Fast business set up solutions in Philippines

Because the Philippines is a developing emerging market country, registering a new business is both challenging and time consuming.

Using their preferred corporate structure, our multi-national Clients should expect to legally conduct business in the Philippines within 1 month .

As a work around , CLA Consultants Group provides our multi-national Clients two fast business set up options:

  1. Acquiring a dormant clean ready-made Philippines company with an already approved dormant corporate bank account (known as a turnkey solution); or
  2. Incorporating a new company using CLA Consultants Group professional, passive nominee shareholders and directors and bank signatory (known as a Fast Nominee Solution

With these two fast business set up solutions, our multi-national Clients can expect to legally conduct business in Philippines within 1 month. Refer to more detailed information below:

Comparing business set up strategies
QuestionFast Nominee SolutionTurnkey solutionRegister a new business
Our recommended solution in order of preference?123
How soon can our Client legally issue sales invoices to customers?4 weeks2 weeks8 weeks
How soon can our Client legally sign sales contracts with local customers?4 weeks2 weeks8 weeks
How soon can our Client lease permanent office premises and warehouse?4 weeks2 weeks8 weeks
How soon can our Client recruit local and expatriate staff?4 weeks2 weeks8 weeks
Estimated total cost of this engagement?US$34,460US$41,950US$21,850
Estimated paid up share capital to be injected over the coming 2 months?US$200,000US$0US$200,000
How soon can we supply our Client a bank account number?6 weeks4 weeks12 weeks
Physical office required to be leased during company registration?YesYesYes
Must apply for tax numbers?YesYesYes
Must apply for an import\export license?YesYesYes
Must apply for a regulatory license?YesYesYes
Foreign investment Government approval required before legally conducting business?Only in certain industriesOnly in certain industriesOnly in certain industries
How long to appoint our Client’s preferred corporate structure?3 months2 months2 months
Total engagement period; to finish the engagement?5 months3 months4 months
No.AdvantagesNominee companyShelf Company
1.Within a month, our multi-national Clients can legally conduct business in the Philippines;YesYes
2.Our Client does not have to travel to the Philippines for company registration and multi-currency corporate bank account opening;YesYes
3.Our Client can immediately recruit staff to help complete business set up;YesYes
4.The entity is already registered for tax, including payroll, corporation tax, sales taxes;YesYes
5.Government administrative tasks\delays are tackled after business set up, rather than before company registration;NoYes
No.DisadvantagesNominee company Shelf Company
6.It is an expensive solution;YesYes
7.It is necessary to spend 4 weeks changing the business activity and change company name;NoYes
8.It is necessary to spend 4 weeks appointing our Clients’ preferred shareholders and directors;YesYes
9.It is necessary to spend 4 weeks appointing our Clients’ preferred bank signatory;YesYes
10.It is necessary to spend 2 weeks to ensure the entity is clean and dormant;NoYes
11.Government foreign investment approval is still required?YesYes
12.The company might have had business operations in the past, which makes the handover process more complicated.NoYes
No.StepsWeek
1.CLA Consultants Compliance Team receives the required corporate and personal due diligence information from our Client;1
2.Our Client signs CLA Consultants Group engagement letter and returns the original to our Singapore Head office. Our Client settles our fees;1
3.Our Client confirms by email the planned corporate structure and e-mails the required due diligence;1
4.For our Client, CLA Consultants Group prepares a tailored detailed project plan ;1
5.CLA Consultants Group provides our Client i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number;2
6.CLA Consultants Group emails our Client a template customer sales invoice complying with local commercial laws and includes i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number;2
7.Our Client can inform customers and suppliers; issue invoices for selected products and services, sign legal contracts and hire local staffs in Philippines. CLA Consultants Group will inform our Client if some business activities require additional approval and licenses from the Government;2
8.CLA Consultants Group prepares and emails our Client the required documents to appoint them as directors and shareholders including i) the legal share allotment and legal share transfer ii) the change of company address and iii) the lease agreement in Philippines (if required);3
9.If required, CLA Consultants Group will apply for i) a specific regulatory license and ii) an import export license. There can be additional Government requirements to secure the same including higher paid-up capital requirements;4
10.CLA Consultants Group prepares and emails our Client the required documents to appoint them as directors and shareholders and bank signatory including i) the legal share allotment and legal share transfer ii) the change of company address and iii) the lease agreement in Philippines (if required);4
11.Our Client reviews and signs the documents in front of the Philippines Embassy Consular at our Client’s country of residence and courier return the same;5
12.CLA Consultants Group and our Client attends a meeting with the Philippines bank to appoint our Client as the new bank signatory and submit the corporate bank package containing:
  • Signed appointment of bank signatory forms;

  • Client’s passport copy and proof of address;

  • Philippines company kit;

  • Other Client due diligence.
5
13.Following a review of the corporate bank account signatory change application, the bank(s) may revert to CLA Consultants for additional information. CLA Consultants and our Client provides the same in a timely manner;6
14.There is a 50% chance that the bank will ask the new bank signatory to travel for a one-hour interview. As always,CLA Consultants will aggressively negotiate for a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Philippines;7
15.The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc.) to CLA Consultants office or to our Client directly. If sent to us, we will activate internet banking on our Client’s behalf;7
16.If required, CLA Consultants Group will apply for a Foreign Investment Approval Certificate from the Philippines Government;8
17.Following a review of the foreign investment license application, Philippines Government may revert to CLA Consultants for additional information. CLA Consultants Group and our Client provides the same in a timely manner;9
18.The Philippines Government approves the foreign shareholder to purchase shares in the local company. Immediately after, CLA Consultants Group submits an application to the Philippines Government to amend the corporate document;10
19.The Philippines Government issues the amended corporate document, showing the new shareholder, company name, business activity and charter capital;11
20.Immediately after, CLA Consultants Group emails our Client i) investment certificate ii) amended corporate document and iii) new M&AA showing the appointment of the new foreign shareholders and directors;12
21.CLA Consultants Group will courier the following to our Client:

  • Company kit containing original Philippines corporate documents;

  • The banking kit;

  • CLA Consultants Customer Satisfaction Survey.

12
22.CLA Consultants Group successfully completes our Client’s engagement.12
  1. If our multi-national Clients’ wish to legally conduct business as soon as practical, then I recommend one of the above fast business set up solutions;
  2. If our multi-national Clients’ wish to minimize business set up costs, I recommend registering a new LLC with your preferred corporate structure and bank signatory.
Register your company now!
CLA Group has the solution to help you grow.

Contact us

For more info on company registration, please contact our expert directly:

Mr. Petar Chakarov
Senior Manager, Sales & Business Development