What Foreigners Should Know When Moving to a Makati Office
There are many foreign-owned multinational companies doing business in the Philippines. Many of them rent Makati office space. In fact, the biggest foreign companies that do business here prefer to get commercial office space in Makati. There are many prime office buildings located here, and setting up shop isn’t impossible by any stretch of the imagination. There are just a few things to prepare, however, before making that all-important move.
Foreigners who establish business in the Philippines have a lot of documents and requirements to fulfill. The Bureau of Internal Revenue, the Department of Trade and Industry, and the Securities and Exchange Commission are some of the government entities that a business should be registered with, especially one that’s foreign-owned. Business owners who want to rent an office in Makati will also have to register and apply for a business permit from the local city government. These documents ensure that a company is meeting standards set by the government.
In addition to this, foreign businessmen wanting to do business from a commercial office space in Makati will have to secure other documents if they plan on constructing their own building complex. Approval from the Makati City Engineering Department and Health Department will be required. Foreign companies planning to buy land and have their own building should be at least 60% owned by Filipinos, so this requirement also must be prepared for in this case.
Typically, Makati office space is located in high-rise buildings, especially in the central business district, where most of the prime office real estate can be found. Depending on what kind of business you are in, one can find an office in Makati that can actually save money for a company in the long run. IT companies, for example, have the possibility of tax breaks from the Philippine Economic Zone Authority (PEZA). Seven buildings in the CBD have been given an IT Zone status, which means that they can enjoy multiple tax holidays and other incentives not normally available in other areas.
Because the area is one of the busiest in the country, foreigners should expect slow-moving traffic because of the influx of people who commute and work in the area. Anywhere you go in the central business district, you’re bound to see people walking the sidewalks and vehicles going by. This is especially true during rush hour, when most employees are on their way to work. If your business is located in an office in Makati, then you might want to consider getting an apartment or a condo unit close by.
A Makati office space is a great place to start a business. There are more than 60,000 businesses in the city, and some of those represent the biggest names in multinational business. A foreign-owned business in the Philippines will be at home right here, not just because of all the advantages, but because of the good company that they will inevitably find themselves in.
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