Business accounts: Philippines
An honest assessment before work starts, the quote is fixed in writing.
The Philippines is one of Asia's fast-growing economies with a large English-speaking workforce: customer service centres, software development, trade, tourism and manufacturing operate here. Banks are supervised by the Central Bank of the Philippines, and the currency is the Philippine peso. In February 2025 the country was removed from the international anti-money laundering body's list of jurisdictions under increased monitoring, which made it easier for banks to work with foreign partners. A business account here is opened for a Philippine company registered with the Securities and Exchange Commission.
A foreign-owned company
| Question | How it works |
|---|---|
| Foreign share | up to 100% in most sectors, except those on the closed and restricted list |
| Capital for a domestic market company with more than 40% foreign ownership | at least $200,000 paid-in capital |
| Reduced threshold | from $100,000 if the company uses advanced technology, is an endorsed startup, or most of its employees, at least 15, are Filipino citizens |
| Export company | no capital threshold if exports are at least 60% of sales |
| Registration | the Securities and Exchange Commission online, then the tax authority and a mayor's permit |
A one-person company is also possible. Foreigners pay in capital by transfer from abroad through a Philippine bank, and the bank itself confirms that transfer.
We will calculate online the cost of opening an account for your company and maintaining it for a year.
What the bank will check
- The Securities and Exchange Commission registration certificate, articles and by-laws.
- The company's annual general information sheet listing shareholders, directors and officers.
- The tax registration certificate and the mayor's business permit.
- A board resolution on opening the account and authorised signatories.
- Signatories' IDs and details of the ultimate beneficial owners.
- Business description, clients, payment countries and currencies, source of capital.
How the opening works
| Stage | What happens | Time |
|---|---|---|
| 1. Company | registration with the Commission, tax authority and city hall | 3-6 weeks |
| 2. Capital | transfer of capital from abroad and the bank's confirmation | 1-2 weeks |
| 3. Pack and review | documents, signatories' meeting with the bank, business questions | 1-3 weeks |
| 4. Setup | peso and dollar accounts, online banking, payment systems | a few days |
Payments and currency
- Instant peso transfers up to 50,000 pesos per transaction run around the clock; larger sums go by batch transfers during the day.
- Companies usually hold both peso and dollar accounts.
- For a foreign owner to repatriate capital and pay out profit in foreign currency bought from banks, the foreign investment is registered with the Central Bank of the Philippines.
Taxes and protection of funds
| Question | How it works |
|---|---|
| Corporate income tax | 25%; 20% for companies with taxable income up to 5 million pesos and assets up to 100 million pesos excluding land |
| Value added tax | 12% |
| Deposit insurance | since 15 March 2025, up to 1 million pesos per depositor per bank, ~$16,000 |
Dollar amounts are converted at the market rate of 5 October 2026, about 62.57 pesos per dollar, and rounded up.
Who gets refused
The bank will refuse if the company lacks any of its registrations and the mayor's permit, if the capital was not paid in through a bank or its source cannot be proven, if the ownership structure is opaque, or if the company, its owners or counterparties are linked to sanctions. We check whether the bank works with your citizenship before preparing documents.
What we do
Murblz specialists check whether your business falls under the restrictions for foreigners and what capital is needed, register the company with the Commission, tax authority and city hall, arrange the capital transfer, foreign investment registration and account opening, prepare the business description and support the meeting with the bank. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property
FAQ
Can a foreigner open an account for a Philippine company?
What capital does a foreigner need in the Philippines?
What taxes does a company pay in the Philippines?
Is company money in a Philippine bank protected?
How can profit be sent abroad?
How much does it cost to open a company account with your help?
Don’t want to figure this out alone?
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