How do I register a non-stock/non-profit corporation in the Philippines? Are there any minimum paid-up capital required? Can it be 100% foreign owned? These are but just handful of of the questions typically asked by several inquiries in the web page of Triple i Consulting.
Typically, registering a non-stock/non-profit institution like registering a stock corporation undergoes 3 stages namely
1) the Reservation of your Enterprise Name
2) the Submission of the Articles of Incorporation and By Laws
three) submission of a Bank Certificate of Paid In Capital or Operating Capital to Philippine Securities and Exchange Commission.
There are distinct provisions of the Code, nonetheless, that produced the registration of a non-stock corporation diverse. In the case of a non-stock corporation the items such as the authorized capital stock, the necessary 25% subscriptions of the authorized capital stocks and the attestation in the Treasurer's affidavit that at least 25% of the subscribed stocks had been paid (commonly found in a stock corporation) may very well be modified accordingly. In the case of non-stock/non-profit corporation, it merely demands the corporation to state the quantity of capital or dollars contributed or donated by specified persons. Along with this, the names, nationalities, and residences of the contributors or donors as well as the respective amounts given by every ought to also be itemized. Majority of its members should really be a resident of the Philippines. Therefore it can be 100% foreign owned , what the Code requires is that the majority of its members should have Philippine residency.
With respect to foundations, the Philippine Securities and Exchange Commission (SEC)-the government agency tasked to implement the provisions of the Corporation Code, specifically needs said foundations to furnish 1) a notarized Certificate of Bank Deposit of the contribution of not much less than P1,000,000.00 and two) a statement of willingness to allow the Commission to conduct an audit.
If foreign people and entities would like to establish a non-stock/non-profit organization or a foundation right here in the Philippines for the purposes allowed beneath Section 28 of the Philippine Corporation Code, hiring a company consultant such as the Triple i Consulting will be advantageous. It will not only make the method quick and uncomplicated but Triple I Consulting will also guide you all all through in particular in the availing of the diverse incentives the Philippine Government has to offer you.
Triple I Consulting is a Manila based business improvement and consulting business. We supply Small business Registration, Business enterprise Consulting, Provider Setup, Call Center Setup, Philippine Visa Assistance, BFAD (Bureau of Food and Drugs) Registration, SEC (Securities and Exchange Commission) Registration, DTI and BIR Registrations, and other Philippine government permits and licenses.
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