May 07, 2015 | Sharon Cheong
The Philippines are a prime destination for outsourcing due to the low cost of doing business there. Metro Manila has experienced exceptional economic growth in the past few years and many large corporations around the world now have an overseas office in Manila. Each year the Gross Domestic Product (GDP) rises due to the busy import export market, pharmaceutical research and various government programs. One of the first things that a new start up business will need is a business bank account in the Philippines.
Various Bank Types
The Philippines provide a very sophisticated and comprehensive commercial banking system for entrepreneurs. There is a wide range of bank types including universal banks, commercial banks, thrift banks, and rural banks. Each bank type has a variety of powers designed to make banking more accessible. For instance, the universal bank has the same powers as the commercial bank along with those of an investment house. They also have the ability to issue letters of credit and negotiate promissory notes. Because of the wide range of powers and amenities, a business owner can select the most suitable bank type.
A Wide Array of Banking Choices
There are numerous small and large financial institutions to serve the needs of individuals and business owners. Most banks have now developed programs and features to attract the business of small and medium-size enterprises. For this reason, banks often offer very competitive products and services in order to entice entrepreneurs. You may be able to take advantage of this by asking for additional services at lower fees.
Most banks will offer a full range of services including retail and corporate loans, treasury and trust products, cash management, and international trade finance. In order to set up a business bank account in the Philippines there are a number of important financial documents to complete. Many entrepreneurs seek the help of local financial experts or accountants in preparing these documents. Since the requirements can vary from one bank to the other, it's important to consult banking personnel when preparing documents.
International Banking Opportunities
Quezon City, Luzon, and Manila are larger cities with a good array of banks and financial institutions. Many larger bank chains now have offshore banking locations in the Philippines. This can streamline the process of setting up a business account. Simply check with your local bank to learn whether they have branches located in the Philippines. If they do, then the process to set up your new account can be greatly simplified. Regardless of what type of business you run, you will want to get the most amenities for the least monthly fees. For instance, if you need bulk cheque processing, then make sure you understand the costs involved.
You must be physically present in the bank branch when opening your business bank account. If you are a non-Filipino who is legally residing in the Philippines, then you will be required to present your original Alien Certificate of Registration (ACR-I) card. Many banks also require additional corporate documents as well as your passport and business permit.
Easy Access to Superior Office Space
Servcorp Services Offices offer luxurious office space in Manila, all fully equipped with receptionists, internet, phones, and other services as needed. It's easy and affordable for entrepreneurs to set up their new business and go to work. Advanced communication technology services are available that can give you a clear advantage over other the competition. Meeting rooms and boardrooms are furnished with upscale, comfortable furnishings. We take pride in helping entrepreneurs get a business established and running successfully in the Philippines. Please contact us to learn more.