{"id":5502,"date":"2020-02-29T15:47:00","date_gmt":"2020-02-29T07:47:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=5502"},"modified":"2020-06-11T21:13:26","modified_gmt":"2020-06-11T13:13:26","slug":"foreign-corporations-grounds-for-revocation-of-license-to-operate-in-the-philippines","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/foreign-corporations-grounds-for-revocation-of-license-to-operate-in-the-philippines\/","title":{"rendered":"Foreign Corporations: Grounds for Revocation of License to Operate in the Philippines"},"content":{"rendered":"\n<p>A <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Foreign-Corporations\">foreign corporation<\/a> which is licensed to operate or <a href=\"https:\/\/pnl-law.com\/blog\/glossary-foreign-investments-act-of-1991\/#Doing-Business\">do business<\/a> in the Philippines may lose its license based on a number of grounds provided in 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 Securities and Exchange Commission (SEC) may revoke the license upon any of the following grounds:<\/p>\n\n\n\n<!--more-->\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"836\" height=\"624\" src=\"https:\/\/pnl-law.com\/blog\/wp-content\/uploads\/2020\/06\/Foreign-Companies-Grounds-to-Revoke-License-to-Operate-in-the-Philippines-.png\" alt=\"Foreign Companies - Grounds to Revoke License to Operate in the Philippines  \" class=\"wp-image-8334\"\/><\/figure><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>(a) Failure to file the annual report or pay any fees as required by the <a href=\"https:\/\/pnl-law.com\/blog\/revised-corporation-code-of-the-philippines-republic-act-no-11232-full-text\/\">Revised Corporation Code<\/a>.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(b) Failure to appoint and maintain a <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Resident-Agent\">resident agent<\/a> in the Philippines;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(c) Failure, after change of its <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Resident-Agent\">resident agent<\/a> or address, to submit to the SEC a statement of such change;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(d) Failure to submit to the SEC an authenticated copy of any amendment to its <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Articles-Of-Incorporation\">articles of incorporation<\/a> or <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Bylaws\">bylaws<\/a> or of any <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Articles-Of-Merger\">articles of merger<\/a> or <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Articles-Of-Consolidation\">consolidation<\/a> within the prescribed period;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(e) A misrepresentation of any material matter in any application, report, affidavit or other document submitted by such <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Corporations\">corporation<\/a>;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(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;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(g) Transacting business in the Philippines outside of the purpose or purposes for which such corporation is authorized under its license;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(h) Transacting business in the Philippines as agent of or acting on behalf of any <a href=\"https:\/\/pnl-law.com\/blog\/glossary-for-the-revised-corporation-code\/#Foreign-Corporations\">foreign corporation<\/a> or entity not duly licensed to do business in the Philippines; or&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>(i) Any other ground as would render it unfit to transact business in the Philippines.&nbsp;<\/li><\/ul>\n\n\n\n<p>The enumeration is without prejudice to other grounds which may be provided under special laws.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>See also:<br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/introduction-to-foreign-corporations-doing-business-in-the-philippines\/\">Introduction to foreign corporations doing business in the Philippines<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/foreign-corporations-entities-what-constitutes-doing-business-in-the-philippines\/\">What constitutes \u201cdoing business\u201d in the Philippines<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/minimum-paid-up-capital-for-corporations-in-the-philippines\/\">Minimum paid-up capital for corporations in the Philippines<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/foreign-corporations-requirement-of-securities-deposited-with-securities-and-exchange-commission-sec\/\">Required securities deposit<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/resident-agents-for-foreign-corporations-licensed-to-do-business-in-the-philippines\/\">Designation of resident agent<\/a><\/td><td><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/registration-of-foreign-owned-corporations-in-the-philippines\/\">Registration of foreign-owned corporations in the Philippines<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/application-for-registration-of-branch-office-foreign-corporations-partnerships-in-the-philippines\/\">Application for registration of Branch\/ Representative office&nbsp;<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/application-for-registration-of-rhq-rohq-foreign-corporations-in-the-philippines\/\">Application for registration of RHQ\/ROHQ<\/a><br \/>*&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/eleventh-negative-foreign-investments-negative-list-eo-65\/\">Eleventh Foreign Investments Negative List<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>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:<\/p>\n","protected":false},"author":7,"featured_media":8334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1361,1340],"tags":[1336,1276,252,579,578,1338,1337,90,1253,1339,231],"class_list":["post-5502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-law","category-foreign-investments","tag-branch-office","tag-foreign-corporations","tag-foreign-investment","tag-foreign-investors","tag-investments","tag-license-to-do-business","tag-license-to-operate","tag-philippines","tag-revised-corporation-code","tag-revocation-of-license","tag-securities-and-exchange-commission"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5502","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=5502"}],"version-history":[{"count":4,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5502\/revisions"}],"predecessor-version":[{"id":8335,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/5502\/revisions\/8335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media\/8334"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=5502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=5502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=5502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}