Thanks for the BOI info.
I'll answer that in 2 ways. First, your question on my stance on registration in the Philippines:
- business registration in the Philippines is not in any way easy, expect months of standing in lines, arguing your point with people, being ripped off whether you are right or not
- business compliance is even worse, it is a nightmare
- taxes, fees & charges for Philippine businesses & personal tax is quite high
- on the international stage, Philippine business registration is probably seen more as a negative than a positive
- the Philippine system is xenophobic & it's geared against foreigners. I wouldn't sink a centavo into anything that I don't own 100%, but maybe that's just me
- I find the Phil gov's business assistance programs is akin to offering a band aid when the limb has been amputated
Second, why my opinion of HK:
- business registration in HK is easy, it can be done totally remotely, you only need to go to HK for a few hours to open the bank account in person
- you can have almost non-existent reporting compliance if you choose a BVI registration
- maximum 16.5% business tax on HK derived income, no tax on non-HK derived income, maximum 17% personal tax, no other taxes
- on the international stage, HK business registration is very well accepted because HK has a very good business reputation, which I see as a positive
- the HK system is very attractive to foreigners, a foreigner can own 100% of a HK business no problem, no foreign lists etc. All the business requires is a HK address & a HK company secretary, both of which you can hire for a small yearly cost
- HK registration is favourable if there's ever any chance of dealing with China
- I know of several people who operate HK registered businesses here, none of them have a problem with it
There are alternatives to HK. For example I've heard Labuan mentioned as a good place to register a business. My hesitation with that is I don't think that Labuan leverages any benefits, & the only recommendations I could find online were from a lawyer who specialises in business registration in Labuan. That opinion wasn't objective enough for me, but may be suitable for others.
DaveLock posted the above in another topic, and it was such good info and such an important topic, that I felt it deserved it's own topic. I would REALLY appreciate opinions and advice on the Pro's and Con's of each path. (I have quoted his post and pasted it here with his permission). Thanks guys.