Did you know that registering your business in New Zealand only takes a couple of hours compared to the Philippines that it takes months or even up to a year to make the business legal? Yes, you read that right. First, let us know the reason why you should set up a business in both of these countries. An entrepreneur should set his/her business in New Zealand since there is no minimum capital requirement and it only takes one day to register.
Also, because of the strong economic environment, it has made New Zealand the top-ranked country in ease of doing business. Based on what you are reading right now, you might think New Zealand is already better than the Philippines in terms of business registration, but there are also good reasons why you should also set up your business in the Philippines.
First is because of the strategic location of the country – since the Philippines is the top tourist country in Asia, tourists are willing to spend their money on products and services offered in the Philippines. Second, is the growing domestic and export markets – as you know, the Philippines is the 13th among the highest populated countries in the world, which means there are unlimited opportunities for entrepreneurs to explore and to also experiment their business in the Philippines. Whatever products or services that a business owner would offer, it is sure that there would be a demand for it also because of how the Philippines has a diverse culture. Now, let’s find out which country is better and easier in registering your business.
Let us first go through the business registration process in the Philippines. In the Philippines, it can get quite difficult to register your business because of the different permits, licenses, and taxes. A business owner would have to go through the SEC/DTI, BIR, and the LGU in order to be seen as a legitimate business in the country. An entrepreneur can first go to the SEC in order to register his/her business name, which is not the difficult part yet, just make sure that your business name is unique and has no similar business name. Now you have your business name already, the second step is to register your enterprise in the BIR, this is where it gets difficult because of the long process, permits, and taxes that the owner needs to comply with. It may take about a month to complete this process with the BIR, most especially when they have special licenses and requests that you may need. Yes, now done with the SEC and BIR, now is with the LGU which is registering your legitimate business in the local government, securing permits such as: mayor’s permit, barangay clearance, and business permit to operate in the city. The total number of months to complete the business registration process varies in these government agencies and there is no specific number of months when you can finish.
Registering your business in New Zealand is pretty simple and easy. First is that the business owner should check the availability of the business name. When your business is available, you can now register your business in the company’s office by completing the forms and paying the fees. While doing that, it is also necessary to comply with the different permits and licenses so that there is clearance from the government to operate your enterprise legally. If the corporation already has employees, the business should register for payroll taxes and should also set up a bank account. So you see, it is really quite simple to start a business in New Zealand and it all takes for just a few hours to complete.
With the facts presented, there can be similarities between the process in terms of registering your business but there is a huge difference between the two in how fast and convenient New Zealand incorporates their business. Just how simple the business registration process is and the timeline is really mind-blowing in New Zealand compared in the Philippines. But again, even if this is the case with the Philippines, you cannot deny that there are still a lot of aspiring entrepreneurs in the country because of their personal reasons – that they are willing to go through the process. Since now you know the difference between both countries in terms of business registration, which country would you go for? Philippines or New Zealand?
Luckily, the Philippines has world class competent lawyers who are able to assist with business registration. With law firms and business solution companies, the goal is to ensure easy and smooth business registration, helping anyone achieve their business potential.