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Philippine Famous - 5 Tips on How You Can Expand your Business in The Philippines

With the Philippines’ growing economy, it’s an exciting time for entrepreneurs looking for opportunities and to develop links to other international markets. The Philippines is a country rife with opportunity for small and large businesses to expand among the varied number of sectors that make up the economy, including energy, manufacturing, retail, IT, construction, and communications.

However, expanding your business into new marketplaces can be challenging. You may not understand the local business culture, where to be best located and how the local laws and regulations will affect your business. Hiring locally can be difficult and local partnerships need to be approached with care. With that said, there are numerous opportunities available in the Philippines, waiting to be capitalised on by savvy business owners.

Continue reading to learn how you can successfully expand your business in the Philippines with confidence.

Find the Right Office Space

Due to many of the country’s urban centres being densely populated, finding highly visible office space can be difficult on your own. Dealing with local real estate agents can quickly become tiresome, especially when you are continuously offered long-term, fixed contracts in a location that you are less-than-familiar with.

It’s important to realise that your business might not necessarily have to lease or buy an entire building as business owners have more options than they ever did in the past. By utilising alternative office space solutions such as serviced and virtual offices, you can have an office in a prestigious location in no time, without engaging in any lock-in long-term contract. Check out http://www.servcorp.com.ph/en/ for more information on the locations and facilities available at high-profile locations around the world.

Plan for Infrastructure

The infrastructure in the Philippines is made up of a transportation system, which utilizes road, rail and air, covering more than 7,000 different islands. Because of this, communication and travel can be troublesome for those not aware of the massive expanse of this island nation. Before setting up shop, have a plan in place that can be easily adjusted to infrastructural problems that might interfere with your business. 

Become Familiar with Regulations and Laws

One requirement when expanding into the Philippines is to register your business name with the Securities and Exchange Commission (SEC).  The SEC also requires that businesses submit the required application materials including the company name, articles of incorporation, and information regarding shareholders and upper management.

In addition, spend time researching definitions that might change the status of the business, i.e. BMBE (Barangay Micro-Business Enterprise) and SME (Small Business Enterprise). Finally, make sure to apply for all required local and regional work permits, which includes fire, environmental and Barangay Business Clearance permits.

Screen Local Partners

Expanding your business overseas, you will naturally experience cultural nuances. It’s important to familiarise yourself with the local culture, as cultural differences can lead to challenges if they are not recognised quickly.

Before expanding to the Philippines, speak with people who have done business there before and ask for their advice on how to best approach the move. Try to approach companies or business associates whose company goals match the mission of your business. Look for favourable characteristics that might promote great business and working relationships and consult with the consulate if in any doubt about any bureaucratic issues.

Focus On the Product or Service

Ultimately, your product or service will be the foundation of your business and is the whole purpose of your business being in existence. When expanding to the Philippines, pay attention to local tastes, trends and markets and consider how they can be incorporated into the product or service you are providing. Build a brand that the target market can connect with and engage your new customers through the appropriate channels.

Expand into The Philippines With Confidence

The economic landscape in the Philippines promises some exciting, new opportunities for entrepreneurs seeking to expand their operations overseas. Operating your business from a prestigious Manila address will give your company sway in the local market and will help to attract partners and clients with ease. Take some time to understand the geography and the local culture and do your research before taking the leap to avoid any complications down the line. Stay focused on the success of your product or service and give your business every opportunity to grow.

As one of the most dynamic economies in Southeast Asia and the Pacific, the Philippines is becoming more attractive to foreign businesses than ever before. With a growing middle-class and a large, youthful population, business is understandably booming, and now is the time to take a foothold in, what is now, the 10th fastest growing economy in the world.