# I'm so crazy so I will start business in the Philippines WITHOUT being in place :)



## Lunkan (Aug 28, 2020)

I'm so crazy so I will start business in the Philippines WITHOUT being in place 🤣
After searching for objects for years and researched a lot, my plans have been ready long time, but being delayed by of an injury and covid. Now I have got to bored by the delay, so I will soon start the less hard of the two business idea I have in my plan. (The other is to complicated, I need to be there to check tests and if employees have understood correct.)
I found a Filipino who has (most of) te technical knpwledge allready - recomended by American for his well done work he has done as hired WITHOUT needed to check him, just tell how and agree the total pay. That American has hired that Filipiino's team for several projects.
So I will start a company together with mainly him, plus a few others, but the others have to litle power to screw up any serious  and the good one will handle almost all anyway, but I will solve so some administration stuff will be solve, because he isn't used to some of that.

I will own almost half of the corporation and will send money only to the corporation bank acount. Through the company I will own 40 % of the* land *the corporation will get plus a still in negotiation part of assets on it. That Filipino "pay" his shares by the land the corporation will get from him, so it will be rather equal worth to the money I will send to finance the developing of it. 
Just waiting at approval of legal documents - in difference from the illegal solutions several Filipino lawyers make  I have written them myself based on templates, so they need checking by Filipino lawyers to see if they break any law I don't know of but probably not. After signing, notarization and approved corporation registration we are up and running. The Filipino is eager to start his team. He has allready made some good deals for the corporation 👍 just need signing by the parties when the corporation is registered. 

Left to see if I will be screwed  but I have communicated much with people who know him too, and none of them have said anything wrong - I have caught several others by they mess up in their lies - , so these people have to be honest or extreemly good scammers...  
(I have found and posted about some scams in Filipino forums and told direct to itnterested Filipinos long before it became known scams by the scam projects or scammer's "tells" I have found. So left to see if any of these scammers will stand at the airport angry at me when I arrive 

IF it functions, I will have saved much time and the corporation will be much closer to "big" earning or perhaps even reached that when I arrive. (I will not send so much money, so the earning will not be so big in dollars, but estimated earning in a cycle is 3-4 times the investment. I will NOT invite foreigners to invest, because I want all 40 % myself  but if my business partner agree we will invite small Filipino investors so we can exband faster than otherwice by he can't finance more by own land, so he can't finance more of the Filipino 60 % share himself. But he would earn by such exbantion anyway by his team will earn more by geting more work. We have agreed allready about how much he demand for work and that's same as he has got from other projects, although I will give him 10% extra beause I want to motivate his team some extra.)

And iff it don't functions, then I have lost some of my savings  
(Although it would be some hard to lose my share of the land even if someone disapear with my money, because I will have proof of my share of the corporation before I send any money. Done by one I know, but my business partner don't know so I get some double check.)

It's a winn-winn situation good for both of us, because he has land but no money to develop it and I have money but no land to develop  And he solve my problem with foreigners can own max 40 % of such corporations by he agree to the complicated solution I want. 
He is not high educated but clever. I hope he is clever enough anyway to understand he will earn much more in the long run if he don't scam me 

I like "impossible" challenges anyway and have done some, which normal people wouln't even think of , but I'm not normal 🤣


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## Gary D (Oct 28, 2013)

How did you address the issue of President, Secretary and treasurer. That's more than two people. The treasurer must be resident in the Philippines and the Secretary must be both resident and a citizen.


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## Lunkan (Aug 28, 2020)

Gary D said:


> How did you address the issue of President, Secretary and treasurer. That's more than two people. The treasurer must be resident in the Philippines and the Secretary must be both resident and a citizen.


 They are all Filipinos as well as the CEO. Two are my business partner and his wife. The other two are Filipinos with relevant knowledges, not knowing each other. Probably. The CEO isn't decided yet but a skilled person is asked if interested but haven't finnished thinking yet. It's low pay because almost no work, but very good pay per hour  My business partner, who has the technical knowlegde, will handle the work beside paperwork anyway. Except in startup there is very litle other work.

I don't know yet if the CEO can be a board member too. If it's allowed and I see my business partner handle his things good, he will become CEO too. 
(Before I send money, all will be checked by a skilled and not scammer lawyer - if I find any  Two law companies in Manila seem good, one of them recomended, but I prefer if I can find one inside same region as the business so it's easier to visit.)

Plus we will get an acountant service to handle acounting and tax forms.

All owners with at least 20 % of the shares have veto right to stop some types of CHANGES, so a majority can't run over a minority concerning a few in the Corporation presentation precised things, which can risk the company. (Big loans and land selling.) Not checked by lawyer yet, but I suppouse it's legal. 

The Filpinos can vote down us foreigners about many other things, but I believe enough of them are clever enough to understand they earn more by not


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## winkybile (Sep 11, 2020)

My partner recently got 5 out of 6 numbers in the 6/55 lotto and got 200k for it. we didn't want to let anyone know about it so I cant ask anyone we know personally for suggestions. It may not be much but we want to make sure we use it wisely as we have 2 kids. Any suggestions? (moderated)


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## Gary D (Oct 28, 2013)

winkybile said:


> My partner recently got 5 out of 6 numbers in the 6/55 lotto and got 200k for it. we didn't want to let anyone know about it so I cant ask anyone we know personally for suggestions. It may not be much but we want to make sure we use it wisely as we have 2 kids. Any suggestions? TIA


It's not a lot so I'd put it in a bank time deposit. Just bare in mind the higher the interest offered the higher the risk, even to good to be true.


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## Lunkan (Aug 28, 2020)

winkybile said:


> My partner recently got 5 out of 6 numbers in the 6/55 lotto and got 200k for it. we didn't want to let anyone know about it so I cant ask anyone we know personally for suggestions. It may not be much but we want to make sure we use it wisely as we have 2 kids. Any suggestions? TIA


 Check international bank ING. They cooperate for instance with Lhullier so you can both deposit and get out cash in many places in Phils. Can get ATMcard from them too connected to your acount too arriving in a few days. ( 4% interest yearly few new acount,)


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## elwishseven (Dec 17, 2020)

all the best for your future venture 
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## Lunkan (Aug 28, 2020)

elwishseven said:


> all the best for your future venture


 Thank you. 
It's not much in the future though  we have allready started.
This week we made a hasty check of two much misstreated businesses for sale cheap, which sounded very interesting at the desciptions to buy and solve the mess the owners have made. One seem very interesting still, while the other is probably "unrepairable" (=Not worth trying.)
Detailed check will be done of the interesting one. It will take some time, so I hope it will be done before Christmas, so I get the hoildays to calculate and make the details of the solution plan for the mess. (The basic part of the solution I know allready, that's why I search for such messed up businesses for sale cheap.) 
And then we will probably buy it after the holidays.


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