Manila office towers with PEZA accreditation stand out
Amid the boom of office space particularly in Metro Manila, many companies are increasingly looking for favourable working conditions and environments which include beneficial business accreditations that provide an easier business environment and less red tape.
There is one particular certification in the Philippines which really matters for businesses, the Philippine Economic Zone Authority (PEZA) accreditation.
Companies located in a PEZA-accredited building or zone are entitled to a wide range of incentives and advantages beneficial to the company and, consequently, to its employees, as opposed to non-accredited buildings. For example, developer Century Properties has taken advantage of this by having its signature office development Century Spire PEZA-accredited.
Such a tower provides a business environment that many investors naturally find attractive. PEZA benefits include a 100-per cent income tax holiday of either four or six years for businesses involved in manufacturing, IT, tourism and agro-industrial activities, as well as reduced tax of five per cent on gross income after that, and also exemption from all national and local taxes.
Adding to that, companies at PEZA-accredited locations enjoy tax- and duty-free importation of raw materials, capital equipment, machineries and spare parts, zero VAT on local purchases of goods and services, exemption from expanded withholding tax and a number of other perks which have a direct practical effect on doing business.
The overall aim of these benefits is to bolster the flow of foreign direct investments into the Philippines by rewarding new entrants with fiscal and non-fiscal incentives. PEZA-accredited foreign entities in a PEZA-accredited location are also entitled to exemptions through PEZA’s non-fiscal incentives which include simplified import-export procedures, work permits for non-resident foreign nationals, as well as special non-immigrant visas with multiple-entry privileges for non-resident foreign nationals in a managing position and their spouses and children.
It is important to know that the main requirements an enterprise must comply with in order to qualify for PEZA registration are its location or business address – as it must be located in a zone or a building that is a PEZA designated zone, apart from eligibility of its activity.
The documentary requirements for registration include a project brief and feasibility study and a financial outline.This is the main benefit over a location which is not PEZA-accredited and where getting fiscal benefits can be a much more cumbersome process.
Altogether, for a foreign investor, obtaining PEZA accreditation and being located in a PEZA-accredited building means a shortcut in the bureaucracy normally involved in establishing business and allows for quicker and smoother operations.
For more information on PEZA you may visit: www.peza.gov.ph and learn more about establishing your business within a PEZA accredited zone such as Century Properties’ pre-selling office spaces at state-of-the-art Century Spire tower in Century City, Makati.
Amid the boom of office space particularly in Metro Manila, many companies are increasingly looking for favourable working conditions and environments which include beneficial business accreditations that provide an easier business environment and less red tape. There is one particular certification in the Philippines which really matters for businesses, the Philippine Economic Zone Authority (PEZA) accreditation. Companies located in a PEZA-accredited building or zone are entitled to a wide range of incentives and advantages beneficial to the company and, consequently, to its employees, as opposed to non-accredited buildings. For example, developer Century Properties has taken advantage of this by having...
Amid the boom of office space particularly in Metro Manila, many companies are increasingly looking for favourable working conditions and environments which include beneficial business accreditations that provide an easier business environment and less red tape.
There is one particular certification in the Philippines which really matters for businesses, the Philippine Economic Zone Authority (PEZA) accreditation.
Companies located in a PEZA-accredited building or zone are entitled to a wide range of incentives and advantages beneficial to the company and, consequently, to its employees, as opposed to non-accredited buildings. For example, developer Century Properties has taken advantage of this by having its signature office development Century Spire PEZA-accredited.
Such a tower provides a business environment that many investors naturally find attractive. PEZA benefits include a 100-per cent income tax holiday of either four or six years for businesses involved in manufacturing, IT, tourism and agro-industrial activities, as well as reduced tax of five per cent on gross income after that, and also exemption from all national and local taxes.
Adding to that, companies at PEZA-accredited locations enjoy tax- and duty-free importation of raw materials, capital equipment, machineries and spare parts, zero VAT on local purchases of goods and services, exemption from expanded withholding tax and a number of other perks which have a direct practical effect on doing business.
The overall aim of these benefits is to bolster the flow of foreign direct investments into the Philippines by rewarding new entrants with fiscal and non-fiscal incentives. PEZA-accredited foreign entities in a PEZA-accredited location are also entitled to exemptions through PEZA’s non-fiscal incentives which include simplified import-export procedures, work permits for non-resident foreign nationals, as well as special non-immigrant visas with multiple-entry privileges for non-resident foreign nationals in a managing position and their spouses and children.
It is important to know that the main requirements an enterprise must comply with in order to qualify for PEZA registration are its location or business address – as it must be located in a zone or a building that is a PEZA designated zone, apart from eligibility of its activity.
The documentary requirements for registration include a project brief and feasibility study and a financial outline.This is the main benefit over a location which is not PEZA-accredited and where getting fiscal benefits can be a much more cumbersome process.
Altogether, for a foreign investor, obtaining PEZA accreditation and being located in a PEZA-accredited building means a shortcut in the bureaucracy normally involved in establishing business and allows for quicker and smoother operations.
For more information on PEZA you may visit: www.peza.gov.ph and learn more about establishing your business within a PEZA accredited zone such as Century Properties’ pre-selling office spaces at state-of-the-art Century Spire tower in Century City, Makati.
