What critical information regarding legal service must a foreign corporation disclose in its license application? The application for a license must specifically set forth the name and address of its resident agent authorized to accept summons and process in all legal proceedings (SEC. 142, Revised Corporation Code of the Philippines). This designation is mandatory, ensuring […]
What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license? The application for a license must be accompanied by a statement under oath of the president or any other authorized person of the corporation (SEC. 142, Revised Corporation Code of the Philippines). This statement must show,
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
Who is authorized to form a corporation sole, and for what purpose? A corporation sole may be formed by the chief archbishop, bishop, priest, minister, rabbi, or other presiding elder of any religious denomination, sect, or church (SEC. 108, Revised Corporation Code of the Philippines). The specific purpose of forming this unique corporate entity is
Who is authorized to form a corporation sole, and for what purpose? Read More »
