{"id":5226,"date":"2019-12-26T02:28:00","date_gmt":"2019-12-25T18:28:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=5226"},"modified":"2020-05-02T00:09:49","modified_gmt":"2020-05-01T16:09:49","slug":"who-are-allowed-not-allowed-to-create-a-one-person-corporation","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/who-are-allowed-not-allowed-to-create-a-one-person-corporation\/","title":{"rendered":"Who are Allowed\/Not Allowed to Create a One Person Corporation"},"content":{"rendered":"\n<p>A One Person Corporation is defined as a corporation with a single stockholder, who must be a natural person, trust, or an estate. These are the only persons allowed to create or become the sole incorporator of a One Person Corporation.<\/p>\n\n\n\n<!--more-->\n\n\n\n<ul class=\"wp-block-list\"><li>A <strong>natural person<\/strong> must be of legal age. A foreign natural person is allowed to put up an OPC, subject to the applicable capital requirement and constitutional\/statutory restrictions on foreign participation in certain investment areas or activities.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The <strong>trust<\/strong> does not refer to a trust entity, but the subject being managed by the trustee.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>If the single stockholder is a trustee, administrator, executor, guardian, conservator, custodian, or other persons exercising fiduciary duties, proof of authority to act on behalf of the trust or <strong>estate<\/strong> must be submitted at the time of incorporation.<\/li><\/ul>\n\n\n\n<p>[See also: <a href=\"https:\/\/pnl-law.com\/blog\/one-person-corporations-under-the-revised-corporation-code\/\">One Person Corporations under the Revised Corporation Code<\/a>]<\/p>\n\n\n\n<p>The following are NOT allowed to form OPCs:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a natural person who is licensed to exercise a profession may not organize as a One Person Corporation for the purpose of exercising such profession except as otherwise provided under special laws<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>banks and quasi-banks<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>pre-need companies<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>trust companies<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>insurance companies<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>public and publicly-listed companies<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>non-chartered government-owned and -controlled corporations<\/li><\/ul>\n\n\n\n<p>The creation of a One Person Corporation or OPC is provided in <a href=\"https:\/\/pnl-law.com\/blog\/title-xiii-special-corporations-revised-corporation-code-of-the-philippines-republic-act-no-11232\/\">Title XIII<\/a> (Special Corporations) of <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Republic Act No. 11232<\/a>, also known as the <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Revised Corporation Code<\/a>. The Guidelines are provided in SEC Memorandum Circular No. 7, series of 2019.&nbsp;See also: <a href=\"https:\/\/pnl-law.com\/blog\/how-to-register-a-one-person-corporation-requirements-and-application-process\/\">How to Register a One Person Corporation: Requirements and Application Process<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A One Person Corporation is defined as a corporation with a single stockholder, who must be a natural person, trust, or an estate. These are the only persons allowed to create or become the sole incorporator of a One Person Corporation.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1361],"tags":[1255,234,235,1273,90,1254,1253],"class_list":["post-5226","post","type-post","status-publish","format-standard","hentry","category-corporate-law","tag-corporate-law","tag-corporation","tag-corporations","tag-one-person-corporations","tag-philippines","tag-republic-act-no-11232","tag-revised-corporation-code"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=5226"}],"version-history":[{"count":3,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5226\/revisions"}],"predecessor-version":[{"id":5243,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5226\/revisions\/5243"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=5226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=5226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=5226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}