The SEC Commission En Banc has already issued and approved the Guidelines on the Establishment of a One Person Corporation (OPC) under Memorandum Circular No. 7, Series of 2019.
Under the Guidelines, a natural person, trust or estate may form an OPC. The “trust”, however, does not refer to a trust entity, but to the subject being managed by a trustee.
On the other hand, a foreign natural person may put up an OPC, subject to the applicable constitutional and statutory restrictions on foreign participation in certain investment areas or activities.
Meanwhile, banks, non-bank financial institutions, quasi-banks, preneed, trust and insurance companies, public and publicly listed companies, and non-chartered government-owned and/or -controlled corporations cannot incorporate as OPC.
Lastly, a natural person, who is licensed to exercise a profession, may not organize as an OPC for the purpose of exercising such profession unless provided under special laws.