How to register a CORPORATION with the Philippines SEC

Here is the guide on how to register a corporation with the Philippines Securities and Exchange Commission (SEC). Five (5) easy steps to follow…

1. Verify and reserve the proposed corporate name. You could do this the hard way, at the SEC Verification Unit, located at the SEC Building, EDSA, Greenhills, Mandaluyong City (right across the Philippine Overseas Employment Administration [POEA] and the EDSA Shrine). If you want to make your life a bit easier, you could do the verification and registration online, through the SEC-iRegister, a 24-7 portal. After paying the reservation fee, you will get a Name Verification Slip, which is submitted together with the other requirements.  

2. Prepare the Articles of Incorporation and By-laws. Blank forms are also available from the Company Registration and Monitoring Department (CRMD). The drafting of the Articles of Incorporation and the By-laws, as well as the other requirements, could also be done by your lawyer.  

3. Deposit the minimum paid-up capital in the bank. Banks usually require a resolution by the incorporators authorizing the Treasurer to open a bank account and transact with the bank. Get the bank certificate of deposit, as this is one of the documents that you have to submit to the SEC.   

4. Prepare the: (i) Treasurer’s Affidavit/Authority to Verify Bank Account; (ii) Written Undertaking to Change Corporate Name by any Incorporator or Director, Trustee, Partner; and (iii) Registration Data sheet. 

5. File the complete documents with the CRMD, upon payment of the requisite filing fees. Please note that for certain corporations, an endorsement from other government agencies is required, depending on the purposes of the corporation. For instance, a proposed bank, pawnshop or other financial intermediaries with quasi-banking functions must secure an endorsement from the Bangko Sentral ng Pilipinas (BSP). Certain businesses must also secure endorsements from other agencies, like the Department of Social Welfare and Development (DSWD), Department of Education (DEpED), Technical Education Skills and Development Authority (TESDA), Department of Energy (DOE), Department of Health (DOH), Insurance Commission, National Telecommunication Commission (NTC), Philippine Overseas Employment Administration (POEA), Philippine National Police (PNP), Maritime Industry Authority, or the Department of National Defense (DND). Please also note that there are differences in the registration requirements between Stock Corporations and Non-Stock Corporations. The requirements are also different when it comes to Partnerships, which are under the jurisdiction of the SEC. The registration guide for Non-Stock Corporations and Partnerships will be discussed in subsequent posts. 

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147 Responses to How to register a CORPORATION with the Philippines SEC

  1. xleon says:

    Very informative, I’ll visit this blog again once I am going to put up my own business. Thank you very much.

  2. lorena says:

    I want to open an international school,
    so, i want to know the specific proceddure and how i apply

  3. lilian schaler says:

    Please email me about the answers to Lorena’s question. Thanks…

  4. AJRB says:

    I would like to register aa a Corporation for my business which is related to building/construction/erection/fabrication/maintenance of telecommunication towers and my client would be telecommunication companies… My business could also accept contracts for building gates, house-related enhancements, but not building houses.

    How would characterize my corporation?

  5. Verification and registration of the company name on the SEC website is tedious and refuses many proposed names for many strange reasons. So to really get the name you want it is much better to go to visit the SEC ti reserve the corporate name.

  6. Wow.. five easy steps in registering a corporation here in the Philippines. Though. I think its not that easy as you see it.. At least, we have a guide on how to process registration papers. Great post!

  7. five steps in registering a corporation is not as easy as it looks, It will take sometime to accomplish each step in order to make the process go. so patience is a must…..

  8. Leeann Cruz says:

    Hello I’m about to start a non-stock corporation/foundation…your posts are old.

    Any idea please how much I must now lodge with the bank for a TITF corporate account.

    Also am I able to take this out later once this is approved?

    many thanks

    Leeann

  9. bizone says:

    @Leann – Thanks for dropping by. Will update.

  10. Renalyn says:

    Hello, I’m a R.P. citizen, live in Davao City and want to buy 9 hec. of farm land in Bukidnon. I understand a Pinoy citizen can only buy up to 5 hec. of farm land. More than that they must setup a Corp.

    Could I have the bank split the title and put 4 hec in my son’s name and 5 hec in my name so as to avoid having to set up a corporation? My son is under 18 years old.

    Thank you very much in advance.

  11. Tim says:

    Wow, so many steps! It’s like they don’t want you to register! Lolz!

    If I may ask, what is the minimum paid-up capital? Thanks!

    • Bong says:

      Minimum of Php5,000. But should be at least 25% of the subscribed shares and the subscribed shares must be at least 25% of the authorized capital.

  12. Pingback: 2010 in review « Buziness 1

  13. It is not easy for a foreigner to setup a business in the Philippines. There are many restrictions and red tape which makes things move very slowly.

    Use a business consultant so you won’t lose time.

    • bizone says:

      very well said. most if not all wannabiz in the Philippines wanted to fast track everything while avoiding red tape. truly, a business consultant is a big help. thanks for dropping by “DBC”. and its a nice business too…. c;)

  14. Sally says:

    Hi there

    I just wanna ask, in a corporation, if one of the directors need to withdraw some money in the future, can he/she withdraw some of it?

    Many thanks…:)

    • bizone says:

      hello sally,

      first of, thanks for dropping by. second, let us make the question straight to the point…

      1) withdrawal of dividends?

      if you are a holder of stocks of a corporation, you can receive and withdraw money from the company. its called dividends. but there are procedures that needed to be followed.

      2) withdrawal of capital (equity)?

      it is but normal to withdraw from a certain business endeavor. withdrawal of money from a corporation if its traded- just sell it at the market. a broker can handle this thing. same, if its not traded, sell the stocks to whoever wanted it. you need a lawyer for the legal papers and computation of tax.

  15. Sally says:

    Hi Bizone

    Many thanks for the reply.

    The Company that we would like to put up is an office in the Phils, so that we can have a branch or office. The main Company overseas is an Education Consultant/ agent of schools overseas. So we would like to have an office in the Phils to make things legal. We are thinking if we can apply for a Corporation, but we would like to withraw money from the P100,000 minimum cap if we need it.

    Can we apply for a non-stock corporation, instead? Anyways, more than 95% of all income will go to the overseas main office. Many thanks for your very helpful site.

  16. bizone says:

    sally dear,

    normally, you need to have a legal entity (identity) if you want to do business in the Philippines. thus, if your objective is to earn money, then its a corporation. else, non stock non profit. you might also want to explore partnership or single proprietorship – but of course you will have to check if its applicable to your line of business.

    anyhow, if you plan to put up a corporate entity, capital or equity is a major requirement. in your case, cash as your capital. generally, you can withdraw cash from the corporation as long as it will be used to pay (1) purchase of an asset of the corporation e.g. laptop and (2) corporate expenses e.g. rent. 3) as long as the business transaction is a legitimate business activity of the corporation.

    however, what i sense, correct me if i am wrong,is that you wanted to put up a corporate entity by using Php100K as a “show money”. why, because what you wanted is to withdraw the same amount, the whole amount, after you the creation of the corporation well, this thing can be done basically. but…

    again, but, i will discuss those off the record. ;-) – email me.

  17. Peng says:

    Wow! this is a big help. We’re putting up a Rehabilitation center. Do u have any idea how long will it takes on the processing of sec application? can we start the business now while waiting for the sec approval? can we start the business without business permit?

    Thanks

    • bizone says:

      Hello Peng,

      Processing will take awhile, not more than a month, and it depends on the completeness of the requirements. The fastest that I know of is one week, from name reservation to payment of DST.

      You can start on the marketing side. However, I suggest that obtain first the required permits prior to operation. Business permit is so necessary for your business to be recognized as legit.

  18. becca says:

    i want to put up a Tech Voc School-under TESDA… can you pls help/tell me how to start this business? is school need to be corporation? or partnership will do? then what is the best for this, stock or non stock corp.?
    Many thanks in advance..

    becca

    • Bong says:

      hello becca,

      i would suggest corporation because of its advantages over partnership and single proprietorship. now, if its stock or non-stock it really depends on your objective. for corporation, the process is still the same, but this time you need TESDA Certification and the requirements are: (1) Accomplished UTPRAS Form (2) Letter of Intent which contains name of training center, address, program & courses (3) Additional requirement will be discussed upon meeting/s with TESDA (4) and Application and Registration fee of Php2,000.00 per course.

      • alfred lopez says:

        hi, bong pls enlighten me more on this matter.
        In putting a corp. can we have only 5 minimum stockholders? We are planning to put up a tech voc school. And as you know it requires huge amount of money that is why we are thinking of making a corp. from the family members. I mean those 5 are within in our family. How much is the needed money to put up a corp. to be needed in TESDA. pls email me or leave a reply on this page. Thanks very much.

  19. Pingback: How to register a NON-Stock, NON-Profit CORPORATION with the Philippines « Buziness 1

  20. Roel Navia says:

    ask ko lang, the difference between sole proprietorship, partnership and corporation biz?
    if u u have idea please let me know? thank you!!

    • Bong says:

      ganito po yun.

      1) sole proprietorship is owned by a single owner and the creation of the business is under DTI.

      2) partnership is a company owned by partners and normally the one creating these are those who wanted to practice their profession like, for example, of professional partnerships are CPAs and lawyers. SEC is the one handling the registration.

      3) corporation, on the other hand, is owned by the stockholders, and you need a juridical personality to establish this. The creation must be created by or composed of at least 5 natural persons (up to a maximum of 15), technically called “incorporators.”

      There are lots ofdifferences ifyou will compare the three forms but these are the basics. Thanks.

      • Roel Navia says:

        thank you bong it really helps…. one more thing… pwede ko bang gamitin ang BN ko s mga maraming type of bizness? Sample… BN is KC Enterprises ( Hardware, Perfume bizness, Buko Pie store,) pwede b itong ganito? o one bizness type, one BN needed..

      • Bong says:

        hello roel, your welcome. anyhow, about your query, basically, there is a DTI ruling of a single registration per business name. in your example, it seems that what you wanted is to have one BN for different line of businesses. well, per DTI an additional line of business will only be allowed if it is allied with the existing product/service. thus, its up to DTI how to classify hardware from selling of perfume and buko pie. =D

  21. Roel Navia says:

    thank you again bong… until next time… god bless us all!!!

  22. Grace says:

    Hello, I need your advice. We just started a preschool last year and now we want to open for grade one. Can it be registered as a single proprietorship or should it be registered as a corporation? If it is a corporation, should we register it as a stock or non-stock? Which is more advantageous w/ regards to yearly requirements and taxes with the SEC and BIR? Thanks.

    • Bong says:

      hello gace thanks for dropping by. anyhow, about your query, yes you can still operate your business as a sole proprietorship. i am on the impression, however, that your preschool business has been approved by CHED and that it was a learning center to start with. thus, operating the grade one level under a single proprietorship is okay. however, if your goal later on is to expand the school and offer elementary levels other than grade one the i suggest it will be more advantageous for you if it is a corporation. check out this posting i made.

  23. Fred says:

    Hi. I would like to inquire about the renewal/registration of a corporation which was registered 50 years ago, which registration will soon expire. what are the requirements that our company will have to submit to SEC for renewal/registration purposes.

    Thank you and more power.

    • Bong says:

      Hello Fred, your question is very interesting and perhaps some of the readers wanted to know also about this. Anyhow, corporate code allows an SEC registered corporation to “extend” as well as “shorten” the term of a corporation. The requirements are simply the same. A private corporation may extend its term as stated in the article of incorporation when approved by the a majority of the Board and ratified at a meeting by the stockholders representing at least 2/3 of the outstanding capital stock/members. Written notice of the proposed action and of the time and place of the meeting shall be addressed to each stockholder or member at his place of residence as shown on the books of the corporation and deposited to the addressee in the post office with postage prepaid, or served personally: Provided, that in case of extension of a corporate term, any dissenting stockholder may exercise his appraisal right under the conditions provided in code.

      Next step, file duly certified copy of the Article Of Incorporation as amended with the SEC.

      Then, amendment takes effect upon SEC approval, except if SEC fails to act within 6 months from filing for causes not attributable to the corporation, then the amendment will take effect even without SEC approval.

      Kindly ask a lawyer should you need more details on how to extend a corporate term.

      Thanks.

      • Joriel Asi says:

        Hi Bong,

        Indeed your post is a big help.

        What if the church: religious corporation, non-stock, non-profit, failed to update/submit an annual requirements for over 22years, from almost it was registered to the SEC? because of the huge amount of penalty, due to volunteers and staff was not well-knowledgeable on this matter, organization now is incapable of paying it. Moreover, most of the incorporators/trustees is no more connected to the organization since its more on volunteerism and community service.

        now we want to reorganize it to further its vision/mission. will it be necessary to close its existing SEC regs and register a new name since it will be under new incorporators/trustees.

        is there as such thing as closing or unregistration in the SEC?

        thanks in advance. your response would surely be a big help. :)

      • Bong says:

        Hello Joriel,

        I suggest that you close the existing one and start a fresh. I wish to inform you that under the Corporation Code of the Philippines TITLE XIV – DISSOLUTION Sec. 121 – If the corporation has commenced the transaction of its business, but subsequently becomes continuously inoperative for a period of five (5) years, the same shall be a ground for the suspension and revocation of its corporate franchise or certificate of incorporation. This is applicable for non-stock, no-profit corporation.

        I would like to suggest also that you guys check the list of suspended corporation at the SEC for your reference and information.

        Bong

  24. Pingback: How to extend or shorten the life of a Corporation « Buziness 1

  25. Ally says:

    Hi there, would like to ask this… our company is SEC registered already and we are starting to operate without an office. Please note that the company’s line of business is web dev..staffs are working from home as designers, developers etc.. we are still waiting for funds to set up the office, while waiting for the said office the staffs are starting to operate@home. We already have corporate accounts and payroll funds are being sent to that account. Are we violating any laws on this? and what are tendency that these act will take against us in the future? what are the documents to be filed and prepare while waiting for the office? Please advise… also please note that our target date for the office is due this year. Thanks!

    • Bong says:

      Hello Ally, first things first, the connotation of having been registered with the Philippine SEC means that a certain business can operate legally already. Nope, it’s not. Nope, it’s not. It’s just the first step to it. SEC provides “name”, a business name, a legal entity for corporate and partnership businesses. Aside, of course, that SEC monitors, oversees, protects, and regulates corporation and partnership as established by laws like for example corporation code of the Philippines. Anyhow, about your query, you can accommodate clients already at the same time processing your permit. The only issue I can see is your handling of your clients and timing of permits and invoices and recording of your book of account. Remember clients sometimes needs OR and Invoices. Oh by the way, as a requirement for a business permit you need to have an office. Should you need help of an accountant just let me know. Thanks.

  26. Ally says:

    Hi, thank you for your prompt reply… yes, in regards with the book of accounts..can we file this as an expense even if the staffs aren’t paying their taxes yet? since they are waiting for the office to be set up. our plan is to file everything when the office is done including the taxes of the staffs. we definitely want this to be legitimate but right now we cant move forward yet with the office, but needs to operate.
    Is the corporate bank account being monitored? I mean, we are receiving payroll funds to pay the staffs but we are not yet paying any taxes except for the bank documentary tax i guess. When can we start to record everything and file? Sorry, just new in here, and YES we definitely needs an accountant, part time accountant i believed.
    Thanks once again…

  27. Marvin says:

    Hello, need some advise…we are a registered corporation (i.e. ABC Corporation) and my boss plans to add to the corporate name (i.e. ABC Corporation, ABC Groceries, CDE Enterprises, CDE Convenience Store, FGH Appliance Store) what would be the procedures, requirements and estimated cost for the filling fees and other fees needed. Furthermore i’m planning to apply for the ammendments personnaly w/out the assistance of any consulting company. Thanks in advance.

    • Bong says:

      Marvin, would it be an umbrella organization or a stand alone entity?

      • Marvin says:

        Hi Bong, Thanks for the reply. we can say that it is a main company with branches of the same product line and at the same time it has affiliate small businesses with an entirely different line of business.

      • Bong says:

        Marvin,

        Referring to your query, normally, SEC allows us to register a certain company, provided that we clearly state the purpose/s for which a company is formed. With such we can state our primary purpose and a secondary purpose in which case the secondary purpose is in line with the primary purpose. Now in your case, the branches and the main company can use one SEC registration while the other can be under a different entity(ies). However, if you wanted to centralize the business into one, I suggest that you put up a holding company instead.

  28. Alma says:

    Hello Bong! Thanks for creating this page. I would like to ask assistance on how to start putting-up a corporation. How much is the minimum capital needed? I have 5 friends and we agreed to venture into food business but we dont know how to start. Also, the planned business is open to some of our batchmates who are interested to join. How are we going to do this? Thanks!

    • Bong says:

      Alma, The capitalization really depends on what company are you forming. However, since you wanted to venture into food business then minimal capitalization is needed in the SEC. I think initial cap of Php100K can be your start-up. Then 25% subscription and 25% paid up. Probably, if my calculation is correct your cash out for the SEC registration alone is about a budget of Php10K. Of course business permit and other is not yet included. But then again if you are planning to do bidding later, I suggest you increase your capitalization. Else, you are fine with the Php100K cap.

  29. Rosario Ibanez says:

    Hello Bong,My husband is a freelance subcontractor.He is subcontracting the installation for the implementation of Smart/Globe/Sun projects under some main contractors.We have already 3 teams doing this and I want to register it as corporation.My sisters want to invest so we can put up a corporation.I dont know where to start and when I went to the first step it makes me crazy coz all of the business name that I suggest is always rejected.Until now we are not register to SEC but we already accepting projects since last November of 2010.Can you help me?

    • Bong says:

      Hello Rosario,

      Firstly, you need to put your business in a legal order. Meaning, if your now accepting projects as a sub-con, unless your main contractor does’nt have any issues on invoices or official receipts then your business can be classified on a professional level like for example engineering.

      But of course it will be more advantageous to you and your husband if your business is under a corporate name. There is an online reservation in the SEC. You can always check if your proposed business is available or not. Now, if the name is available, reserved it online. Pay the necessary fee, you can reserve the name for at least 1 – 3 months. Just pay the DST. Next step, there’s a fast lane in the SEC, register the business. Thats it.

  30. Hosea says:

    Hello Bong,

    I am a retired American, now holding a SEC 13A Permanent Immigrant Visa. My Filipina wife and I are working very hard at starting a preschool near Davao City. I am at the age where I am too old to do a lot of things and too young to do nothing. Besides, this has been a desire of my wife and I for many years.
    One of the problems I have run into very often (almost every day) is Filipinos taking one look at me and spouting misinformation as if it is hard facts. From the way I phrased my concern I’m sure you can tell it is frustrating getting the smallest task done for me because it happens in all avenues of life here. Sometimes even leaving me speechless because it happens in places I am not expecting it to. I have quickly come to the conclusion that it is better for me to lean on what I understand from my own country as a base. From there I struggle to find what the Philippine version of (whatever) is?
    We are nearly finished with our SEC requirements. Even in that process, the SEC lawyer was insistent in me submitting my US passport. When I told her I am a permanent resident she paused and said maybe you don’t need your passport.
    When it comes to my US documents I am very protective. The way I see it, when it comes to those documents, I don’t know what I don’t know so I could be setting myself up for a problem by giving such personal documents up without first insisting on using my Philippine documents.
    I asked the SEC lawyer why I couldn’t apply for a TIN like all the other members of our corporation. After she said I could do that she said I may still need to add my US passport number and photo copy of my passport. Somehow I thought we had gotten pass that issue and established I was going to apply for a TIN. I asked why and she stumbled to answer but finally said the TIN and ACR may be enough. Again this showed me that “if it isn’t written it isn’t so”. This was an old saying we used when I was a union steward. For the most part I have always found that old saying to be true.
    Now, my question… Your impressions?
    Thanks and love your blog,

    • Bong says:

      Hello Hosea,

      It’s good to know that you wanted to put up a business in the Philippines. Philippines really is a beautiful country. Anyhow, I can sense your sentiments specially on the process you have been through with regards to legalizing your business. Well, I don’t want to put much weight on the drama and the people you bumped with. Certainly, you can always charge it to your experience.

      Anyways, let me point out the basics. Perhaps you knew these already. First, as long as you are not a Filipino citizen you are obliged to follow the laws regarding foreign ownership of business. You can start a business and get a TIN even if you don’t have a 13A. Second, foreigners can only own the portion of a business which the law allows them to own. If the law states 40% then you may own 40% of the business not more. Lastly, a foreigner or a foreign owned corporation cannot own land in the Philippines. However, you can lease a land for 25 years, and it’s renewable.

  31. louie says:

    Hi Bong,
    1) We would like to know whether a partnership or a corporation is good if we are setting up a trading company (buy & sell of palay/yellow corn). Also, in this setup, we are having branches (buying station) in other provinces (isabela/zambales/n. ecija/pangasinan) but main operation will be at Zambales.
    2) What are the advantages and disadvantages of partnership or corporation if setting up trading company?
    3). What would be the initial paid up capital for a partnership or a corporation?

    We also plan to apply NFA licenses for Retailing & Wholesaling/Warehousing/Milling/Transportation/Importing

    thanks in advance…

    Louie

  32. rene caipilan says:

    maam/sir i ask about my own business because i want to register it in SEC its about lending firm pls give me what are requirements and how so that i know but i started with small capital so that my money will be secured so i plan to apply sec so i need so much ur response thank u ……

  33. Lilia Mendoza says:

    Hi bong. I’m planning to put up a private elementary school in the province. I am a teacher but I don’t have any masteral degree in education more so a degree of Doctor of Philosophy. Is an incorporator who is a holder of PhD degree a requirement for me to open a private primary school here in the Philippines?

  34. taipanjob Christian Lim says:

    What if One is to set up a corporation but he is the only sole proprietor and wants to set it up with dummies like friends… Is it possible to just assign 1 shares for the 4 friends and the one who owns all the stocks get the rest of the shares.

  35. neri says:

    Hi! Where would i register a business which is to be owned by an established or registered corp.? Let’s say, the corp wants a different name for the business.

    • Bong says:

      Hi Neri,

      First of, what do you really want — (1) different business name or (2) brand name?

      1) For a business name – simply register a new one at the SEC. Make the old corporation as part of the owners (equity holders).
      2) For a brand name – like for instance the corporate name is Bong Corporation and you want to have a brand like for example “Mc Jollybee” then what you need is trademark registration. In this case, application must be filed with the Bureau of Trademarks of the Intellectual Property Office (IPO).

  36. xdating says:

    Hello there, simply was alert to your weblog through Google, and located that it is really informative. I’m gonna be careful for brussels. I will appreciate if you happen to proceed this in future. Many folks shall be benefited from your writing. Cheers!

  37. Butikmot says:

    Is SEC Registration expires? If so, for how long?

  38. Tibursyo says:

    Can anyone advice or suggest whether to acquire a lawyer’s service or doing it on my own?

    As well as, how long does this process take if I was to do it on my own?

    What about the fee schedule for each step?

    Thank you for any advice anyone can share

  39. Phoebe says:

    how much po ang estimated fee kapag ka po corporation?
    travel agency?

  40. Entrep says:

    Hi Bong! What are the requirements in setting up a holding company? According to my research, the parent company needs to own 80% of its subsidiaries in order to be able to consolidate the finances of the subsidiary with the parent. How do the large holding companies go around this? Ayala Corp, Metro Pacific, San Miguel, own only 50% or even less of their subsidiaries. Hope to hear from you.

    • Bong says:

      1st requirement is you need control in order to be able to consolidate the financials of your subsidiaries. Control is defined under PAS 27 and PFRS 10. I think somehow that the new definition of control changes with the new accounting standards. Now, control is about protective rights, de facto control, potential voting rights, control of specified assets, relationship with other parties…

      Of course, one of the indication is holding more than 50% interests but it is not conclusive. You might be holding 48% but you still have control (de facto control). You might be holding more than 50% but still have no control, depending on whether you have the power to govern.

  41. sheila says:

    hello may I ask how to set up/register a holding company thanks

  42. ricky says:

    i would like to ask if and how to register a Fratenity/Sorority organization to SEC? what docs. i need to prepare in order to register it. The Purpose is to legalize everything in terms of fund raising and open an account in the bank for our monthly contribution. please need your enlightenment.thanks

    • leecpa says:

      Is there such thing? Maybe you need to establish a cooperative rather than what you call fraternity/sorority.

  43. coleen says:

    my sister and her foreigner husband want to put up a corporation and they asked me to process the documents for incorporation. My sister wants to engage in the wholesale industry of buying, selling, distributing, almost all kinds of goods and merchandise she can think of like textile, jewelry, food and beverages, women’s accessories, etc. Is this allowed? When I tried to use the SEC I-register, the system presented several types of wholesale but the user may choose only one specific type of wholesale from the list presented. Is it possible that i choose textile, clothing and shoes (both in the i-register and primary purpose of aritcles of incorporation) and then add all the other kinds of merchandise (different nature) in the articles of incorporation (also as primary purpose)?

    thanks. =)

    • Bong says:

      Hello Coleen,

      Its good to hear that your sister wanted to put up her business in the Philippines. True enough, several types of wholesaler industry are listed. However, you should choose a particular goods and its peripherals. For example, electronic parts and equipment. Anyhow, I would suggest you incorporate a “marketing business” with the following primary purpose.

      “that the primary purpose of this corporation is to conduct, operate and maintain the business of distributing, selling, buying or otherwise dealing in …….. and accessories.”

      Thanks for dropping by.

  44. coleen says:

    Thank you very much sir for the brilliant suggestion, exactly the kind i need. I really, really appreciate your taking time to answer my query. God bless you and your family always. =)

  45. gary fisher says:

    I have bought some land in the philippines with my philippino business partner. However i am from the uk and understand to secure my 40perc share we must set up a corporation. The land is on the beach and we do not intend on building any sort of business but somewhere to holiday for ourselves. With ref to the corporation i have been reading on the internet that i must deposit $100,000 dollars in a philippine bank account. I simply dont have this amount of money, is this statement true?? What are my options please.
    Regards
    Gary

    • Bong says:

      Generally, the rule of ownership for a Philippine Domestic Market Enterprise is 60% Filipino ownership and 40% foreign ownership of a business.

      Take note, however, that more than 40% and up to 100% foreign ownership of a Domestic Market Enterprise is allowed as long as the paid-in capital is a minimum of USD 200,000.00. On the other hand, employing a minimum of 50 direct employees or using advanced technology may allow a paid-in capital of less than USD 100,000.00. This is based on R.A. 7042 as amended by R.A. 8179.

  46. Entrep says:

    Hi Bong, how come you have not answered the two inquiries about holding companies above? HOpe you can find some time for them :) Thanks so much!

  47. Sally de Castro says:

    Hi, would want to ask for your help…im going to renew the registered of a non-stock/non-profit corp, can you please tell me the step by step procedure how to renew the registration…thank you and hoping for your response?

  48. JHED says:

    I HAVE THE MONEY TO BUILD A SCHOOL, BUT I DONT KNOW WHERE I AM GOING TO START…..PLS. SEND ME AT MY EMAIL SIR IF YOU HAVE TIME……THANK YOU AND GOD BLESS

  49. JHED says:

    THIS IS MY EMAIL,,,bossing_jhed@yahoo.com.ph

  50. rose says:

    Hi sir,how are u?Can u plse give me an idea what are the requirements to put a preschool?Your reply really appreciated.Thank u so much and God bless..

  51. tabby says:

    We apply for a TIT account, problem it did not push through and we never presented all our documents to SEC. Do you have a sample treasurer affidavit for the bank, for us to withdrawal our account.

  52. nina says:

    Hi sir, I would like to know how to update the directors and capitalization? if the company wants to increase their capitalization, do they have to inform the SEC of the changes they made? or is it okay if its just within the internal? and if needed to inform the SEC, what are the procedures and requirements needed for this? please.. i badly need your help.. Thank you and God Bless.

    • Bong says:

      Basic Requirements:

      1) Certificate of Increase of Capital Stock
      2) Treasurer’s Affidavit certifying the increase of capital stock, the amount subscribed and the amount received as payment
      3) List of stockholders as of the date of the meeting approving the increase, indicating the nationalities of the subscribers and their respective subscribed and paid-up capital on the present authorized capital stock, certified by the corporate secretary
      4) Amended Articles of Incorporation
      5) Directors’ Certificate – a notarized document signed by a majority of the directors and the corporate secretary, certifying the amendment of the Articles of Incorporation increasing the authorized capital stock, the votes of the directors and the stockholders, and the date and place of the stockholders’ meeting
      6) Company Data Maintenance Form
      7) Audited financial statements as of the last fiscal year, stamped received by the SEC and the BIR

      You can also check this site http://www.allianceselectfoods.com/wp-content/uploads/downloads/2011/12/Increase-in-Authorised-Capital-December-1-2011a.pdf for additional information and example.

      • nina says:

        Thank you sir .. Actually i went to the SEC to personally inquire and the inforrmation cannot give me the requirements and the procedures unless i can give them of what form will i have an increase.. i am confused with this.. are there a lot of forms? if yes, can you please give me what are these forms?

  53. Hana says:

    SIR, we would like to put up a messengerial business. pero online siya. parang http://www.errand-boys.com. magkano kaya ang authorized capital nito? if we say 100,000.00 magkano ang idedeposit namin sa bangko?

    • Bong says:

      You maybe required do get a certification from the Department of Transportation & Communication (DOTC) in case of Messengerial and Courier Services.

  54. Diana says:

    Hi sir, iam a filipino living in Japan with a husband here..I have Japanese friends who wants to do business in the Phil as incorporation..Enhancing hilot massage or spa business.We already have 3filipinos for 60% owning of course I will have the biggest percentage as iam the one of the directors.My question is how much percentage we need to give in the 2 Filipino directors?Is there any minimum percentage needed?Actually I don’t have any idea yet in doing business more on corporate business so i really need your advice sir..We already have the trainor which is TESDA certified.Does we need to hire company lawyer,accountant,and corporate secretary? Or did the trainor can be a corporate secretary as well?How much do we need to deposite in the bank if ever?How to do the by law of the company?So many questions I have here in your blog but iam hoping that you will having a time to help me in this..Your blog helping so many people here as am I ..Thank you and more power.God bless

    • Bong says:

      Hi Diana,

      First, thanks for dropping by. It’s my pleasure helping others by means of this blog. Anyhow, about your question, kailangan lang ng director to own at least one (1) share of the capital stock of the corporation.

      It’s easy to form a corporation, just go to the SEC. Available na din sa SEC ang By Laws and Article. Huwag ka na lang lumapit sa mga fixer, mapapamahal ka lang :-).

      Hire CPA if in case ayaw mo na ng hassle in putting up your company.

  55. Diana says:

    Hi,first thank you for replying so soon…Do you mean 1% each for 2 directors?and the rest will be my share?My co directors which is Japanese wants to give 10% each in the two directors?The one directors will be the Spa consultant and trainor manager also she will manage the operation of the spa..But the other one is we don’t really know this person it’s just happened that the Japanese adviser of my boss is living in the Philippines.He was Japanese,and also he had permanent visa there.And this adviser adviced my boss that he can introduce one director.Im just afraid cause we don’t even know this person.Then she will be the one who will own 10% of the share…Do you think theres no problem in that?And also this person was the staff of my boss adviser .And my boss also planning to hire a CPA which also his adviser will introduce to him later..And in the near future the 10% share of the one person will transfer to the CPA that we will hire in the future..Is it really need to give 10% owning to the CPA of the company?Is that advisable? sir please give me some information and advise.Thank you and more power to your blog…

    • Bong says:

      Diana, 1 share is not necessary 1%. But, yes, you can give at least 1% if you want or 1 share over 100 shares. About the sharing scheme, if you wanted to retain majority ownership in terms of share and power, there might be a problem with that if your Jap partner wanted to give the 10% share to each director plus another 10% to the CPA plus whatever the share of the Japanese pa? What is left to you is not actually majority ownership. Pero, syempre it really depend on what is your agreement. It must be clear prior to anything else.

  56. Diana says:

    Hi bong good afternoon I don’t really expect that u will reply to me as soon as today…Do I’m so lucky?Anyway, actually my Japanese boss will be the one who gave those percentage.Now he made up his mind that he will give me 45%,and spa consultant will hold 10% then the staff of his Japanese adviser will own 5% and this 5% will transfer in the future to the CPA that hi will hire..Does it necessary to give 5% to the CPA of the company ?So that they work hard for the company?Cause they r one of the directors?Or should I suggest nalang to him na 1% then 4% remaining will give to the people who deserve to have it cause we will needing more people in the future.I know he have a doutb on me that if I will own 50% then 2pilipinos will share the 10% then my boss and his brother own the remaining 40% then I will be the one who will own the big share.Do you sense what I mean bong?I don’t have any ideas in doing business iam badly needing people like you to advise me and give me some ideas sorry bong for nakabahang letter ko nanaman on your blog.I know many peopl will read this always and again me and me…hwg ka sana Magsawa at mapagod sa akin ha…More power..thank you so much..

    • Bong says:

      Diana,

      Let me summarize the sharing based on your inputs as follows —

      Diana – 45%
      Consultant – 10%
      Jap Staff – 5%
      CPA – 5%
      Jap Partner – 35%
      Total – 100%

      It seems that the sharing scheme is okay. But then again, if you wanted total control over the business, then you should need 51% ownership.

      Yes, I got your point. Since your Jap partner will appoint those additional people then if we look at it in a different way mukhang sa kanya pa din yun 65%, at sa iyo naman 45%. Lalabas siya ang controlling interest. :-)

      However, if you wanted the business to prosper, then you need to trust your Jap partner the same way he should trust you.

  57. Diana says:

    Thank you very much bong you helped me a lot..Nice to know there are people like you…Talk to you again here in your blog..

  58. Minnie Vega says:

    Hi don’t really do blogs online but reading all the notes it makes me fell to write a questions. I am going to the Philippines to set up accredited non stock non profit organization as a Pilipino Citizen. Is this consider you call, Sole propertoship or it is under the corporation. Looking to Sec website the capital funding for the Non profit corporation is higher too.
    2. Also i read some articles after Sec registration and had finished all the documents requirements> The owner have an options not to register to BIR first, due to the nature of the service offer would take 1years to generatesand recieve grants. We bid in grants from foreign countries and Philippines. So these process often takes longer. I am a dual US and Pilipino Citizen.
    3. I don’t understand a person have to put so much capital money just to establish a business (NON PROFIT) to helps improving the country economy and generating more employment. However, it is understandable if receiving project bids from the Philippines or private agencies. The owner must have that money show that the organizations have sufficient funds to execute the project for fe months or until the ends of project.
    4. I know about contracting in the US but not so much in the Philippines, but reviewing the document process in the Phil, is basiclly quit the same. As sometimes seem like the follow how it process in the State.
    Thanks,
    I’m glad that you have the website for people to ask questions.

    • Bong says:

      Hello Minnie,

      This is regarding your question, whether a non-profit organization can be organized as a single proprietorship or incorporates as a non-stock corporation. First, let us differentiate the two according to governing body. Single proprietorship is sanctioned by the Department of Trade (DTI) while Non-stock Corporation is under the Securities and Exchange Commission (SEC). Second let us compare the two according to structure. Single proprietorship is a business structure owned by an individual who has full control and authority of its own and owns all the assets, personally owes and answers all liabilities or suffers all losses but enjoys all the profits while non-stock corporation is a corporation organized principally for public purposes such as charitable, educational, cultural or similar purposes and does not issue shares of stock to its members.

      Now that we already have a comparison of the two, I believe that what you need is a non-stock nonprofit corporation. Here are the basic requirements for your reference.

      Basic Requirements

      1. Name verification slip
      2. Articles of Incorporation and By-laws
      3. Affidavit of an incorporator or director undertaking to change corporate name
      4. List of members, certified by the Corporate Secretary
      5. List of contributors and amount contributed certified by the treasurer
      Note: Items 3, 4, and 5 need not be submitted if already stated in the Articles of Incorporation
      Additional Requirements

      6. For Foundations: Notarized Certificate of Bank Deposit of the contribution of not less than P1,000,000.00; and Statement of willingness to allow the Commission to conduct an audit
      7. For religious corporations: Refer to Sections 109-116 of the Corporation Code of the Philippines, and add an affidavit of affirmation or verification by the chief priest, rabbi, minister or presiding elder
      8. For federations: Certified list of member-associations by corporate secretary or president
      9. For condominium corporations/associations: Master Deed with primary entry of the Register of Deeds and certification that there is no other existing similar condominium association within the condominium project
      10. For neighborhood associations: Certification from the Housing and Land Use Regulatory Board (HLURB) that there is no other existing homeowners’ or similar association in the community where the association is to be established

  59. Burt says:

    Hi, im a foreigner, not yet married to a fillipina citizen. I would love to start a chain of take away oven chicken restaurants, similar to the chooks to go model. Is it wise to start a coorporation for this and do I need to submit 1 million to the bank as deposit? Can I freely withdraw this money as we will be needing it to expand. Do you know specialised lawyers for this kind of cases?

    Thank you

    • Bong says:

      Burt,

      Choosing between the two structure, especially for a foreigner doing business in the Philippines, I would go for corporation. For the basic reason of unlimited liability for a single proprietorship. Anyhow, monies and capitalization are so required, and yes it must be deposited in a bank located in the Philippines. However, and this is the catch, if the business model you would like open in the Philippine is classified under “restaurant business category”, then you may not own or be a partner in a small retail business.

      Yes, I know some lawyers specializing in this kind of activity.

  60. Hi Bong, thx for your fast reply.

    What if I find another business and add the restaurants to the corporation, meaning not signing the first business under “restaurant business category”,? Is this allowed? And the money I need to deposit, should it stay on the account at all times or can I withdraw it again after everything is settled? As how will I be bale to pay the bills if the money need to stay on the account, especially if it would be so high amount as 1 million pesos?

    Thank you..

  61. milsdm says:

    Hi Bong,

    Been reading your article and found it very helpful. We’re planning to start up an IT solution (outsourcing) provider company mostly for developing web sites, mobile applications and software quality assurance. Our clients will be mostly foreigners and some locals. Any idea how much money we need to put in the bank? And if there’s some kind of government program to help us in our line of business? Also what kind of industry category in SEC? The 5 steps seem doable just by us would you recommend we hire a lawyer to setup the corp? I apologize if I asked too many questions at once.

    Thanks!
    milsdm

  62. adeson says:

    Hey! I very like your website. I like this post. I hope you don’t mind when I post it to my Digg bookmarks.

  63. susan flores villaronte says:

    a huge fb group composed of local and ofw townmates are thinking of registering at SEC to acquire legal personality. it is on its 3rd project of helping the poor and the jobless in our small town of ragay, camarines sur. the third project would be building a shelter for the needy and deserving students. we have to be legal to be recognized and to solicit funds from others apart from more fortunate townfolks.
    at this moment we do not have the needed 1m requirement to be registered as a foundation since the group is barely a year old. can we register as an association instead and how much do we need for that? thank you!

    • Bong says:

      This is a very timely question. Specially that Philippines, NCR and some nearby provinces, is badly hit by the heavy monsoon rain in the past days. Now, typhoon Helen is storming the country’s northern part. It’s just August, and the country is expecting twelve more typhoons until the end of the year. Wow!

      Anyhow, regarding your question about foundation and association let us first discuss the difference between the two. I must admit; I truly admire your way of helping your town.

      The most profound difference between an association and a foundation are the members. An association is obliged to regularly call for a general meeting. A foundation doesn’t have any members and therefore, doesn’t have any organizational obligations.

      Generally, both structures have tax advantage. We may say that both structures can be organized for charitable, scientific, and educational purposes.

      However, you might want to consider that in an association other than you need to have the purpose, you also need to disclose the obligations of the members, the way of calling a general meeting, and the way of appointing and discharging board members.

  64. bdeson says:

    Good information gived from you.

  65. ernil says:

    We are planning to put up a software development business. We want to have an identity, so we decided to put up a corporation. What are the requirements for establishing a corporation. Example, the minimum stocks for each incorporators, etc.

  66. ernil says:

    How much is the required capital stock for a a corpoaration? Thankyou.

  67. Maricel says:

    Hi Sir Bong! I must say, I’m very much lucky to find your blog. Sir, may I know the difference of sole proprietorship to corporation when it comes to taxation? We are planning to put up another business of computer hardware sales and my boss think its better for us to put up a corporation instead of single proprietorship. What is the advantage of the corporation vs single prop biz? Thank you vary much sir. I am really waiting for your reply. God Bless

  68. doy says:

    Neil

    Hi Bong,

    I am planning to put up

  69. doy says:

    Hi Bong,

    I would like to ask if putting up a hardware business together with electrical contracting services is allowed under DTI requirements???

  70. Hi, Mr. Bong! A group of alumni decided to come up with a non-profit organization geared towards socio-civic activities. It was worked on by only 8 individuals and successfully got incorporated. Membership guidelines are on its way for completion and announcement. By-laws have been completed. We, propsective members, want to be assured that the group will hold general elections by a large assembly of hopefully 100 members. For now, we have yet to hear of target schedules for general elections and so we have growing concern. Sir, can the interim officers for some reason or another go ahead with the conduct of elections of board officers once they have the minimum 15 members and can the by-laws be considered final also based on ratification by just the 15 members. By all purposes, the group will need a large membership. If and when the larger assembly would have been reached, can the elected officers by the initial 15 members be declared without mandate and new elections be held? Also, can he initially submitted by-laws be subjected to voting by the larger assembly?

  71. Nolan says:

    Hey there sir Bong! I am in the process of ‘trying’ to put up a corp. with my friends/business partners and i just have a few questions ranging from the registering itself up to the point of the operational side. (Actually a lot for that matter) I was browsing through the net and saw your blog and so i thought maybe you could help me out at some point. Thank you and more power! Keep it up!

  72. LovingAsia Burt says:

    Hi Bong, I am thinking of buying the rights from Germany of a tea drink and start a franchise chain there in phillipines. Will this be allowed as i´m a foreigner and what ll be the best way to do this? since i will own the rights i will be starting my own shop first before presenting the franchise structure. Will this be also under food business and not allowed to foreigners?

    Thank you…Burt

  73. RookerRhianne says:

    Рега пега

  74. Badda says:

    Hello. How do I put up a IT software development company with 100 000 capital? thank you.

  75. Oscar T. Evangelista says:

    Hello Bong,
    I have a registered partnership in SEC 3 years ago under the name of 7Twenty 5Twenty Bros & Co. with my Brother. Under the article of partnership and business option, we can do retail and trading business as one of our option. Last year, around August of 2012, we put up a Screw Store but we opted to named it as Ho Tee Hee Screw Store. Since we have OR ( official receipt ) only for 7Twenty 5Twenty Bros & Co., I need to produce a Sales Invoice, Official receipt and Delivery Receipt for my Screw Store bearing the Store name. I went to BIR to get clearance that I need to produce Sales Invoice, Delivery Receipt and Official receipt for my screw store but they are asking me to produce documents that my screw store under the name of Ho Tee Hee relates with 7Twenty 5Twenty Bros & Co. I spoke to people in DTI here in Olongapo if I can have seperate name for my store but told me to go to SEC and amend or add up Ho Tee Hee as one of my business name under my Partnership name 7Twenty 5Twenty Bros & Co. Im confused on what to do first, what to apply in SEC on this case, whom to approach, what form to fill up and so forth. If you can help me on this, I would appreciate it. i want my business to be legal so I don’t have problem in the future. Right now, we are just issuing Official receipt with our clients in our Screw Store and report it to the BIR. Looking forward that I can receive reply from you. God Bless You.

    Sincerely.

    Engr Oscar T. Evangelista
    Partner
    7Twenty 5Twenty Bros & Co.

    • kevin says:

      Question 1: Does Ho Tee Hee Screw Store registered in DTI or SEC? Or in other words, is it a sole proprietorship, partnership or corporation?

      If you registered your company in DTI/SEC whichever is applied, you must also registered it with BIR. 7Twenty 5Twenty Bros & Co and Ho Tee Hee Screw Store is absolutely a different entity. Base in your query, I supposed Ho Tee Hee Screw Store are not yet registered with BIR that is why you don’t have any Official Receipt/Sales Invoice yet.

      Question 2: Is it correct to issue 7Twenty 5Twenty Bros & Co official receipt for your transactions under Ho Tee Hee Screw Store?

      Absolutely no. Again they are separate entity. It affects your accounting records which further affects your taxes. It quite complicated already.

      Have you ask your accountant about it?Better if you seek advice from him/her then let him explain to you everything. You may suffer at the end if you cannot fix it immediately. Again it affects your tax compliance and accounting records. At the same time you cannot determine how’s the performance of your company correctly.

      Other thing, have you change your old Official Receipt/Sales Invoice already per BIR regulations? (RR 18-2012 and RMO 12-2013).

  76. Dan says:

    How much is the minimum paid up capital for a service cooperative?

  77. silaab says:

    Hi sir bong, how can we put a corporation with one foreign incorporator? Is there any special mandate for a corporation with a foreigner?

    Cj

  78. Hi Bong,

    Good day! To begin, we have an existing SEC but it was registered as convenient store. And we want to franchise a drugstore, do we need to apply a NEW SEC? What are the process and requirements that we need comply? Please reply asap. Thank you.

  79. Rose says:

    If the company was already registered and the owner wanted to rename it. What are the requirements procedures and the costing. Thank you.

  80. Mariber says:

    Hi! My siblings, my cousins and I are setting up a corporation. Below are my questions:

    1. We plan to setup a commissary for packed cooked meals which we will distribute to offices and villages. Under what industry does this type of business fall under? Is it retail, trade of food, beverages?
    2. How about a convenience store, which type of industry does it belong to?
    3. Would you have samples of primary purpose for a food business?
    4. If the same corporation would also like to do engage in services like laundry or spa, can we include it as a secondary purpose?

    Hoping for your favorable response. Thank you very much.

  81. ralph says:

    hi ,

    i would like to ask for suggestion on how to change the name of an existing corporation. the reason why we want to change the name of the corporation its because the existing corporation was non operating for 4 years and hence no papers was filed at BIR and SEC about he non operations. Now that we wanted to put back the corporation back in operations again, BIR told us that we have to a pay huge amount for the non filling of VAT and other documents .Now a good friend of mine suggested to me that rather than resurrecting the old corporation and pay that huge amount to BIR, he told me just apply for a new corporation . Now my question was these, if we are accredited (under the old name)as contractor in a certain company already whats gonna happen if we change or have a new company? is it possible just to apply for a change of name for the old corporation and what will be the procedure and repercussion with regards to BIR?

    THANKS .

    ralph

    • kevin says:

      Hi Ralph,

      Your friend’s suggestion is definitely wrong. You cannot run from your tax liabilities. If you will do that, you will end up losing more than what you expected. BIR may file a tax-evasion case against your company. As owners (shareholders), are you liable for that even though in law it says that corporation is a distinct and separate entity from owners? The answer is YES.

      Let say you will put up a new company under new name with new articles of incorporation, what will happen then to the old one? Just let it there at hayaan nalang? You need to close it formally with SEC and BIR and you must secure tax clearance. Off course you must no unpaid taxes before you secure a copy of the latter.

      I suggest that you ask for a compromise settlement with BIR to lower your tax liabilities. It is timely to fix it immediately to minimize burden and incur huge amount.

  82. ann says:

    Hi i need your advice. My boss has sole proprietary businesses and he wants to incorporate a corporation so serve as a “parent” company for his sole proprietary businesses. What should i do??

  83. kathy says:

    Hello! My sisters and I are looking into taking over a small diner. it has operated for more than 23 years and is registered under DTI however, we are looking into registering it as a corporation thus, must be under SEC, right? Are there any steps that we must do first before we can register in SEC? And by the way, we also want to keep the name or at least a minimal change to its current business name.

  84. Chari says:

    Hi… The company I’ve been working for for 10 years is being given to us (4 members) because of a terminal condition of the owner… we are retaining the company name but would be registering it under a new address and definitely with a new set of owners. How do we go about it? Thanks

  85. Ash says:

    Hi..what are the requirements needed to amend primary purpose of a corporation? Thank you.

    Ash

  86. Jojo says:

    Great info. I have tried reserving a name online but do not know where the company would be categorize.. The business is focus servicing medical equiptment and machine (repair and maintenance). Please help

    Thanks

  87. rose says:

    how long will it take if i will amend the address of the corporation?

  88. doods says:

    hi mr bong,
    is it possible to use a store name different from the business name we registered in sec? our company has property management, design services and reail of home furnishings. we are currently putting up a showroom for our home furnishings but want to use a different name sort of a brand for our product. do we need to register a new business for that?

    • Bong says:

      Yes, it is so possible. Here is a good example, the Corporation name is “Sacred Peak Marketing, Inc.” while the company’s store countrywide is under the name “Tribu Outdoors”. Sacred Peak is the maker of Tribu Sandals (footwear). But in case you want to protect the name of your store (trademark), then you must register the name at the IPO.

  89. Rick says:

    Hi Bong,

    Good afternoon. I just want to ask a procedures and requirements to put up a review school offering a certification in Accounting and Bookkeeping outside the Phils.

  90. Cords says:

    Hi Bong,

    I am living in Manila and my in-laws who are living in Pampanga including my wife and are planning to put up a corporation.

    Below are the following questions:

    1. We plan to put up a chicken grower business in Pampanga.
    2. How much we need to raise for the minimum paid -up capital? Requirements for the corporation.
    3. The timetable from applying a corporation, registration and licenses before the construction will take place.

    Thanks

    • Bong says:

      Hi Cords,

      In reply to your questions:

      1) Excellent plan to put a chicken grower business in Pampanga. Aside from putting up your own, you can also try contract growing and/or buying business normally given by well known businesses in the Philippines such as Montery, San Miguel Purefoods, B-Meg, Vitarich, Magnolia Chicken, etc.
      2) Since you wanted to put up a Corporation the minimum paid up capital requirements is Php500,000.00
      3) Timetable is a week but less than a month.

  91. bing martinez says:

    Thanks so much for this blog. Question: Is it necessary now to show bank deposit certificate of paid-up? Is it ok if only one of the incorporators have paid up and others not yet. Thans

    • Bong says:

      Hi Bing, Thank you for finding my blog informative and useful. Anyhow, about your query, SEC already updated the requirements for the registration of Corporation and Partnership in the Philippines. Fortunately, based on the kind of payment of subscription, which is in this case “CASH” then bank deposit certificate is no longer needed and part of the latest requirements. You can check out the details in here.

  92. wilber t. braulio says:

    Gooday sir Bong !!! ask lang ko Our association is duly registered as non-stock and non-profit…how can we upgrade it to profit based group? what are the requirements or amendments? is it costly?? thanks

  93. theresa says:

    Hello po! If the corporation and some of its incorporators are based in mindanao are
    They required to go to manila for the picture-taking needed by SEC manila? Or their
    Pictures can be sent na lang to SEC head office?

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