Stricter rules set for foreign business in Davao

DAVAO CITY (MindaNews/6 Nov) — The City Council here passed landmark legislations asserting the protection of public interests and of local businessmen against foreign nationals running businesses in the city. The two ordinances, approved on second reading at the City Council’s regular session Tuesday, require stricter procedures for foreign nationals to do business in the city.  

City legislators approved the proposed ordinance prescribing guidelines in the registration of business establishments with foreign nationals in the city and other purposes.  

The ordinance outlined a registration procedure, requiring foreigners to have a business or investor’s visa, that they should apply for a tax identification number with the Bureau of Internal Revenue, that they should also apply for business registration either with the Securities and Exchange Commission (SEC) for partnerships and corporations and with the Department of Trade and Industry (DTI) for sole proprietorships.  Read the rest of the report on MindaNews.com.

About mindanaw

A Journalist from Mindanao

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