What are the benefits of registering a Filipino company?

As a developing country with a large population, the Philippines is currently developing a bit like China for 20 years, with a lot of blank markets, thus attracting a lot of people to do business in the past, so what are the benefits of registering a company in the Philippines? Today, EasyGo International will tell you about it.

Emerging markets in Southeast Asia. As a popular country in Southeast Asia, the Philippines has many Chinese companies to invest and operate in the Philippines to explore the Southeast Asian market.

2. Local people understand English and communicate easily. The Philippines is the fourth largest English-speaking country in the world, with more than 92 percent of the population fluent in English. The Philippines is also a bilingual country, which is rare in Southeast Asian countries.

3. Enjoy local equal treatment. Whether it is a registered wholly-owned Philippine company or a joint venture company, the preferential policies enjoyed locally are the same. The local government will analyze the import and export situation of products and the holding situation of the company according to the different investment industries.

Low labor costs in the Philippines. Labor costs in Southeast Asia are low, and many foreign companies use the Philippines as a foundry to reduce production costs.

The Philippines has a population of over 100 million and has great market potential. According to data released by the World Bank, the population of the Philippines continues to rise, and the total population in 2019 has exceeded 0.1 billion. Residents have a strong willingness to consume, with private consumption accounting for nearly 70 percent of GDP.

6. Attracting foreign investment. The local government strongly supports investment attraction, and a sound economic system is conducive to foreign investment.

7. Preferential tax policies. Registered local companies in the Philippines only need to file taxes when they actually operate. There are fewer types of taxes and the cost is cheap. If the company does not operate locally without paying taxes, it will also save on labor costs.

8. Financial enterprises do not need to apply for a financial license. If the investor is registered as a financial company, the company can carry out loans and other businesses after its establishment, without applying for a financial license, which virtually saves the enterprise a high amount of application fees.

9. Enjoy multinational tariff preferences. The United States, the European Union, Japan and other countries have given corresponding preferential tariff treatment to Philippine exports. In 2018, the U.S. GSP tariff preferential policy for the Philippines was extended to December 31, 2020, covering 5057 commodities. Since 2015, the EU has granted the Philippines Generalized System of Preferences (GSP) treatment, allowing the Philippines to export more than 6000 products to the EU at zero tariffs. Japan has granted tariff relief to some Philippine exports.