Securities and Exchange Commission
Source:
"How to Invest in the Philippines" by PricewaterhouseCoopers Philippines (printed with permission from author)

Registration requirements and approval

1) Why is it necessary to register with the SEC?

The SEC is the government agency responsible for the registration, licensing, regulation and supervision of all corporations and partnerships organized in the Philippines, including foreign corporations licensed to engage in business or to establish branch offices in the Philippines.

2) Can the application for registration with the BOI/PEZA and the SEC be filed simultaneously, or must we wait for the BOI/PEZA approval before going to the SEC?

Registration with the BOI/PEZA is required only for purposes of availing investment incentives. It is preferable to first seek approval from the BOI/PEZA before filing an application with the SEC.

3) How long after the submission of the application and all the required documents will approval be obtained?

The processing and approval of the papers take around fifteen (15) working days from official acceptance of the application.

4) Is there any requirement that directors be residents?

A majority of the directors must be residents of the Philippines. The number of directors must be at least five (5) but not more than fifteen (15). Hence, if there are 5 directors, at least 3 must be residents. However, please see also item 3 on page 31.

5) Is a domestic corporation subject to a minimum subscription and payment on such subscription?

At least 25% of the authorized capital stock of a domestic corporation must be subscribed and at least 25% of the subscription must be paid. However, subscriptions by alien individuals or foreign entities must generally be fully paid. Partial payments of subscriptions by aliens may be allowed subject to certain conditions.

Source:
• "How to Invest in the Philippines" by PricewaterhouseCoopers Philippines (printed with permission from author)