A 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:
- (a) Failure to file the annual report or pay any fees as required by the Revised Corporation Code.
- (b) Failure to appoint and maintain a resident agent in the Philippines;
- (c) Failure, after change of its resident agent or address, to submit to the SEC a statement of such change;
- (d) Failure to submit to the SEC an authenticated copy of any amendment to its articles of incorporation or bylaws or of any articles of merger or consolidation within the prescribed period;
- (e) A misrepresentation of any material matter in any application, report, affidavit or other document submitted by such corporation;
- (f) Failure to pay any and all taxes, imposts, assessments or penalties, if any, lawfully due to the Philippine Government or any of its agencies or political subdivisions;
- (g) Transacting business in the Philippines outside of the purpose or purposes for which such corporation is authorized under its license;
- (h) Transacting business in the Philippines as agent of or acting on behalf of any foreign corporation or entity not duly licensed to do business in the Philippines; or
- (i) Any other ground as would render it unfit to transact business in the Philippines.
The enumeration is without prejudice to other grounds which may be provided under special laws.
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