This document outlines the requirements for foreign corporations to obtain a license to conduct business in the Philippines. It defines a foreign corporation as one formed under laws other than Philippine laws and whose home country allows Philippine citizens and companies to do business there as well. To get a license, a foreign corporation must submit documents like its articles of incorporation and bylaws, identify its representative, and provide details about its operations, purpose, leadership, capital structure, and financial condition. Additional requirements may apply depending on the type of business, and all corporations need approval from other relevant government agencies first before applying.
This document outlines the requirements for foreign corporations to obtain a license to conduct business in the Philippines. It defines a foreign corporation as one formed under laws other than Philippine laws and whose home country allows Philippine citizens and companies to do business there as well. To get a license, a foreign corporation must submit documents like its articles of incorporation and bylaws, identify its representative, and provide details about its operations, purpose, leadership, capital structure, and financial condition. Additional requirements may apply depending on the type of business, and all corporations need approval from other relevant government agencies first before applying.
This document outlines the requirements for foreign corporations to obtain a license to conduct business in the Philippines. It defines a foreign corporation as one formed under laws other than Philippine laws and whose home country allows Philippine citizens and companies to do business there as well. To get a license, a foreign corporation must submit documents like its articles of incorporation and bylaws, identify its representative, and provide details about its operations, purpose, leadership, capital structure, and financial condition. Additional requirements may apply depending on the type of business, and all corporations need approval from other relevant government agencies first before applying.
This document outlines the requirements for foreign corporations to obtain a license to conduct business in the Philippines. It defines a foreign corporation as one formed under laws other than Philippine laws and whose home country allows Philippine citizens and companies to do business there as well. To get a license, a foreign corporation must submit documents like its articles of incorporation and bylaws, identify its representative, and provide details about its operations, purpose, leadership, capital structure, and financial condition. Additional requirements may apply depending on the type of business, and all corporations need approval from other relevant government agencies first before applying.
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Title XV Foreign Corporations
SEC. 140. Definition and Rights of Foreign Corporations. – Foreign Corporation is one formed, organized or existing under laws other than those of the Philippines’ and whose laws allow Filipino citizens and corporations to do business in its own country or State. It shall have the right to transact business in the Philippines after obtaining a license.
SEC. 141. Application to Existing Foreign Corporations. – Every foreign corporation which, on the date of the effectivity of this Code, is authorized to do business in the Philippines under a license issued to it shall continue to have such authority under the terms and conditions of its license.
SEC. 142. Application for a License. – A foreign corporation applying for a license to transact business in the Philippines shall submit to the Commission a copy of its articles of incorporation and bylaws, certified in accordance with law, and their translation to an official language of the Philippines, if necessary. The application shall be under oath and, unless already stated in its articles of incorporation, shall specifically set forth the following:
(a) The date and term of incorporation;
(b) The address, including the street number, of the principal office of the corporation in the country or State of incorporation;
(c) The name and address of its resident agent authorized to accept summons and process in all legal proceedings and all notices affecting the corporation, pending the establishment of a local office;
(d) The place in the Philippines where the corporation intends to operate;
(e) The specific purpose or purposes which the corporation intends to pursue in the transaction of its business in the Philippines: Provided, That said purpose or purposes are those specifically stated in the certificate of authority issued by the appropriate government agency;
(f) The names and addresses of the present directors and officers of the corporation;
(g) A statement of its authorized capital stock and the aggregate number of shares which the corporation has authority to issue, itemized by class, par value of shares, shares without par value, and series, if any;
(h) A statement of its outstanding capital stock and the aggregate number of shares which the corporation has issued, itemized by class, par value of shares, shares without par value, and series, if any; (i) A statement of the amount actually paid in; and
(j) Such additional information as may be necessary or appropriate in order to enable the Commission to determine whether such corporation is entitled to a license to transact business in the Philippines, and to determine and assess the fees payable.Attached to the application for license shall be a certificate under oath duly executed by the authorized official or officials of the jurisdiction of its incorporation, attesting to the fact that the laws of the country or State of the applicant allow Filipino citizens and corporations to do business therein, and that the applicant is an existing corporation in good standing. If the certificate is in a foreign language, a translation thereof in English under oath of the translator shall be attached to the application.
The application for a license to transact business in the Philippines shall likewise be accompanied by a statement under oath of the president or any other person authorized by the corporation, showing to the satisfaction of the Commission and when appropriate, other governmental agencies that the applicant is solvent and in sound financial condition, setting forth the assets and liabilities of the corporation as of the date not exceeding one (1) year immediately prior to the filing of the application.
Foreign banking, financial, and insurance corporations shall, in addition to the above requirements, comply with the provisions of existing laws applicable to them. In the case of all other foreign corporations, no application for license to transact business in the Philippines shall be accepted by the Commission without previous authority from the appropriate government agency, whenever required by law
