Foreign entities may participate in economic and commercial activities in the Philippines under Republic Act No. 7042 (RA 7042), as amended, otherwise known as the Foreign Investments Act of 1991 (FIA). A foreign company that does business in the Philippines needs a license from the Philippine Securities and Exchange Commission (SEC) for that purpose. Foreign corporations need to register a Philippine branch or representative office with the SEC to obtain the license. Alternatively, the foreign corporation can establish a Philippine corporation and operate in the Philippines.
In order to operate, proper documentation must be obtained from the Department of Trade and Industry or DTI for freelancers. On the other hand, corporations need to acquire appropriate documentation and approvals from the Security and Exchange Commission (SEC). Aside from the requirements mentioned above, other essential employment laws apply to contractors and freelancers.
The Importance of Knowing the Facts
Why is it important to know these facts? Quite simple. This is to avoid being employed by agencies that are not duly registered with the SEC for freelancers. Knowing their employment rights, such as the benefits and protections, will spare them from unscrupulous employers who deliberately miscategorize workers as ‘self-employed’. They do this to avoid granting their employees the basic employment rights they are due.
Remember that all employees are workers, but not all workers are employees. And it is true that the third category, the self-employed, has fewer employment rights. So, those independent contractors or virtual assistants who called themselves freelancers are not entitled to the basic employment rights that all employees enjoy. Therefore, it is still best to join a legitimate VA agency so you can enjoy the fundamental rights that most employed virtual assistants are enjoying.
Money can’t buy happiness, but even the wealthiest people find that they’re happiest when they’re able to buy more time. The same principle applies to virtual assistants. They can provide the same thing by taking care of the demanding and monotonous tasks that cause businesspeople stress.
VA (Virtual Assistant) providers can assist your business by handling the extra workload burdening your team or requiring skills you do not possess internally. While agencies can be slightly more expensive, you get what you pay for. So you want to make sure you’ll be guaranteed quality services for your investment. An independent freelancer may seem like the most economical choice. Still, it may end up costing you more money in the long run.
GoVirtuals: Your #1 Choice
And speaking of Virtual Assistant service providers, GoVirtuals offers the right solution for every business. From making appointments, clearing your inbox, website development, graphic designing, content writing, lead generation, and many more.
GoVirtuals is duly registered with the Securities and Exchange Commission (SEC) and has all the necessary permits needed to operate. By saying that, you can be sure that your tasks are in the right hands. Book a discovery call now, and let us help you have more time to focus on what matters most to you!
by Deanna Visperas of GoVirtuals.com
