Can the bank account for a Philippine SIRV investment immigration be closed midway?
Generally, during both the application process and while maintaining the visa, the related bank account should remain active to demonstrate the continuity and legality of the investment funds. Closing the account prematurely may be considered a withdrawal of investment, which could jeopardize visa validity. It’s strongly advised not to close the account until the Bureau of Immigration or the Board of Investments confirms there are no restrictions or regulatory requirements.
2) Does the Philippine SIRV investment visa allow investments in IT or internet companies?
Yes. The Philippines is supportive of IT and internet industries, provided the company complies with local laws and is eligible under SIRV guidelines. Investments in properly registered IT firms can qualify, as long as they meet the economic activity and industry eligibility rules set by the BOI.
3) Can Philippine investment immigration be part of a child’s education plan?
Yes. Holding an SIRV visa allows the principal’s dependent children to reside in the Philippines and access local education resources, including international schools and universities. This can be a practical component of a long-term education plan.
4) Does the Philippine SIRV accept digital/scanned copies of documents?
For initial screening, clear scanned copies are often acceptable. However, for formal submission, original documents or certified/authenticated copies are typically required, especially for legal and financial records. English translations (notarized or consular-certified) are mandatory for non-English documents.
5) Is the SIRV mutually recognized by other countries?
No. The SIRV is a Philippine-specific long-term resident visa. It does not have reciprocity or mutual recognition with other countries’ immigration systems and cannot be used directly for entry or residency elsewhere.
6) Is it necessary to hire an immigration agent for SIRV processing?
Not mandatory, but strongly recommended. A qualified immigration agent or lawyer can ensure accurate documentation, streamline the application process, and reduce the risk of delays or rejection.
7) Does the SIRV allow investments in technology-based start-ups?
Yes. Technology-based start-ups can qualify as investment targets if they are duly registered in the Philippines and meet the BOI’s eligibility and sector requirements.
8) Must an SIRV investment project have a business license?
If you are establishing a new company, a business license is required from the relevant local government unit. If you are investing in an existing business, the company must already hold all required operating permits.
9) Is there a time limit for the audit report required for an SIRV investment application?
Yes. The BOI typically requires the most recent audited financial statements, usually covering the last fiscal year. This helps verify the company’s compliance and financial stability. Specific deadlines should be confirmed with the BOI or Bureau of Immigration.
10) Can an SIRV investment visa be used as a basis for an international business invitation letter?
Not directly. An SIRV is a residency visa, not a business invitation document. However, your status as an investor and resident can be cited when requesting business invitations from Philippine companies or institutions.
11) Can an SIRV application be handled entirely by an authorized representative?
Yes, an authorized representative can prepare and submit your application, but the principal applicant must still provide genuine documents and may need to appear in person for certain steps, such as biometrics or interviews.
12) Does the SIRV allow foreign majority ownership?
It depends on the industry. The Philippines restricts foreign ownership in certain sectors (e.g., mass media, land ownership). However, many industries—such as manufacturing, IT, and export-oriented enterprises—permit up to 100% foreign ownership under Philippine law.
13) Is a business plan required for an SIRV application?
Yes. Applicants are required to submit a detailed business plan showing the project’s legality, feasibility, and expected economic contribution to the Philippines.
14) Does the Philippine investment immigration SIRV include a work permit?
No. The SIRV is a long-term residency visa for investors and their dependents; it does not authorize employment. If you wish to work in the Philippines, you must separately apply for an Alien Employment Permit (AEP) and, in most cases, a 9G work visa.
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