Starting a business in a foreign country can be challenging, especially when you consider the numerous licenses and permits you need to operate smoothly. However, it can be a profitable venture if the location is suitable. Among your many options is the Philippines, a business-friendly country in Asia attractive to entrepreneurs who want to conquer the world.
If you desire to take a shot at stabilizing your business, creating a branch in the Philippines could be your key. If you want to convince yourself that the Pearl of the Orient is your next step to global expansion, here is a breakdown of why the Philippines is an attractive option you should consider.
The Workforce is Among the Best
As you establish your business in a foreign country, the first step is to create a local workforce to handle your tasks and operations. Fortunately, Filipino workers are among the best when it comes to excelling in foreign companies. The primary reason for that is the Philippines being an outsourcing giant. The country is home to over 800 Business Process Outsourcing (BPO) companies that can provide international businesses with a reliable and competent workforce.
English is the secondary language of the country, with educational establishments focused on helping graduates become fluent and proficient in the worldwide communication language. Filipinos are also known for being friendly and welcoming to foreigners due to being a popular tourist destination.
Establishing a workforce might be your first step, so you might have to partner with recruitment agencies or outsourcing companies to ensure you have the personnel to take on the task. Once you hire qualified and suitable candidates, your expansion plans will bear fruit.
Service Providers Know the Environment
One of the most challenging parts of establishing a business in a foreign country is building the establishments. Manufacturing plants, headquarters, and office suites do not come cheap. The materials, routine, and supplies required for construction might also be different than what you have at home, so you will have to rely on local companies to handle the task for you.
Business services in foreign companies have a better grip on the climate, conditions, and environment that allow them to create a proper establishment. Besides that, you will find that transferring your local materials and workforce to the Philippines will be a costly task. If you want to reduce costs while ensuring that you get the establishment you need, you will be better off hiring local providers.
Road line painting or marking for highways will also require you to seek local companies that provide it for your business establishments. IT support services are also better off when their location or operations is nearby. It can be challenging to perform the research to find reliable partners and service providers, but you will find that the investment is worth it.
Low-Cost Economy is Attractive
Regardless of your business venture, reducing costs will always be your top priority. You will try to find ways to make every operation and process cost-efficient, and expanding to the Philippines is no exception. Fortunately, you will find that the country’s low-cost economy will be a blessing in disguise.
Everything from commercial establishment purchases to job salary rates will be less costly compared to business-surging nations. If you already know that, it might be one of your triggers for pursuing a business in the Philippines. The low-cost economy also bodes well with the logistics channels of the country, especially since the Pacific ocean is essential to flight and cargo paths for logistics.
Reducing costs makes the Philippines an attractive option for offshoring and outsourcing solutions. Still, it will provide the same benefits to those who want to create a business in the country.
Consumers are Supportive of Foreign Companies
It will take a while before businesses can start to attract customers. However, the fact that you are starting a foreign company in the Philippines might be enticing enough to gather supportive consumers. While local businesses are also thriving in the country, you will find that Filipinos are also affectionate about foreign products.
The Filipinos are among the top-ranked spenders in the world, making it a haven for foreign businesses. Established brands in almost every retail company are setting up mall stores and warehouses to attract Filipinos, giving your venture a chance to prosper.
These benefits will convince you to set up a business in the Philippines, but you will find that the outsourcing companies will be your way into the competitive market. Once you establish your expansion plans, you will find that your investment in the Philippines will be worth it.
