Recognizing its numerous potential benefits, international expansion is the chosen path of many businesses who wish to expand and diversify their markets and improve their revenue and/or profits. This path, however, is far from being easy. There are numerous challenges to moving or expanding into Philippines such as setting up a physical office presence, finding the right workspace with the right lease terms, and dealing with divisions created due to communication barriers.
In spite of these difficulties, this venture is still worth the risk, as more and more companies have proven that operating in the Philippines has helped them generate better financial results compared to their competitors who work locally. In case you have decided to take the risk and follow the lead of other businesses, this blog post just might help you ensure success in your expansion.
- Work with right people.
Business processes and requirements in the Philippines are quite complicated, and often, are mired with red tape. This is why it is important to work with a trustworthy team who can walk you through registration, document filing, and other steps in establishing a business. Hiring the right provider and people will give you access to local knowledge and expertise that will give you information you need to make the right decisions.
- Choose your location wisely.
Should you opt for a Makati serviced office or a traditional office space in Fort Bonifacio? Does it offer tax exemptions or PEZA incentives? What is the business landscape and lifestyle in the city? These are just some of the questions you need to ask before choosing the location for new office. Your new office space should have the following criteria:
- It should match your requirements as an employer. (i.e. access to a talented workforce, provide a reputable business address)
- It matches your business needs. (i.e. office space size, lease terms, price)
- It has the infrastructure and amenities you need to sustain the standard of business operations in your company.
- Perform diligent and careful planning.
As mentioned earlier, one of the biggest challenges in overseas expansion is making your presence felt in a foreign country. This is why it is necessary to plan ahead, set the right goals for this expansion, anticipate your growth, and perform research in order to avoid property commitments, unnecessary costs, and stifled growth.
When entering a foreign market, having a reliable in-country team will ensure easier deal negotiation and proper management and support to various business channels. KMC MAG Group is one of the top real estate firms in the Philippines, offering top offshoring corporate services that will help reduce the risks in moving and investing in the country. We have the right mix of expat and local staff to provide appropriate and up-to-date consulting advice. Contact us today to know more about establishing a business in a traditional office space or in any of our Fort Bonifacio and Makati serviced offices.