there are hundreds of franchises to choose with fees ranging from below Php 100,000 to millions. Offerings and listings can be found on Sunday classified ads or the Internet. Requirements for franchise usually include an application form, a letter of intent to franchise, a site location proposal after which follow the franchise agreement and the payment of the franchise fee.

Non-franchise businesses can also be promising in the Philippines. Partnerships and corporations obtain licenses from and register with the Securities and Exchange Commission while single proprietorship businesses register with the Department of Trade and Industry. Requirements include, but are not limited to, business name registration, mayor's or business permit, barangay clearance, sketch of the business location, fire safety inspection clearance, sanitary permit, lease contract, articles of incorporation/partnership and by-laws, Tax Identification Number from the Bureau of Internal Revenue, Social Security System Certificate, and Department of Labor and Employment Registration. Local rules might be present in the location of interest, and other unique rules may apply. Fees and procedures may also differ, so it is important to watch out for these.