I haven't visited the Philippines ever. But I'm going to fix that. I'll make one or two exploratory trips and do some investigation before applying for an SRRV. Once all that's done, I want to buy a business. I have 40+ years of business experience in various countries, including in "developing" countries. Yes, sure, doing business in the Philippines is different, but I'll figure it out (including how to grease palms - the techniques differ from country to country, LOL).
I've already learnt a fair bit and am aware of the 1991 Foreign Investment Act, and the "negative lists" ie. businesses that can't be majority owned by foreigners. In some sectors, you need to have 60% ownership in the hands of the locals. I want to avoid those sectors.
Other sectors are fine, and Domestic Market / Retail Enterprises can be 100% foreigner owned - subject to a minimum of $200K paid up capital. There is an exception for export oriented businesses which are (usually) also exempt from the min cap requirements. BPOs, call centres etc are considered export oriented businesses.
But it's so difficult to get information about buying businesses in the Philippines. The market for buying / selling businesses is nowhere near as developed as it is in the west (and I get the reasons for this so this is not a complaint!).
Link Business Brokers seem to be the largest brokers there but even they don't seem to have a clear buy-side operation. They take on sell-side mandates but don't seem geared (despite what they say) to take on a paid commission to source deals fitting an investor's pre-defined criteria.
I would use proper local commercial lawyers etc to advise on any deal and to draw up the documentation / assist with formalities, not to mention a full due diligence check. Yes, it'll cost money to get all that done, but I don't feel this is optional.
Anyone has any suggestions on getting information / finding businesses for sale, apart from going to businessesforsale.com type portals? I'd rather look at off-market opportunities ie businesses not already listed for sale but where the owner could be persuaded to sell for the right price. I'm not looking for cafes / pubs / sari sari stores etc. I'm looking for something generating $100K - $500K in annual profit (not revenue) - perhaps a manufacturing business, a BPO or Virtual Assistant provider, maybe something in logistics / recycling / green energy / automotive / something else.
Anyone here who owns a business?