LaoAnita wrote:don't you want to do business in cebu?
in lapulapu city, there are many foreigners with filipina girl friend doing bar business near the seasides.
doing financial investment in the philippines is good too
if you are interested,
please do let your girl friend contact me.
i can give her moe ideas.
am an accredited license agent
Wow… I think ALL expats need to review and perhaps calibrate certain key words here with ANY local person offering assistance/help/services.
Key words:
Ownership
Doing Business,
Investment
Accredited (by what authority)
Licensed Agent
Regarding properly documented "Accredited" and or "Investment agents" - Since this topic is on investing in the Philippines, I have made the assumption that locals offering services here are offering investment connected services with investment connected Philippine credentials. One must be very careful with what organization is producing accredited, licensed agents for investments here in the PI. Review RA 7042 and pay attention to Rule XVIII Section 1 on fines.
Regarding owning a bar - For any person wanting to follow the laws and be properly protected under said laws, read and understand EO 98 "Foreign Investment Act of 1991" as amended in 2012 & 2014. Then pay close attention to the Negative A list "Foreign Ownership is Limited…" and "No Foreign Equity", Section 3 ("Retail trade enterprises with a paid-up capital of less than US$2,500,000.00")… This still means any foreigner that does not put down $2.5 Mil, can't have any % Foreign ownership. I would be shocked if any foreigners in Cebu or any other location are "Legal Owner" of such bars. Anything less than documented ownership is pure "wealth/asset transfer" and not a proper investment, IMHO.
Next, spend time reviewing RA 8762 to see how these Rules and Regulations are implemented on Foreigners.
The rules and laws are not getting more pro-foreigner. A news article by Philippine News Agency and InterAksyon.com Stated, "MANILA, Philippines - President Benigno Aquino III has expanded the list of investment areas and economic activities that prohibit the participation of foreign investors under the 9th Regular Foreign Investment Negative List.
The said list enumerates the industries and business activities that are open to Filipino businessmen, and defines the extent of participation of foreign investors in areas allowed by specific laws and the Constitution."
There are many laws and rules and as a partnership/sole proprietorship/or corporation with a foreigner, many can be enforced (at will) as soon as any person complains or there is a family issue.