Introduction
The Philippines has become one of the top business destinations for foreign companies looking to expand internationally. Because of the country’s expanding consumer market, fast-growing economy, and strong business process outsourcing (BPO) sector, many companies across the globe are attempting to enter the Philippine market.
Aside from these, the Philippines also has a large pool of talent, equipped with the highest skill level, education, and training. Add to it that the country is one of the world’s largest English-speaking countries with a literacy rate of 90%, becoming one of Asia’s best when it comes to proficiency in the language.
For growing companies, it is important to look for a reliable firm to ensure a smooth and successful expansion. With Yap, Kung, Ching & Associates Law, you can get access to one of the best market entry services in the Philippines, thanks to our knowledgeable and experienced lawyers. Read on to learn about the key factors to consider when hiring a market entry firm.
What Are Market Entry Services and Why Do You Need Them?
Market entry planning requires a lot of work. From dealing with legal considerations to searching for a business site, companies without the necessary knowledge may face difficulties in expanding. This is when market entry services come into play.
With their expertise on Philippine laws and regulations, market entry consulting firms ensure that local or foreign businesses expanding to the country comply with the regulatory requirements for the specific industry they are involved in. They can also help business entities ease into the market without delay and inconvenience by helping them acquire licenses and set up bank accounts necessary for their operations.
Factors to Consider for Market Entry Services in the Philippines
When looking for a market entry consulting firm to help you with expansion to the Philippines, it is essential to carefully vet candidates to make sure that they meet your needs and will give you impeccable service. Below are some factors to consider.
Reputation and Proven Track Record
One of the most important aspects to look into when choosing a market entry service in the Philippines is its reputation. Make sure that they have a proven track record of helping local or foreign companies set up their business in the country and that their lawyers have extensive experience in the relevant field.
You can look for testimonials on websites, social media, and industry forums, or ask business owners who have previously procured the service. This will help you learn if they have a good reputation, if their values match yours, and if they have a track record of achieving excellent results.
Range of Services
When vetting firms, one way to ensure that they can match your needs is to evaluate what is included in their market entry service. This can help you save money and resources in the long run, minimizing your need to hire another firm or more people to help you set up shop.
At YKC Law, we assist our clients in registering their business with the Philippine Securities & Exchange Commission (SEC), the Department of Trade and Industry (DTI), and other agencies, setting up a corporate bank account, and obtaining necessary licenses and accreditations. We also provide accounting and payroll services on a retainer arrangement to ensure tax compliance.
Knowledge and Expertise in Local Regulations
When considering expansion, especially with a foreign market entry strategy, it is important to hire a law firm with extensive experience and knowledge in the local regulations of the target market. A firm with the appropriate knowledge can provide your company with guidance on regulatory rules, licensing, and labor laws, helping you avoid potential legal pitfalls.
YKC Law, with our team of reputable attorneys, have a broad understanding of the Philippine laws, including taxation, corporate, and labor regulations. We provide our clients with localized insight on market entry, helping them ensure a smooth and lawful entry into the market.
Service Costs and Value
When establishing a business, legal expenses can represent a significant portion of your investment. Therefore, it is important to consider a law firm’s service costs and pricing when doing your market entry planning. Make sure to hire a firm that can provide you with transparent pricing, solutions tailored to your industry, and long-term value.
Evaluating a firm’s cost-effectiveness helps you make sure that your legal support aligns with your company’s budget without compromising the quality of service.
Prompt Response and Transparent Communication
Hiring a proactive law firm that can give you a prompt response and transparent communication is vital for a foreign market entry strategy. This is extremely helpful when unexpected regulatory conflicts arise, especially when you are navigating an unfamiliar legal environment.
Having quick access to a reliable legal counsel ensures that you can swiftly respond to challenges, resolve issues efficiently, and make adjustments to keep your business up and running.
Build Success With Yap, Kung, Ching & Associates Law’s Market Entry Services
A robust market entry planning is necessary to ensure a successful business expansion. This entails getting a legal partner who can help you navigate the intricacies of your target market’s laws and regulations. Partnering with YKC Law and procuring our market entry services can help you build success, thanks to our team of experienced lawyers.
Our services go beyond giving you insight on the Philippines’ legal environment – we can also help you secure business registration, licenses, permits, and accreditations with the right government agencies, set up a corporate bank account, and comply with taxation laws.
Conclusion
Expanding your company can be costly and time-consuming. However, hiring a reputable law firm with quality market entry services in the Philippines can help you establish your business smoothly and more efficiently, and can even minimize expansion costs. With YKC Law, you can be confident that you are partnered with a firm that has a good reputation, an extensive range of legal offerings, wide experience and expertise in local laws, valuable services, and prompt response to your needs and concerns.
Need legal support for your business expansion? Contact us today to get started.
