Tourism and travel have become one of the most expanded industries in the world, and the value and potential don’t seem to fade anytime soon. This includes sectors such as hotel management, predetermined plans, transportation, and other services. People love to go through different locations. And establishing a travel agency to accommodate their needs is worth the investment. So how do you set up your traveling business in the Philippines? Here’s a guide to follow.
Forming a business would require capital. You would have to cover for equipment and paperwork, including significant operations and utilities. The business owner should open a bank account in the Philippines with a minimum amount of PHP 5,000 ($100). This involves compliance with additional requirements in terms of identification of your travel agency and articles of incorporation.
Like any other establishment, it is crucial to come up with a unique name and register it to the department. However, the sector you would need to comply with is based on your type of business. Department of Trade and Industry (DTI) for Sole Proprietorships, Securities and Exchange Commission if your investment is corporate or partner-based, and Cooperative Development Authority for cross-parties. Licensing and applications should occur in the process. Moreover, you need other legal documents before starting. Here are the following:
- BIR registration (Tax Identification Number, Books of Accounts, Revenue Taxes, etc.)
- Mayor’s business permit (Local business taxes)
- DTI Registration (Trade names)
- SSS, PhilHealth, and Pag-Ibig Fund registration (Employer and employee remittance)
Secure all your clearances and permits. Don’t forget to communicate with the local administration where you plan to establish your entity.
Alternatively, you can also decide for a business takeover.
Accrediting your business entity would enable you to sell and accommodate local and international tickets of most airlines. You could offer more services as your agents are allowed and capable of revalidating tickets, re-book, re-issue, and more. To commit so, you could apply to the International Air Transport Association (IATA). It specializes in regulating airlines and travel agents. Non-authorized travel agencies would need to purchase directly from airlines or accredited ones.
Remember that those airline reservations and booking systems fuel your business entity. And as a startup, you could develop a strategy by reaching a broader spectrum through online services. Expanding your workforce and detailed offers are also acknowledged. Ensure that you hire the right people who share the same passion for assisting the people’s wonders.
Establishing a business requires effective communication and completion of paperwork. The process may seem extensive, considering the other factors you would have to evaluate. Hence, purchasing a travel agency is considered a wise option. The operations in conducting a business takeover are more convenient and cheaper. You wouldn’t have to worry about office residences. You could choose and buy a business for sale waiting for new owners.
If you are looking for platforms to sell your business in the Philippines, Easy Buy Sell Business, a Business for sales center will assist you. Purchasing and taking over establishments would be efficient and inexpensive.