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Key Things to Remember Before Entering the Philippine Market

2019-12-23 09:43:20 | lucky365 Consulting

In the midst of global uncertainties, the Philippine economy has been continuously thriving. As a result, many Foreign entrepreneurs saw this as a great opportunity to successfully build their businesses in the Philippines. However, entering the Philippine market and starting up any type of business can really be challenging because there are a lot of requirements that needed to be secured, otherwise, the business will not operate. Provided that, here are the key things that every aspiring entrepreneur should take note of before entering the Philippine market.

 

Define the business entity

 

Each business has different registration requirements — some require a Filipino partner as well. This is what makes defining the business entity important. It is for business owners to know the things they need to settle in starting up their business in the Philippine market.

 

Secure your immigration status

 

Entering the Philippines to build a business without securing the proper type of visa is putting the business itself at risk. Aspiring entrepreneurs need to make sure that every requirement is settled legally because neglecting to do so would cause the business to not operate and it will also damage the reputation of the people behind the business.

 

Comply with the Philippine business requirements

 

Getting into the Philippine market is like running another business — it takes a lot of time and effort because it is another pile of tasks that needs to be accomplished. Other businesses ask for business consultancy firms to help them in complying with the requirements needed for them to enter the market. In this way, entrepreneurs may focus on their actual business while their hired consultancy firm focuses on the different side of the business.

 

Know your Filipino business partners thoroughly

 

Other business entities require a Filipino partner. In this case, foreign entrepreneurs should do a thorough background check before collaborating with locals. It is important to not take this for granted because the amount of time, effort, and money invested may be put into waste if the business partnership failed.