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Dave Hounddriver

New Foreign Ownership Law!!!

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Well, Duterte finally signed the updated Foreign Investment Negative List.  (Click for link).

Most things have remained the same but now there is an opportunity for foreigners who want to work here and own 100% of the following businesses.  It's some good news.  No longer a need for a corporation and Filipino partner for these businesses.  You still need permission to work though.

Quote

 

100 PERCENT FOREIGN OWNERSHIP

Meanwhile, the National Economic and Development Authority (NEDA) said with the signing of EO No. 65, five investment areas and activities will now allow up to 100 percent foreign participation. These are:

1. Internet businesses
2. Teaching at higher education levels provided the subject being taught is not a professional subject (i.e., included in a government board or bar examination)
3. Training centers that are engaged in short-term high-level skills development that do not form part of the formal education system
4. Adjustment companies, lending companies, financing companies and investment houses
5. Wellness centers

 

 

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So we can legally own a 5-6 business now :dance:

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6 hours ago, Gary D said:

So we can legally own a 5-6 business now :dance:

Most of us do but it is called a 5-0 business,don`t see a return on investment. 

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The Internet business will be interesting.  So foreigners can now own an Internet Cafe without putting it in a Filipina's name?  Its not clear, but if that is what it means do we have to put up a sign that no underage patrons are allowed in our presence?  There goes that business idea.

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2 minutes ago, Dave Hounddriver said:

The Internet business will be interesting. 

Unless its detailed somewhere what it really means is anyone's guess. Could it include call centers or work from home internet business.

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2 hours ago, Jollygoodfellow said:

Unless its detailed somewhere what it really means is anyone's guess. Could it include call centers or work from home internet business.

Ah! there you have itQuestion mark.jpg :89:

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The internet business just means selling actual internet like PLDT etc.

Edited by fillipino_wannabe
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Clearing the way for the Chinese (who of course are known for bringing in their own people ) ? 

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Seems to me that “internet business” is pretty vague in it’s wording. Doesn’t say ISP which in theory is a telecommunications provider. Do they mean that we can now have blog sites that make money, Internet cafe, coding web sites etc. I think the wording and intent needs to be clarified.

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5 hours ago, TimL said:

Seems to me that “internet business” is pretty vague in it’s wording. Doesn’t say ISP which in theory is a telecommunications provider. Do they mean that we can now have blog sites that make money, Internet cafe, coding web sites etc. I think the wording and intent needs to be clarified.

I searched around about it before and saw another link that said ISP only, will have a look for it later.

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