Are you familiar with PEZA? If you’ve thought about opening a business in the Philippines, the Philippine Economic Zone Authority, or PEZA, can provide multinational companies with impressive incentives.
To learn more about expanding your business in the Philippines as well as the benefits that can come with doing so, keep reading. Learn more about this strategic business location and the incentives you can receive for choosing to scale your business there.
Get Access to a Talented and Well-Educated Work Force
The Philippines is one of the fastest-growing economies with tons of talented and well-educated professionals entering the workforce each year. Also, the area boasts one of the highest literacy rates in the world, with many natives that have a great grasp of the English language. This allows you access to employees that understand local workings while also being able to communicate clearly with your team in the United States.
The online marketplace is also booming in the Philippines, which has influenced many to receive education in fields like marketing, design, technology, and engineering. This allows you tons of local professionals that can help to support your business as you expand into the Philippines.
A Strategic Business Location Geographically
The Philippines is a strategic business location for those traveling for business to other areas and capitals of the Southeast region of Asia, as most of the most prominent destinations are only about four hours away by plane. This makes it a very important pitstop for global shipments. The area boasts the Port of Manila, the largest port in the country making it a great area for businesses to handle their manufacturing, shipping, and receiving.
Along with the ports available in this area, there are also plenty of business centers and infrastructure to allow you to open a business in this region. There are ongoing projects being developed in the country to work towards advancing the economy and infrastructure to make business partnerships and opportunities easier than ever before.
PEZA: Receive Government Incentives for Business Endeavors
Another reason that many choose to open businesses in this country is the incentives that the government offers business owners. The country is very accepting of foreign investors, especially those that work towards their business and economic development goals. This means that those that decide to set up business in the Philippians can be offered incentive packages from the local government.
The Board of Investors or BOI of the Philipiean government offers incentives like PEZA to provide packages to multinational companies. This includes income tax holidays, tax exemptions and dedication, as well as duty-free imports. Also, businesses are only subject to about five percent of a tax rate overall. Click here for lawyers that can help make this process go as smoothly as possible for you and your business.
Consider Growing Your Business in the Philippines
As you can see, the Philippines are a great area to expand your business considering the incentives like PEZA that are offered.
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