A foreign corporation applying for a license to transact or do business in the Philippines must appoint a Resident Agent. The appointment is submitted to the Securities and Exchange Commission (SEC) together with the application and other requirements. This is discussed below.
Continue readingA foreign corporation, whether stock or nonstock, and a foreign partnership who intend to register a Branch Office or Representative Office in the Philippines must comply with/file the specific requirements, enumerated and discussed below, with the Securities and Exchange Commission (SEC). The application requirements are discussed below.
Continue readingA foreign corporation who intends to register a Regional/Area Headquarters (RHQ) or Regional/Area Operating Headquarters (ROHQ) in the Philippines must comply with/file the specific requirements, enumerated and discussed below, with the Securities and Exchange Commission (SEC). The requirements are discussed below.
Continue readingA foreign corporation which is licensed to operate or do business in the Philippines may lose its license based on a number of grounds provided in the Revised Corporation Code. The Securities and Exchange Commission (SEC) may revoke the license upon any of the following grounds:
Continue readingRegistration of Philippine corporations is now more convenient. The previous post on how to register a corporation, including foreign-owned domestic corporations, with the Securities and Exchange Commission (SEC) is retained in this forum to highlight how different the process and requirements were. Registration in the electronic age is much easier.
Continue readingA Negative List, also called the Foreign Investments Negative List, is a list of areas of economic activity whose foreign ownership is limited to a maximum of forty percent (40%) of the outstanding capital stock in the case of a corporation or capital in the case of partnership.
Continue readingThe existing law governing corporations in the Philippines is Republic Act No. 11232, also known as the “Revised Corporation Code“. R.A. 11232 was signed by President Rodrigo R. Duterte on 20 February 2019. This is an introduction to the Revised Corporation Code.
Continue readingA claim refers to all claims or demands of whatever nature or character against the debtor or its property, whether for money or otherwise, liquidated or unliquidated, fixed or contingent, matured or unmatured, disputed or undisputed, including, but not limited to: (1) all claims of the government, whether national or local, including taxes, tariffs and customs duties; and (2) claims against directors and officers of the debtor arising from acts done in the discharge of their functions falling within the scope of their authority.
Continue readingThe management committee is composed of persons, natural or juridical, appointed by the court when proper, in court-supervised rehabilitation. The management committee shall take the place of the management and governing body of the debtor, and assume such powers, rights and responsibilities under the law. These are provided under Republic Act No. 10142, also known as the Financial Rehabilitation and Insolvency Act of 2010 (FRIA) and the Financial Rehabilitation Rules of Procedure (2013) or “FR Rules” (A.M. 12-12-11-SC).
Continue readingAfter the petition for court-supervised rehabilitation, whether voluntary or involuntary, is given due course, the court shall issue an order directing the rehabilitation receiver to call a meeting with the debtor and all classes of creditors, to take place in not less than 2 weeks nor more than 4 weeks from the date of the order, to consider the organization of a creditors’ committee.
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