Published: 29 Oct 2008 10:23:00 PST
Philippines
Operating a business
Setting up a company
Legal business entities
| Different types of companies | Number of partners/shareholders | Maximum and/or minimum capital | Liabilities | Registration fees |
| The Corporation is a joint-stock company. | Minimum 5 shareholders, maximum 15. Majority of shareholders have to be Philippine residents. No maximum after the constitution. | No minimum. 25% must be subscribed. 25% must be released at the incorporation. |
Liability is limited to the amount contributed. | 0.1% of the capital amount, with a minimum of PHP 200 and a maximum of PHP 100,000, that is to say USD 3,850 . |
| Close Corporation is a close joint-stock company | Maximum 20 | No minimum. 25% must be subscribed. 25% must be released at the constitution. |
Liability is limited to the amount contributed. | 0.1% of the capital amount, with a minimum of PHP 200 and a maximum of PHP 100,000, that is to say USD 3,850. |
| Sole Partnership is a single-member company | Only 1 person | No minimum capital. | Liability is unlimited. | About PHP 110. |
| General Partnership | Minimum 2 partners | No minimum capital. | Liability is unlimited. | About PHP 110. |
| Limited Partnership | Minimum 2 partners | No minimum capital. | Liability is limited to the amount contributed. | About PHP 110. |
- Business setup procedures
- The procedure of registration of a company with foreign participation varies according to its legal form. A single-member company should be registered at the BTRCP (Bureau of Trade Regulation and Consumer Protection) linked with the DTI (Department of Trade and Industry). A Public Limited Company or a Limited Liability Company should be registered at the SEC (Securities and Exchanges Commission).
Working conditions
- Legal weekly duration
- 40 or 48 hours
- Retirement age
- 60
- Working contracts
- Employment contracts are regulated by legal clauses and to a lesser degree by collective agreements and individual negotiations.
The terms employment contracts are extremely rigid.
Cost of labor
- Minimum wage
- Varies depending on the activity between P200 (USD4) à P350 (USD7) by day.
- Social contributions
-
Social security contributions paid by employers: 5,6 %.
Social security contributions paid by employees: 3.76 %.
Social partners
- Bargaining power
- The two main groups of trade unions are TUCP and FFW. They are affiliated to the international Confederation of Free Trade Unions (ICFTU ) and to the Worldwide Confederation of Labour ( WCL).
- Unionization rate
- 5%.
- Labor regulation bodies
-
Bureau of Labor and Employment Statistics (BLES)
Department of Labor and Employment
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