To start the process of incorporation, Philippines has two distinct forms of business ownership. There is the sole proprietorship business and in order to get this going, you will have to apply for a business name and register at the Department of Trade and Industry (DTI). The other form is a partnership, which will require you to come up with 3,000 Philippine pesos or more in capital. After getting this done, you must register with the SEC (Securities and Exchange Commission). Moving along in the process, you will find that there is a lot more involved when you decide to open a business in Philippines. Once your business is established under the Corporation Code and SEC registered, you will need to get five incorporators together. These five individuals you get should own share of the corporation and have 5,000 pesos in minimum paid-up capital.

After getting your deposit certificate from the bank verifying your paid up capital and your registered name from the SEC, you will need a CTC (Community Tax Certificate) in order to obtain Barangay clearance. This form needs to be filed in the place where you plan to set up and engage in business activities. This step is then followed by applying for a permit and municipal license from the local Mayor’s office licensing section. All this really is proof that you have the wherewithal to conduct your business legally and pay the necessary taxes during the applicable time.

Once this step has been hurdled, expect to receive an inspection visit from the Mayor’s office. They will be checking to see if your corporation is in order and you are conducting your business in the correct manner. You will receive a license and permit to operate once you pass and will be required to purchase special accounting books from the local bookstore. These are used for cash receipts and disbursements.

Completing this step will lead you to the next one which will require you to register for VAT (Value Added Tax) and other local and municipal taxes your corporation will be liable for. You will also need BIR (Bureau of Internal Revenue) permit to print additional sales receipts and invoices, as well as authorization for the use of electronic accounting software and non-government issued accounting ledgers.

These are some of the key steps to take when you decide to set up your business for incorporation. Philippines has a lot of good consulting firms you can hire should you need further clarification on how to get into the local business market.

Most people retiring to the Philippines have their ongoing income (pension, annuity, investment income, etc) generated in their home country, but need to get it to their retirement home in the Philippines. With the advent of the internet, combined by an ever increasing number of people retiring to overseas, moving money into the Philippines is no longer a difficult matter. Of all the methods to transfer money, the following is the best ways:

1. Bank Wire Transfer

You need to set up a US dollar account at a bank in the Philippines and then wire transfer funds from your home country bank to your Philippines’ account. You wire transfer money from your home country bank by signing up with their procedures for sending wire transfers while out of the country. One you have signed up with your bank’s procedures to do this, it is a quick way to send money to the Philippines. However, it is expensive. Depending on the amount being transferred, the wire can cost as much as $75. Clearly, you would not want to transfer money more than once monthly.

2. Use a Philippine National Bank Transfer Facility.

If you are in your home country at the time of wanting to make a transfer, and there is a Philippine National Bank transfer facility nearby, a wire transfer of funds to a Philippine bank is relatively inexpensive. The fees are based on a sliding scale: the more money you transfer the bigger the fee, but the fee decreases as a percentage of the transfer as the amount of the transfer increases.

3. Use WesternUnion

This is a very reliable, very quick, but very expensive method (currently the fee runs around $68 – pretty much the same as a bank wire transfer). The advantage is the money can be delivered to one of thousands of locations in the Philippines. Simply go to a WesternUnion location, fill out their form and deliver in cash to the clerk the amount you wish to transfer.

4. Use an online money transfer website

Online companies such as Xoom and Remit Home are less expensive options ($10 to $12 per $1,000 transferred). These are easy to process while in the Philippines by simply going online, setting up and account and entering the relevant transfer data as to the bank you transferring from and the bank you are transferring into in the Philippines.

5. Use PayPal

Also internet based, but unique in that you can even transfer money by charging the transfer to your credit card. A very popular way to transfer smaller amounts of money – the transfer fee is a percentage of funds being transferred. Go to Pay Pal and follow their instructions for setting up an account with them, and then simply follow the instructions at their website for make the transfer.

6. Use an ATM machine

Like in the U.S. and other countries, ATM machines are just about everywhere in the Philippines. Once you are in the Philippines, you can draw from ATM machines at a local Philippines bank, just as you to in your home country. The funds withdrawn of course will be in the local currency (pesos), not dollars, and there are limitations on the amount which can be withdrawn on each transaction and the total daily.

7. Write a Check.

Once you are established in the Philippines and pretty well know you monthly expenditures, simply monthly deposit a dollar check into your Philippines dollar bank account for the average monthly disbursements. It takes roughly 3 weeks to clear. This is also the least expensive, as there are NO wire or internet transfer fees.