Metro Manila · Setting up a business in the Philippines - October Stammtisch
The international crowd that gathered at the October Stammtisch shared some of their experiences as well as tips on setting up a business in the Philippines. Megacitizens from Austria, Germany, US, Brazil, Ethiopia, and the Philippines also shared stories from their previous postings in other Asian countries. Bonhomie filled Le Cafe Curieux amid overflowing bottles of beer, shots of rum and plates of tapas.
The guests included executives from multinational companies, a diplomat who wants to set up an NGO offering scholarships to less privileged Filipino kids, an entrepreneur with a startup IT company, a writer/researcher for a non-profit website, officers from international chambers, among others.
To set up a business in the Philippines, Megacitizens mentioned a few pointers to keep in mind:
- Hire a company/lawyer that deals with the Philippines' bureaucratic system;
- Philippine law requires 60:40 ownership for companies in favor of its nationals. Most international companies get a local to act as president/owner when they set up their company, branch or office in the country.
The chat went on to sharing of experiences like how one Megacitizen decided to set up his satellite office in the Philippines after spending six months in India. The better institutional system and infrastructure in the Philippines were cited as some of the reasons. There were inquiries about what are the recommended investments in the Philippines today. The country's very affordable labor force was brought up, alongside the convenience of the language since most Filipinos have a good command of English.
There was also a bit of language exchange of sorts, with some Megacitizens practicing their Indonesian, Spanish, German, and French with each other. Hong Kong, Singapore and football were mixed into the discussion as well.
The Megacitizens Stammtisch is a casual get-together of an international crowd talking about anything under the Philippine sun. It's a chance to make new friends and acquaintances over drinks and pica-pica. Come and join us in the next hangout, we are always happy to see new as well as familiar faces! Contact us or like our Facebook fanpage to stay updated.