What is the minimum value required for the securities deposit maintained by a licensed foreign corporation? Within sixty (60) days after the issuance of its license, the foreign corporation must deposit with the SEC securities for the benefit of present and future creditors in the Philippines (SEC. 143, Revised Corporation Code of the Philippines). These […]
When must a licensed foreign corporation deposit additional securities with the SEC? The SEC shall require the licensee to deposit additional securities if the licensee’s gross income for a fiscal year exceeds Ten million pesos (P10,000,000.00) (SEC. 143, Revised Corporation Code of the Philippines). The additional deposit required must be equivalent in actual market value
When must a licensed foreign corporation deposit additional securities with the SEC? Read More »
Who is qualified to be appointed as a resident agent for a foreign corporation? A resident agent may be either an individual residing in the Philippines or a domestic corporation lawfully transacting business in the Philippines (SEC. 144, Revised Corporation Code of the Philippines). An individual designated as a resident agent must meet personal standards,
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What is the principle regarding the applicability of Philippine laws to a foreign corporation lawfully doing business in the country? A foreign corporation lawfully transacting business in the Philippines shall be bound by all laws, rules and regulations applicable to domestic corporations of the same class (SEC. 146, Revised Corporation Code of the Philippines). This
What is the deadline and marking requirement for a foreign corporation to file amendments to its articles of incorporation or bylaws? Whenever the articles of incorporation or bylaws of a licensed foreign corporation are amended, the corporation must file an authenticated copy of the amended documents with the SEC within sixty (60) days after the
What action is required if a licensed foreign corporation changes its corporate name or desires to pursue additional purposes? A foreign corporation authorized to transact business in the Philippines must obtain an amended license in the event it changes its corporate name (SEC. 148, Revised Corporation Code of the Philippines). The same requirement applies if
What is the restriction on a foreign corporation’s ability to maintain or intervene in legal actions in the Philippines without a license? No foreign corporation transacting business in the Philippines without a license, nor its successors or assigns, shall be permitted to maintain or intervene in any action, suit, or proceeding in any court or
What are the grounds upon which the SEC may revoke or suspend the license of a foreign corporation? The SEC may revoke or suspend a foreign corporation’s license for several reasons, without prejudice to other special laws (SEC. 151, Revised Corporation Code of the Philippines). Grounds include failure to file its annual report or pay
What documents must be published when a foreign corporation files a petition for withdrawal of its license to transact business? Before the SEC issues a certificate of withdrawal for a foreign corporation’s license, all claims and taxes lawfully due in the Philippines must be paid or settled (SEC. 153, Revised Corporation Code of the Philippines).
What is the rule concerning the forfeiture of assets of a corporation involuntarily dissolved for illegal acts? If a corporation is ordered dissolved by final judgment for committing or aiding in securities violations, money laundering, or graft and corrupt practices, its assets, after payment of its liabilities, shall be forfeited in favor of the national
