An Overview of the Philippines as a Business Destination
The Philippines is not merely a popular tourist destination; it is one of the most attractive places in Southeast Asia to establish and grow a business. Officially the Republic of the Philippines, the country is an archipelago of more than 7,500 islands in the Western Pacific, divided across three major regions, namely Luzon, Visayas and Mindanao. Manila is the business capital of the country, and much of the business activity, investment and opportunity is concentrated here.
The economy of the country is not just growing; it is growing fast. The Philippines has recorded a growth rate of 4.4%, which has put the country ahead of many of its neighboring countries in Southeast Asia, with trade, services and agriculture forming the backbone of that performance. This is the type of figure that businesses looking to enter a market that has real momentum cannot ignore.
The most notable thing about the Philippines, however, is the effort that the government continues to make to make doing business easier. Regulatory reforms in recent years have eliminated much of the friction that previously made foreign investment seem complex. Today, the procedure of incorporating a company in the Philippines is much easier than most people would imagine.
The best thing is that you do not even need to be in the country to do it, as everything can be handled remotely. This is a major practical benefit for international entrepreneurs. The country also has tax treaties with 41 nations, including the US, UAE, India, Russia and Germany. This makes it not only easy to enter but also beneficial to run a business there.