A recent survey of 600 small businesses revealed that taxes are their number one challenge. Tax preparation can be very time-consuming, averaging 181 hours to file a return in the Philippines. Luckily, there are some strategies to make tax preparation less costly and time-consuming.
Business in the Philippines
It’s almost that time of the year again, the time where business proprietors and entrepreneurs need to get ready for a new year of operations. And with the approach of January comes not only the glittering fireworks and the wishful New Year’s resolutions but also the duties of filing of tax documentation, and of course the renewals of business permits.
Moving to a new country can be a stressful time. However, there’s no need for finances to be overwhelming. If you are planning an extended stay in the Philippines, opening an overseas bank account can ease the transition.
Professional employer organizations (PEOs) offer businesses an alternative to in-house HR management. In this co-employment model, a company’s employees are hired by the PEO and then leased to the client.
To boost global competitiveness and attract more local and foreign entrepreneurs, the government of the Philippines passed the Ease of Doing Business Act of 2018 (Republic Act 11032) on May 28, 2018.
International travel has never been more accessible for Filipinos. According to the Global Passport Index, the Philippine passport is stronger than ever, ranking 64th worldwide.
Most people would love to retire in paradise. With its tropical climate, beautiful beaches, and low cost of living, the Philippines is ideal. Forbes named the Philippines one of the best places to retire abroad in 2019. Beyond its obvious advantages, Forbes noted that the Philippines has one of the easiest residency programs for retirees.
In 2017, the Philippine information technology-business process outsourcing (IT-BPO) industry grew 12.3 percent and generated US$ 22.1 billion in revenue. Growth is expected to continue through 2022, according to the Information Technology and Business Process Association of the Philippines (IBPAP).
Witnessing the disruption that the Financial Technology (FinTech) community has brought to the banking and finance industries of the world’s largest economies, leading traditional banks in the Philippines are welcoming FinTech companies to inspire collaboration in making financial transactions more efficient and consumer-friendly.
Utilizing the services of an Employer of Record (EoR) from the Philippines enables a client or company to cost-effectively outsource their tax compliance, human resource management, salary compensation, benefits administration, and payroll processing to minimize legal and tax burdens from their enterprise.