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 continue reading : Why is it necessary to register with the SEC?
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.