Today I had a visitor over to discuss some business ideas as well as enjoy some of my wife’s Indian Samosa’s. The conversation was mainly important and the reason I am sharing this is down to the fact what business can a foreigner own in the Philippines? We ran through a list and Graeme had already contacted a lawyer as regards the costs of setting up a business operation which came back with a ridiculous amount to be the 100% owner. The limitations of business types also create a lot of what would normally be trivial issues into simply impossible to do. Finally only real options are via a Filipino you know extremely well to the point you can trust them with your money and business, businesses that fit into grey areas that don’t need premises and more of a “salesman” than a physical business with the third option being tapping into the internet business enterprises.
First one is a bit pie in the sky but we also worked a way round the “threat” of being ripped off with certain business types due to the nature. E.g. having a tour bus company where the physical assets of buses are actually owned by the foreign individual as foreigners can own vehicles. Meaning that the person running the business by name only can’t lay claim to ownership of the vehicles because they are all signed and sealed as ownership to the foreigner. Possibly be also able to tie in a clause that if they defaulted on the deal could be heavily sued for a bit of extra protection.
The salesman business is more of a go between two people and you just don’t get heavily involved in either end of production or what happens to it eventually. Your main goal is to be the middle man and marketing professional. This one seems about the best option out of them all and there are plenty of ways to make a foreigner owned business in the Philippines by being clever on the supply and demand aspects as often there is no marketing for many goods in the Philippines.
Finally the internet business is something with a learning curve and its also possibly going to be the most lucrative for some time. Reason being the world is changing and with it the buying and selling markets as well as peoples jobs changing during the recessions. Your looking at people often looking for a new opportunity that didn’t know much about the internet previously but have “heard” about people making money with websites,blogging,SEO etc. etc. but they need teaching and direction. I often see a lot of the “I made $7,000 on Google” type of adverts around lately wonder what big secret they are selling because there isn’t one! At the same time learning how to manipulate the internet as well as drop ship businesses, website design etc. etc. there is a huge potential market there. On top of that its a constantly developing one meaning getting in today your often not as far behind everyone else as you think.