Operating a business while living in another country
I would like to operate a business in another country, specifically the Philippines, while residing in America. I'd like to know if there are legal restrictions in doing so. I would like to have my friend there register the business under his name and send the profits to me. Would there be a problem reporting this on income taxes? Do I need to set it up like a franchise? How do I legally go about this? Thank you very much for your help.
Answered on: 8/08/06, 5:57 am by Rainier Mamangun
Re: Operating a business while living in another country
You can set up a corporation in the Philippines to operate your business. Depending on the nature of the enterprise, there are certain restrictions as to ownership of the proportion of stocks by foreign entities. Another option is setting up of a sole proprietorship by your "local" friend who could remit to you the earnings of the business. For further queries, please email me at email@example.com or firstname.lastname@example.org. Thank you.
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