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.
Registration with the SEC grants the entity with the corporate franchise or
juridical personality to operate and transact business in the Philippines.
Yes, the application for registration can be filed simultaneously, but the
approval of the application with the BOI/PEZA and other IPAs would be
conditional on the affirmative completion of the SEC processes.
The processing and approval of the papers generally take around 15
working days from official acceptance of the application.
A majority of the directors must be residents of the Philippines. The
number of directors must be at least five but not more than 15. Hence, if
there are five directors, at least three must be residents.
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, except in cases where the law provides for the specific amount of
paid-up capital.