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Can you give some advice because i would like to start a small company in manila?
- RoseLv 61 decade agoFavorite Answer
Well, it is true that what oneiloilokano has said, that the company should be at least 60% owned by the Filipinos; however I beg to disagree that the partners will rip you off. The problem I think is that some have handed their investments on a silver platter to hungry riffraffs.
If you are a foreigner, here is my advice, get a lawyer with a name or is associated with membership organizations, but not necessarily the most famous one. Most lawyers offer corporate services specifically for setting-up a business here in the Philippines. Depending on the size of the corporation it may range from $2000 to $5000. They also give sound advices for business strategy and planning.
If you are not a foreigner, go to www.sec.gov.ph for the requirements in setting up a company. My advice is to set up a corporation instead of a partnership.
Corporations have the following advantages as against the partnership:
1. Partnership's tax is graduated and is based on the income of the partners. The highest tax rate is 32%; while in the Corporation the highest is 30% (I'm not going to get into details of the tax)
2. Corporations have longer expectancy which is 50 years; the Partnerships are dissolved easily in events such as death of a partner, resignation of a partner, etc.
3. Corporations have judicial entity, and therefore be sued; partners can be sued.
The last advice is when the business is picking up, get a Business Process Outsource Provider for the accounting job; unless you are an accountant. Range is 8,000 to 15,000 a month depending on the number of transactions. A single practioner will charge you for as much as 7,000 for bookkeeping and filing of BIR requirements--you're better off with a company you can trust.
Without you telling me the kind of business you want to set-up and your capital requirement, this is the best advice I can give you. There are so many other things to think about such as VAT registration, business permits, etc.
- ?Lv 45 years ago
I can't stress this enough, having seen dozens of e-publishers fold in the last three years. Do you have any business experience or training? If not, then don't do this. A publishing business is not a one-person venture, in any case. You need reliable, trained, experienced, trustworthy staff to back you up. You need to build contacts, go to conferences, talk to people. You need to get into the big book catalogues if you want to sell to the big-box stores. You need to set up contracts with printing companies. You need a professional web presence and a functional, user-friendly shopping cart. And you need the software to present your books in several different electronic formats, if you decide to go into e-publishing. All these things cost money. If you want this to be a long-term, successful, professional venture, you'll operate in the red for a long time before any real profits start coming in. There's a lot more to it than just popping up a website and calling yourself a publisher.
- oneiloilokanoLv 71 decade ago
I would strongly advise against it. The "rules" state that you as a foreigner cannot own more than 40% of a corporation. 60% must be Filippino owned. I can guarentee you from my past experiances and those of every foreigner I have met is that your "partners" will rape the company of every single asset and leave you "the foreigner" holding the bag. You will loose your shirt plus some !
The crimnal justice system here is slow by design. You will never evan come close to recoup your losses and 5 years minimum later those that are responsible will be long gone.
Do not invest anything in the Philippines. It is a foreigner hostile enviornnent and the crooks get away. I am not joking !Source(s): Living in the Philippines since 2002 and have NEVER seen a foreigner evan break evan because his partners took al the assets and left the foreigner holding the bag/ Do not do it.
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- Greg SLv 61 decade ago
what kind of company?
advice - treat your employees well
- Anonymous1 decade ago
il faut que tu fais le coquin avec n'importe qui.
wat kind of small company