Philippines is dynamic in devising attractive mechanisms for investors. Just recently, the Corporation Code was amended is now allowing a One Person Corporation (one director). The amendment likewise offers perpetual existence of companies and expressly allows remote communication and in-absentia voting of shareholders making a company easier to govern.
This jurisdiction allows 100% foreign ownership of companies by virtue of the Foreign Investments Act (FIA), provided, the activities are not within the negative list defined by the government. Accordingly, unless you want to run a school, engage in services related to mass media, or conduct activities within the negative list, a Filipino counterpart is not required.
The Philippines is a booming center for shared services and prepare to become a manufacturing hub as well.
Hensley&Cook not only helps clients to set-up their company in the Philippines, but provides services to support companies in their first year(s) of operation as well:
Contact us today to learn more about how you can speed-up your start in the Philippines and at the same time keep the costs under control.
Starting June 1, foreign investors and businessmen will be allowed to establish and fully own onshore companies without sponsor requirements from UAE National.