Previously, it was a requirement for all domestic corporations registering with the SEC in the Philippines to have their proposed Articles of Incorporation authenticated in front of a Notary Public. In an aid to better serve the Philippines business equipment, the SEC has recently issued a new Memorandum Circular easing the requirement for businesses.
This is just in time, with recommendations for less business travel, incorporates will no longer need to physically present themselves to a notary for the stamping of the Articles.
Now companies wishing to, may execute a Certificate of Authentication in the prescribed format of the Securities and Exchange Commission. This document doesn’t need to be notarized and can be executed by the company officers.
For companies where the incorporators are foreigners and the documents are executed outside of the Philippines the Articles of Incorporation must still be authentication and conzularized and the closet Philippines entity to the incorporators. However, even companies that are more than 40% owned by non-Filipino citizens can still issue a Certificate of Authentication for their Aritcles and the accompanying SEC Form F-100.
This is a great step in the Philippines effort to continuously ease business operations from companies.
To help protect the SEC, the government agency has also imposed a fresh set of penalties for any business that would violate the authentication. Ranging from 20,000 to 5,000,000 Pesos.
For any assistance in incorporating a new business in the Philippines please contact Triple i Consulting Inc. at info@tripleiconsulting.com
