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Set up Business in Cebu


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#1 JM62

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Posted 03 December 2010 - 12:42 PM

Hi Guys,

I would like to set up a 100% foreign owned company in Cebu. Can anyone recommend me to a good company that can help me do this and also help in work permits for a couple of my staff. I would appreciate if you can email me at xxxxxxxx.

Thanking you in advance.

Edited by Steve, 03 December 2010 - 12:48 PM.
removed email




#2 Bet_Busta

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Posted 03 December 2010 - 01:51 PM

Try the accounting firms like SGV. May not be cheap.

Edited by Bet_Busta, 03 December 2010 - 01:52 PM.


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#3 ancienrocka

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Posted 03 December 2010 - 02:22 PM

Try the accounting firms like SGV. May not be cheap.

It's not cheap and it's a long process.

I have done this for several clients recently and can give you some advice on the process.

If you are in Cebu you can contact me via my email - cebuexpatservices@gmail.com - we could meet up and I could run the through your options, the costs and the time frame. This would be free advice; if you want to use our services to set up the company then we would charge a competitive rate.

BTW, to the best of my knowledge, no company set up in the Philippines can be legally 100% foreign owned, but it can be effectively 100% foreign controlled.

Paul
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#4 DeezNuz

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Posted 03 December 2010 - 03:11 PM

Paul is correct on ownership.

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#5 Balintawak

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Posted 03 December 2010 - 03:19 PM

I have similar as mentioned above. Works nicely. When it comes to different licenses you can contact me through Paul or you might use my company in coop in some way.

Edited by Balintawak, 03 December 2010 - 03:21 PM.


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#6 Bet_Busta

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Posted 03 December 2010 - 03:24 PM

Paul is correct on ownership.


I disagree.

My link

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#7 DeezNuz

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Posted 03 December 2010 - 03:26 PM


Paul is correct on ownership.


I disagree.

My link



Where does it say that a foreign entity can have 100% ownership?

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#8 stagger

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Posted 03 December 2010 - 03:32 PM

So that would be a 100% Foreign owned, Indian restaurant in Ayala, where you can send some of your Indian cooking students to run the place.

Will spam be on the menu?


Jolly good luck Stefan, or is it John!

Edited by stagger, 03 December 2010 - 03:42 PM.


#9 mikej

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Posted 03 December 2010 - 03:44 PM

You can setup a corporation for export - that corporation would need at least 5 directors which all has to own a share.
So example with a million shares - you own 999996 shares and the 4 board of directors own a share each, so
that's a 99.99% ownership.

#10 Bet_Busta

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Posted 03 December 2010 - 04:04 PM



Paul is correct on ownership.


I disagree.

My link



Where does it say that a foreign entity can have 100% ownership?



Businesses may be registered in the Philippines as:

Foreign Branch
Foreign Representative Office
100% Foreign Owned Domestic corporation
60/40 Owned Domestic Corporation
Partnership
Sole Proprietorship


The Foreign Investment Act as well as the Foreign Investment Negative List A and List B contain the restrictions on foreign ownership of corporations in the Philippines.

Minimum paid-up capital requirements vary according to the kind business the company engages in. For a Domestic Market Enterprise (DME) to be 100% foreign owned the minimum paid-up capital requirement is USD 200,000.00. DMEs which use advanced technology or employ at least 50 direct employees may be allowed a reduced paid-in capital of USD 100,000.00. Companies which export more than 60% of their products or services may apply for an exemption.

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