Forming a Corporation
In the Philippines, where there is no Limited Liability Corporation (LLC), the closet entity would be a corporation – a set of separate juridical persons established under the Philippine Corporation Code and regulated by the Securities and Exchange Commission (SEC) of the Philippines. A corporation’s structure allows for the protection of the owners’ individual assets from that of the company, as it is an entity separate and distinct from that of the shareholders, whose liability in a corporation is limited to the amount of their share capital.
• Embodied by at least 5 to 15 shareholders
• Registered name with SEC
• Accomplished SEC form F-100 (for corporations with more than 40% foreign ownership)
• Registered paid-up capital and affidavit (amount depending on the percentage of foreign ownership)
• Obtained licenses and clearance from necessary government offices
• Secure company name
• Draft Articles of Incorporation and company information with directors
• Present Articles of Incorporation to local bank for placement of minimum paid up capital
• Present Articles of Incorporation and Bank Certificate to SEC for registration
• Complete licensing with all necessary government agencies
A Philippine corporation can be 100% foreign-owned, as long as it is not listed in the Philippine Foreign Investment Negative List (FINL). If a registered company is 60% Filipino-owned and 40% foreign-owned, it is considered a Filipino corporation. If it is more than 40% foreign-owned, it is considered a foreign-owned domestic corporation. This is important in transactions of land ownership, tax-incentive programs, and businesses with restrictions on foreign ownership.
Forming a corporation is a long process, and Triple i Consulting can walk your organization through all these procedures. We will ensure that your organization gets registered and incorporated quickly, without any unnecessitated complications.
Triple i Consulting’s services include:
• Drafting the Articles of Incorporation and forming the corporation
• Registering with the local government
• Sourcing out office locations through our partner
• Drafting the company manuals and employment contracts
• Providing recruitment and executive search services
• Accounting and payroll outsourcing
• On-going corporate compliance and filing
A corporation is good for almost any business, with its complex structure protecting its members and shareholders. Triple i’s team of consultants and lawyers can guide your company through the complete incorporation process here in the Philippines.