Categories: Personal Finance

Self-employed in the Philippines – Which requirements must be fulfilled?

When it comes to money or business, Filipinos can be a little less welcoming. Understandably, because the Philippines is still a poor country, and many work daily to survive and not just to live. However, some foreigners have managed to establish themselves in the Philippines. Sometimes just a good idea is enough and also a portion of luck in the business belongs to it. But happiness is not a reliable partner. I don’t want to dissuade you from doing business in the Philippins. It is possible!

Emigrants who cannot fall back on any monthly reserves usually go the way of setting up a business. In order to simplify many things, this way is often not gone alone. Often this step is made with the marriage of a Filipino woman. This, of course, simplifies legal matters.

Self-employment in the Philippines is a great challenge

It is a popular method to get married in the Philippines, become self-employed and let the project run through the wife. In the worst case, however, you will find the wrong wife, who will divorce again after a few years, get the joint fortune and make you return home as a destitute loser. An experience that I have seen often enough.

Especially “experience” (if possible one’s own) is almost like a prerequisite to cope with the upcoming difficulties. By that I mean:

  • Establishing contacts and a good relationship with local employees, companies, their work attitude, behaviour and punctuality.
  • Dealing with authorities, offices, institutions. As well as the danger of corruption.
  • Understanding the legal system, culture and laws.

Those who have not had these experiences are, according to many predecessors, doomed to failure.

A patent solution, on the other hand, is not mentioned. Or would one like to make voluntarily bad experiences, only to have made these? So what we can do is to prepare ourselves accordingly in order to exclude as many risks as possible. For my part, I have previously read through many reports of experiences of failed existences.

The following is a brief overview of the possible forms of business in the Philippines (as of 2016).

  1. Sole Proprietorship. Responsible for this is the DTI (Department of Trade and Industry). Information on registration/application on request.
  2. Partnership. General or Limited Partnership – The SEC (Securities and Exchange Commission) is responsible for this. Further information can be found in the Citizen´s Manual on Registration of Corporations and Partnerships.
  3. Corporation. Stock and Non-Stock Corporation. The SEC is also responsible for details in the Citizen´s Manual on Registration of Corporations and Partnerships.
  4. Foreign Corporations. Branch Office, Representative Office, Regional Headquarters and Regional Operating Headquarters, as well as the non-stock version of the Branch and Representative Office. The SEC is also responsible for this, as is the simple information contained in the Citizen´s Manual on Registration of Corporations and Partnerships.

The “10 Regular Foreign Investment Negative List”, which defines foreign investments in the Philippines, is important when setting up a business.

Further assistance is available from the lawyer of your choice or directly from DTI or SEC.

Helpful information on how to open a business: Negosyong Pinoy

In order to get tax reductions and benefits, it is also helpful to read the BOI (board of Investments) under DTI settled. Designed for the introduction of new inventions.

For patents contact the Intellectual Property Office of the Philippines.

An alternative would be to apply for a company in the Philippines.

Categories: Personal Finance

Start With Why

I recently finished reading the book, “Start with Why,” by Simon Sinek, and I loved it. I saw his TED talk a couple months ago and couldn’t think of a better book to read in preparation for starting something (this blog).

“Starting with why” means focusing on why you do things instead of how you do those things or what it is you are doing.

My WHY

To inspire people to write their own stories of financial freedom

Measuring Success

One thing the book talks about is how in business money and profit always becomes the big measurable, but that usually doesn’t correlate with the companies WHY. Simon Sinek believes that companies should have a way to measure their success in following their why instead. One great example he gives is of a collection agency, Bridgeport Financial, whose WHY is “that everyone has a story and everyone deserves to be listened to.” This is way different than the normal collection agencies that are nasty on the phone to get people to pay their debt. In order to measure this why and be accountable to it, bonuses were not given based on the amount of money that was collected, but on how many thank you cards call agents sent out. What was the result? Bridgeport Financial collected 300% more than the industry average.

My measuring Blocks

The amount of handwritten thank you cards I receive in the mail. There is nothing better than a hand written thank you card. It means so much more than a quick email. I want to truly inspire people to write their own stories of freedom and can’t think of a better way to measure this by than by how appreciative people are.

The amount of handwritten thank you cards I send to others. I desire to be helped by others on my story as well. I also want people to use The Value Geek as a medium to share their own stories in order to inspire people to write their stories of financial freedom. I can’t think of a better way to thank people for sharing their stories than with a handwritten thank you card.

The amount of comments I receive on The Value Geek. I do not want to use Google analytics traffic numbers to be my guide on my success. The number of visitors won’t tell me if I’m meeting my WHY. There is only meaning if just one person interacts with the content and it truly inspires them to write a better story for their life.

The Grand Finale

Here is a paraphrase from the book. Imagine a customer or reader asking me why they should choose me.

What makes me better than other bloggers?

I’m not better than them in all cases

Why should you care about what I have to say?

Because the work I’m doing now is better than the work I was doing six months ago. And the work I’ll be doing six months from now will be better than the work I was doing today. Because I wake up every day with a sense of WHY I do what I do. I do what I do to inspire people to write their own stories of financial freedom.

Am I better than my competition?

If you believe that the things I do can help you, then yes. If you don’t believe what I believe and you don’t believe the things I can do (with the help of others) will help you, then I’m not better. My goal is to find people who believe what I believe and work together so that we can all succeed.

I hope you enjoyed this post. If you have a story you would like to share please leave a comment and I’ll be sure to contact you.

The Value Geek 2019