The Philippines is one of the important members of ASEAN. As a developing country and emerging economy, the Philippines is one of the global emerging markets. At the same time, the Philippines, as a country with many islands, is developing rapidly in tourism and international trade. In the field of cross-border e-commerce, the Philippines has been very active in sellers’ business plans, such as selling goods on e-commerce platforms such as LAZADA and Shopee. Many domestic friends go to the Philippines to register a company. This is because there are many advantages to registering a company in the Philippines. So, let’s learn about the fees for registering a cross-border e-commerce company in the Philippines.
1. Registered company policies.
In order to register a company in the Philippines, relevant conditions need to be met. For Chinese people, the types of companies that can be registered include sole proprietorships, partnerships, companies, branches and representative offices, among which the most commonly chosen ones are wholly foreign-owned companies and Sino-Philippine joint ventures. To register a joint venture in the Philippines, you need five natural person shareholders, at least three of whom are Filipino shareholders, and five natural person directors, one of whom must be a Filipino director. You also need a Filipino secretary. You also need to provide a valid local registration. Company information.
2. Advantages of registering a company.
In the field of cross-border e-commerce, Philippine companies are more trusted by Southeast Asian consumers. Customers will give priority to local corporate stores when shopping, which helps sellers increase sales. Philippine companies can open Philippine bank accounts to facilitate cross-border e-commerce collection and online platform payments. In addition, the time to set up a Philippine company is relatively short, it is easier to pass the review, and the level of trust is higher.
3. Company registration cycle.
Normally, if the whole process goes smoothly, the period for registering a Philippine company is about 2 to 3 months. Additionally, when setting up a Philippine business, you can choose based on your ideas.
4. How much does it cost to register a company?
Shareholder requirements for opening a cross-border e-commerce company: at least one shareholder, who can own 100% of the company, and there are no nationality restrictions on shareholders. In addition, Filipino directors are exempt from the requirements, and cross-border e-commerce companies need at least one secretary and one Filipino treasurer. Cross-border e-commerce companies need to use a commercial address and have a registered capital of US$200,000. No actual payment is required, but they still need to pay a government official fee of US$3,500. In the Philippines, there are many banks to choose from that can authorize account openings remotely even during the epidemic.
The above introduces the relevant knowledge about the fees for registering a cross-border e-commerce company in the Philippines. In recent years, the Philippine economy has risen rapidly and is closely related to the domestic economy, attracting many domestic businessmen to establish companies in the Philippines. Registering a cross-border e-commerce company is also relatively simple. You only need to submit the necessary information and pay official fees, and the registration procedure can be completed in about 25 working days.