SEC Registration Requirements for Stock Corporation

Here are the requirement that you need to prepare in connection with the registration of a stock corporation with the Philippine Securities and Exchange Commission (SEC).

1) COVER SHEET

2) NAME VERIFICATION SLIP

3) BANK CERTIFICATE OF DEPOSIT OF PAID-UP CAPITAL (notarized in the place executed)

4) ARTICLES OF INCORPORATION

5) TREASURER’S AFFIDAVIT

6) BY-LAWS

7) UNDERTAKING TO CHANGE NAME (not required if provided in the Articles of Incorporation)

HOWEVER, additional requirements such as: (1) Indorsement/clearance from other government agencies, if applicable (2) For corporations with foreign equity, submit proof of inward remittance by non-resident aliens and foreign corporate subscribers who    want to register their investment with BSP; (3) For corporations with more than 40% Foreign equity, submit SEC Form No. F – 100; (4) For corporations with Phil. Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA) or other economic zones application, attach Certificate of Authority or indorsement from said government agencies.

Of course, as of my last inquiry,  the cost associated with the registration are (1) Filing Fee:  1/5 of 1% of the Authorized Capital Stock but not less than Php1,000.00 (2) By Laws: Php510.00 and (3) Legal Research Fee:  1% of Filing Fee but not less than Php10.00.

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Think BIG!

I am not promoting this site, but I think it’s worth visiting and browsing.  The site is called “BIG” or “Breakthrough Innovation Grant“. The organizers of the site are inviting Entrepreneurs and Owners of Small and Medium Sized Businesses to simply submit an innovative business idea that will alleviate poverty in the Philippines.  Wow, this is amazing di ba?

Heto pa, according to the site the winner will be given U$20,000, in cold cash? or if we calculate this using an exchange rate of U$1:Php50, its a Php1.0M na tumatanginting!  And the thing is it is so simple –  all you have to do is to submit your innovative business ideas, take note, your proposals must be innovative, resourceful, scalable, and fit the particular needs of the Philippines to drive wealth creation plus it will serve as a as drivers for poverty alleviation and social improvement.

If you browse through the site, the entries’ tab, you will notice that there are already a quite a number of entries.  I have not gone reading the entries, but I think the participants posted good business ideas.  You may crunch an idea just by reading it.  Who knows? Copying is not evil, just put a sense on it.

One thing I noticed on the site, however, is that the criteria for judging for a certain project are too broad — it must be innovative, resourceful, scalable, and fit the particular needs of the Philippines to drive wealth creation.  There must be a certain-specific percentage of something or what not.  And the thing is, everyone, all the participants seems making their stuff on the top by the number of likes?

Anyhow, the finalists will be announced on April 1, 2011. So, pwede pa… go, submit if you have one.

A Professional Firm?

Blogging requires time and subject matter. Obviously, “BUZINESS 1”, tackles business. Haha! Anyhow, like other individuals with a sort of etrep-mind, I too have explored several business(es), well of course, that sort of biz that will not only survive in recession time…but will also thrive…and most importantly it is within my capital budget to start with. =D

Frankly, most, if not all people, specially here in the Philippines, don’t have millions of pesos to spend for a J’bee or McDo franchise, unless you’re an “MVP” or a “Wheel” so to speak. So, in short, alternative business, small to start, medium rare if in case, to a level up big kill company like in-asal(mo) would be the answer.

Yep yep…franchise, franchise, franchise. Franchise there, franchise here. From a food kiosk to food kart. Even ice scramble (is-kramble) franchise — those ice-shaved desserts, whew! Anyhow, FRANCHISE that is not my topic for now.

Okay, since my exposure and years of experiences are in the field of finance and accounting acquired from several companies; different industries, aside from my being a CPA and a CFC, why not? A firm instead? Yes, a professional firm, a consulting one, a company that I can practice my profession and be happy.

A professional firm? What are my drivers, my motivational factors? Those BIG accounting firms are firmly stable milking those top corporations. If I am one of them, no chance of letting this money making machines este companies go. Next in line firms are as hungry as wolves trying to fish what are left, and fish those that are already in the BIG firms’ aquarium. Individual CPA practitioners are pop-ing like kabute naman.

So what do I have to offer? What is my edge?

I will answer those in my next issue. Stay tune.

Cha cha.

2010 in review

The stats helper monkeys at WordPress.com mulled over how this blog did in 2010, and here’s a high level summary of its overall blog health:

Healthy blog!

The Blog-Health-o-Meter™ reads Fresher than ever.

Crunchy numbers

Featured image

The average container ship can carry about 4,500 containers. This blog was viewed about 14,000 times in 2010. If each view were a shipping container, your blog would have filled about 3 fully loaded ships.

 

In 2010, there were 15 new posts, growing the total archive of this blog to 47 posts. There were 12 pictures uploaded, taking up a total of 2mb. That’s about a picture per month.

The busiest day of the year was December 8th with 99 views. The most popular post that day was How to register a CORPORATION with the Philippines SEC .

Where did they come from?

The top referring sites in 2010 were google.com.ph, allfavoriterecipe.com, en.wordpress.com, search-results.com, and facebook.com.

Some visitors came searching, mostly for pastillas recipe, how to make siopao, yema recipe, siopao dough, and yema.

Attractions in 2010

These are the posts and pages that got the most views in 2010.

1

How to register a CORPORATION with the Philippines SEC January 2008
12 comments

2

How to register a PARTNERSHIP with the Philippines SEC January 2008
8 comments

3

Try making Pastilles, Cassava Cake, Leche Flan and Yema February 2008
2 comments

4

Do you know how to make Siopao? January 2008
8 comments

5

How to apply for BIR Tax Identification Number in the Philippines September 2009
5 comments

Gasoline Depo – a business idea

I was watching an early news program, and I was a bit mesmerized when the subject matter shifted to used plastic materials, like plastic bags that for groceries and the styro material  for packed meals. Yes, these are biodegradable materials but commonly used by malls and fast food chains.

Anyhow, I won’t be talking about the business of turning plastic materials into diesel or gasoline. Ha ha ha! But of course it is amazing – remember doc?  the “back to the future” movie. Perhaps in some other days if science permits us to do so. 🙂 Hopefully, if that day will come, facts and information about “no harm” to the environment or to people per se are also available na.

Anyhow, as I was watching the news about diesel and gasoline, and ka-boom! Flashback! Six years ago, yeah, 6 years ago…I and my four friends were talking and storming our brains about business. Then suddenly we came up with something.  How about putting a gasoline depo? What? Gasoline depo?

The business model is so simple: purchase, provide and sell diesel to passenger jeepneys (PUJs) and the like basta those motor engines drinking diesel. So the question now is why gasoline depo? depo or depot? what the… whatever.

Hhmmm, anyhow, okay, the business idea was a product of a niche market that we have identified back then. Yep yep, since one of my four friends is a police guy who happens to own a passenger jeep and the concurrent president of a drivers and jeepney operators association — ting! Sweet. Earn while servicing the needs of your members then members have the chance to earn naman via rebates. There are about fifty (50) passenger jeeps registered under the association — very clean, a niche market. Let us do the math, 50 jeeps a day six year ago multiplied by per liter of diesel multiply by… 😉 Man! That is profit! yes, prooofiitt.

Another thing is one of us owned a 200 sqm lot near the hi-way whereby passenger jeeps passes through every day. So it’s not only jeep that we are looking at but all vehicles even trucks. Putting the raw ideas together, ka-boom! “a gasoline depo”. So the next step is to find the right business partner who can supply us diesel with a plus package like an overhead tank and at least one diesel dispenser to start with. We were able to talk with Sea Oil and Total that time – haggled with the best possible low cost deal and good terms.

So how do we earn?

Ok, normally those big operators of bus and jeep have what they called an on-sight refilling station. Meaning these operators purchased their own gasoline or diesel as part of their supplies and stores it. However, this thing already evolved. Most of them are now directly purchasing gasoline and diesel via available gasoline station near their garage. But the power of leverage is still there via discount and terms.

Now, by putting up a gasoline depo, you can also negotiate a better deal like discount and terms. Why, because you already have a sure buyer, a niche that will purchase your diesel.  And that is power.  Two ways to earn, purchase discount plus add on margin – but not that high and not that low so as not to distort the on-going market price of diesel.  In addition, you still have the chance to supply other vehicles aside from your niche market.

So there you are. Hope you get the idea…