Opening a business in the Philippines can be very challenging, but the rewards are great. If there’s one thing you should know, Filipinos love to try new things, which is why if you have a unique business idea or want to introduce something new to the country, expect consumers to jump at it with open arms.
However, this is only possible if you do your research, complete the necessary paperwork, and market your business well.
Here are two important factors you have to remember when starting a business in the Philippines:
Complete all the paperwork
You should not ignore and undermine the requirements to open a store in the Philippines. Aside from registering your business to secure your permit and licenses with the Department of Trade and Industry, you also have to register with the barangay, the mayor’s office, and the Bureau of Internal Revenue.
Paperwork is also involved when dealing with the Department of Labor, social security, and customs, especially if you are importing goods to the Philippines.
For the latter, you may also have to seek the assistance of a licensed Philippine customs broker to help you file the necessary documents and deal with customs authority. The key is to iron out everything on paper to prevent future problems.
Create a website and dominate social media
Filipinos love to go online, and the best way to draw their attention to your business is to create your online presence. Build an informative website and follow it up with valuable content and images on Twitter, Facebook, and Instagram.
Set up contests, keep up, or be flexible when it comes to social media trends or tie-up with social media personalities to attract followers. And since the Philippines leads the world in terms of time spent on social media, make sure to stay online often and respond to consumer queries real-time.
Now, you are prepared to dive into the action. Good luck!