GeoffM

I'm a Brit, living in the US, planning to move to the Philippines later this year with my Filipina wife of 11 years. I have a software company which is mostly just me and occasional hired help (freelancers). I work from home and I just need a PC, desk, chair, and internet connection. Currently registered as an LLC which passes through income - nice and simple.

However, I'm a little confused at the business rules in the Philippines. There is talk of 60/40 Filipino/Other ownership which I don't want, and that seems to apply more to bigger businesses with employees and physical assets like equipment/buildings. I don't particularly wish to sign over most of my company to my wife...

Once we're established and settled down, I intend to employ a programmer or two, working from a dedicated office in my home. Domestically we'd like a helper (maid) too.

Firstly, can I own my own company in the form described above? Secondly, what type of company would you suggest (sole/partnership/corp etc)?

Side question: any recommended Philippine banks in SoCal with minimal fees / favourable exchange rates to deposit money and send to the Philippines? I can only find Metrobank and PNB. HSBC is no good.

Thanks.

mikemike

Metro bank and PNB are fine, so are HSBC

Not sure if BPI express has a presence where you are.

As for business as you are married you can apply for a 13 a married persons visa and you can then set up your own business, probably as a self employed entity owned 100% by you. Owned by you without your wife being a party does in effect give her no liability at all.
No need to go through a limited company which is is a minefield of red tape and costs, and that is before you have traded. Should you opt for a limited company then you can not own more than 40% by law at this time

Arrive on a Balikbayan entry which is valid for 12 months and this gives you plenty of time to convert to a 13a visa. On arrival, you will need to be with your wife and have your marriage certificate with you for inspection. Request the Balikbayan stamp and this when entered into your passport is valid for a 12 month residency.

GeoffM

Thanks Mike. So on a self employed entity I can still employ others?

13A is what I was suspecting would fit. Thanks for the process details.

There is a BPI remittance place relatively near though I don't know whether it deals with bank accounts. HSBC is very rare around here and my previous experience with them was dire to say the least (I was attempting to use them in my move from the UK to the US, and then as a business bank in the US). They admitted they lost some legal forms I spent a long time preparing so I had to travel to do them again which was most of a day wasted. That and a whole bunch of other crap I didn't need.

mikemike

I do not know what bank facilities you are looking for and I am not sure if metrobank and PNB would provide them on a cross border basis. BPI is a pure remittance bank. So do not do what I did and close your main bank accounts. Opening for instance UK bank accounts from new when living in the Philippines will prove to be near impossible etc. I and many others use BPI on line express for money transfers as it is quick and cheap. My pensions and investments are paid into BPI london. Where in the Philippines are you going to be based? as HSBC has a limited foot print , great for metro Manila not so good for rural.

You can employ as many as you like as is standard practice for many other self employed people they set up as ''trading as'' If you are going to set up with very few employees, under 8 then I suggest as part of your research you approach the local DOLE office and ask about ''wage exemption orders''. Vital for a new business to help control labour costs. Do not set up your business until you have a clear grasp of this and the process for setting up the request. Usually takes 3 weeks from request to sanction. You have usual employers responsibilities for filing tax including withholding tax for employees. Phil health, SSS and Pagibig
A large business foot print with potential for significant liabilities may be better served with a limited company route.

GeoffM

Thanks. We'll be going to Negros, though there is some debate over Mabinay, Bacolod, or Dumaguete. The banking is to initially transfer a little each month until we move (personal account); separately (after moving; business account) to be a destination for PayPal payments. We won't be closing our UK or US accounts.

mikemike

Then check out BPi express as well as metro bank and PNB