Corporate compliance, just like tax and other reportorial requirements, is easier if handled by an army of staff, whether organic or outsourced. For small and medium entrepreneurs (SMEs), however, employees cannot be considered as mere items of expense in the corporate books, for the simple reason that SMEs are naturally saddled with a lower spending cap. The enterepeneur ends up doing the marketing and selling, while performing the administrative backend, including corporate compliance. Continue reading
What to do when one has no business idea and no business capital? The good thing about the query, received through email, is the obvious interest in doing business. It’s important to note that much of the risk in doing business lies in the insufficient understanding of the nature, requirements and prospects of the business. Peter Drucker, widely regarded as a management guru, succinctly noted that “entrepreneurship is “risky” mainly because so few of the so-called entrepreneurs know what they are doing.” There is, therefore, everything to gain in asking questions, especially for new entrepreneurs. Continue reading
[See also Filipino Time is On Time]
Republic of the Philippines
Congress of the Philippines
Third Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand twelve.
REPUBLIC ACT NO. 10535
AN ACT TO SET THE PHILIPPINE STANDARD TIME (PST) IN ALL OFFICIAL SOURCES THROUGHOUT THE COUNTRY, TO PROVIDE FUNDS FOR THE INSTALLATION, OPERATION AND MAINTENANCE OF SYNCHRONIZED TIME DEVICES TO BE DISPLAYED IN KEY PUBLIC PLACES AND TO DECLARE THE FIRST WEEK OF EVERY YEAR AS NATIONAL TIME CONSCIOUSNESS WEEK
A recent query concerns the liability of incorporators (incorporators are basically the stockholders who created the company, with their names appearing in the articles of incorporation). We briefly touched on the liability of incorporators in a previous post (Forms of Business: Sole Proprietorship, Partnership, Corporation). In incorporating a business for our clients, we sometimes need to address the same concern so we might as well have a discuss here. Continue reading
The usual reason given by Overseas Filipino Workers (OFWs) in leaving the Philippines, and enduring the separation from their families, is the greener pasture at the other side of the fence, wherever in the world that may be. We’ve previously noted that perhaps it would help OFWs to become entrepreneurs. Invest or start a business, whether in the Philippines or abroad, and create a financial buffer in case they decide to “retire” from work abroad and return to the Philippines. Someone asked how to start a business in the Philippines. We’ll put ourselves in the shoes of our OFW brothers and sisters, then ask: what would we do?
It’s easy to talk about business and entrepreneurship — how it’s done, tips in running a successful business, top business prospects for the year, business ideas with huge potentials, and just among the myriad of topics that could be discussed by just about anyone.
Fashionably late. “Filipino time” is equated with being late, so much so that arriving late has become fashionable. There appears to be a sick assumption that being late is a sign of power and importance — those who arrive last has the most power (or would want to appear as the most important). In the remote possibility that you haven’t noticed this practice, try to validate this observation in your next meeting or appointment. Tardiness may be tolerable when attending a birthday party or some other social events, but it is absolutely a no-no in business. Meetings, transactions, deliveries, and all other aspects of business require promptness. There are a number of reasons why being on time is crucial.
Business people complain about fixers and red tape in government, which are problems in business registration and other aspects of doing business. There’s a law especially enacted to combat it.
Knowing what to expect from government agencies performing frontline services is important minimizing red tape. It’s always good to point to some legal basis in demanding certain standards from government offices and agencies.
Red tape or government inefficiency is among the problems identified by businessmen doing business in the Philippines. Speed kills in boxing, as in business. Faster internet connection. Faster delivery time. Faster service response. Everybody seems to complain about red tape and fixers. Yet not everybody knows that there’s a law especially enacted to combat it.