Retail business in Philippines for Foreigners

Member since 23 February 2021

deltonexportsMember23 February 2021 08:05:13

Hi all!
聽聽
We already have a retail business in Philippines. it鈥檚 opened and registered with one of my Filipino friend as a sole proprietor. Is it possible to change as a Partnership? Please advise me the possible ways and the requirements needed for those. thanks

AiExplore New member

Member since 01 June 2021

AiExploreNew member01 June 2021 09:28:38

Yes, you can change it to partnership. Requirements are BIR, BANK, REGISTRATION amibg others. My advice is hire a lawyer that will help you coz if you DIY, you'll be stressed

coach53 ViP

Member since 17 December 2020

coach53ViP02 June 2021 14:11:23

1564

deltonexports wrote:
We already have a retail business in Philippines. it鈥檚 opened and registered with one of my Filipino friend as a sole proprietor. Is it possible to change as a Partnership? Please advise me the possible ways and the requirements needed for those. thanks

Probably not - I havent checked partnership business form because of EXTRA risk iif the partner screw up -聽 by the max owning restrictions against foreigners in Phils
BUT its possible to make a company/corporation where the foreigner own max 40 percent (And there are some other demands to fulfil as e g max 40 percent of the board positions having foreigners.)

IF the retail business EXPORT more than sexty percent of the revenue, then there are more options.