The SEC has amended the requirements for the GIS (General Information Sheet) that is required for all entities that are registered with the SEC. In Memorandum Circular 10 of 2013 the SEC makes some minor changes to the requirements.
The changes are as follows:
- The number of copies required to submit has been reduced from 5 to 4, in an effort to reduce paper.
- Previously the SEC decided that foreign directors or stock holders should post their passport numbers however they have now decided that Tax Identification Numbers should be posted even for foreigners.
- It is required to identify the sex of each director/shareholder
- It is now required to include page 1A of the anti money laundering act as well.
While these are minor changes it is important to note as late filing of the GIS will result in a corresponding penalty from the SEC.
GIS is required to be submitted annually or whenever there are any changes in the board structure, shareholders, or contact information of the company. This is also true for foreign corporations like Branch Offices, Representative Office, and ROHQ/RHQs.
For more information on how to file your GIS or information on how to establish a foreign entity in the Philippines feel free to contact Triple i Consulting.