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, to the satisfaction of the SEC and other governmental agencies, that the applicant is solvent and in sound financial condition. Specifically, the statement must set forth the assets and liabilities of the corporation as of a date not exceeding one (1) year immediately prior to the filing of the application. Foreign banking, financial, and insurance corporations must also comply with their specific regulatory requirements.
02 November 2025
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Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
