{"id":7807,"date":"2019-05-28T06:26:20","date_gmt":"2019-05-27T22:26:20","guid":{"rendered":"http:\/\/primer.com.ph\/tips-guides\/?p=7807"},"modified":"2021-07-16T16:25:56","modified_gmt":"2021-07-16T08:25:56","slug":"starting-a-startup-business-in-the-philippines-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/tips-guides\/2019\/05\/28\/starting-a-startup-business-in-the-philippines-what-you-need-to-know\/","title":{"rendered":"Starting a Startup Business in the Philippines: What You Need to Know"},"content":{"rendered":"

Are you looking to start a business in the Philippines? You’re in luck because the Philippines is endowed with talented professionals who can help you launch your business and bring it to the peak.<\/p>\n

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Starting a startup<\/strong> in the Philippines entails mandated steps before you officially operate on your business mission. Here are the 6 steps on how to prepare your business to actualize your vision.<\/p>\n

6 Indispensable Steps to Building a Startup in the Philippines<\/b><\/strong><\/span><\/p>\n

Create a business plan<\/b><\/strong><\/span><\/p>\n

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Before everything else, of course, you need to have a comprehensive guide that details your groundwork for operations, financial projections, marketing strategies, human resource management structure, and other business functions. This also includes your business name, together with its mission, vision, and values.<\/p>\n

Register your business<\/b><\/strong><\/span><\/p>\n

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If you plan to run a single proprietorship type of business, you will need to register your business name with the Department of Trade and Industry (DTI). The name has to be unique. This means that there should be no other business which already has that name. On the other hand, if your company is in the form of a partnership or corporation, the Securities and Exchange Commission (SEC) has jurisdiction over your business name.<\/p>\n

Also Read: Expat\u2019s Quick Guide to Starting a Business in the Philippines<\/a><\/em><\/p>\n

Secure business permits<\/b><\/strong><\/span><\/p>\n

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Starting a startup in the Philippines also involves environmental law and garbage disposal compliance. Getting business permits will make your business subject to this mandate. To acquire the necessary license for your business to operate, you must apply for a barangay clearance and mayor\u2019s permit in the location where you are planning to put up your business.<\/p>\n

Also Read: How to Secure Business Permits<\/a><\/em><\/p>\n

Find your first office space<\/b><\/strong><\/span><\/p>\n

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Have your headcount forecast and budget. Generally, startups should plan to stay in their first office for around a year. It\u2019s the minimum time period where you can measure your business growth and come up with the next budget forecast should you need to increase your manpower. On the other hand, renting a coworking<\/u>\u00a0<\/u>sp<\/u>ace<\/u><\/em><\/a>\u00a0can cut your cost as you don\u2019t have yet a solid estimate on your business expansion.<\/p>\n

Also Read: WeWork in Uptown Bonifacio: More Than Just a Co-Working Space<\/a><\/em><\/p>\n

Find talents<\/b><\/strong><\/span><\/p>\n

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Hiring<\/u><\/a>\u00a0the right employees can lay a good foundation for your business. They can help you improve your predetermined processes and systems. Thus, it allows you to realize your business objectives in a profitable way. Hiring the right talents means building the right assets. So, post your job opening<\/u><\/a>\u00a0on a trusted recruitment site<\/u><\/a>\u00a0to acquire the best candidates.<\/p>\n

Also Read: JobPrimer: Providing the Best Job Opportunities for You<\/a><\/em><\/p>\n

Provide government-mandated benefits for your employees<\/b><\/strong><\/span><\/p>\n

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Government-mandated benefits will not only make employees happy but these can also make them feel secure with your company. It\u2019s because that provision assures them that you are a legit business owner.<\/p>\n

Here are the six benefits which employees are entitled to based on the Philippine Labor Code:<\/p>\n