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Registration of a Corporation

Registration of a Corporation

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Published by Icylove Genio

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Categories:Types, Business/Law
Published by: Icylove Genio on Jul 24, 2012
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REGISTRATION OF A CORPORATION
GENERAL PROCEDURE AND PERTINENT PROVISIONS OF CORPORATION CODE OF THEPHILIPPINES
REQUIRED DOCUMENTS FOR APPLICANTCORPORATION(STOCK CORPORATIONS)
1. Name Verification Slip (on-line or at the Name2. Verification Unit, 2nd floor, SEC Bldg.)3. Articles of Incorporation and By-laws
4. Treasurer’s Affidavit 
5. Bank Certificate of Deposit (notarized in place wherebank is located)6. Clearance from other government agencies (if applicable)7. Foreign Investment Application Form F
100 (forsubsidiaries of foreign corporations)8. Proof of Inward Remittance by Non-Resident Aliens/Subscribers
Number and qualifications of incorporators
. - Any number of natural personsnot less than five (5) but not more than fifteen (15), all of legal age and a majority of whom are residents of the Philippines, may form a private corporation for any lawfulpurpose or purposes. Each of the incorporators of s stock corporation must own or be asubscriber to at least one (1) share of the capital stock of the corporation.
Corporate term.
- A corporation shall exist for a period not exceeding fifty (50)years from the date of incorporation unless sooner dissolved or unless said period isextended. The corporate term as originally stated in the articles of incorporation may beextended for periods not exceeding fifty (50) years in any single instance by anamendment of the articles of incorporation, in accordance with this Code; Provided, That no extension can be made earlier than five (5) years prior to the original or subsequent expiry date(s) unless there are justifiable reasons for an earlier extension as may bedetermined by the Securities and Exchange Commission.
Minimum capital stock required of stock corporations.
- Stock corporationsincorporated under this Code shall not be required to have any minimum authorizedcapital stock except as otherwise specifically provided for by special law, and subject tothe provisions of the following section.
 Amount of capital stock to be subscribed and paid for the purposes of incorporation.
- At least twenty-five percent (25%) of the authorized capital stock asstated in the articles of incorporation must be subscribed at the time of incorporation, andat least twenty-five (25%) per cent of the total subscription must be paid uponsubscription, the balance to be payable on a date or dates fixed in the contract of subscription without need of call, or in the absence of a fixed date or dates, upon call forpayment by the board of directors: Provided, however, That in no case shall the paid-upcapital be less than five Thousand (P5,000.00) pesos.
 
Contents of the articles of incorporation
. - All corporations organized under thiscode shall file with the Securities and Exchange Commission articles of incorporation inany of the official languages duly signed and acknowledged by all of the incorporators,containing substantially the following matters, except as otherwise prescribed by thisCode or by special law:1. The name of the corporation;2. The specific purpose or purposes for which the corporation is beingincorporated. Where a corporation has more than one stated purpose, thearticles of incorporation shall state which is the primary purpose andwhich is/are he secondary purpose or purposes: Provided, That a nonstock corporation may not include a purpose which would change orcontradict its nature as such;3. The place where the principal office of the corporation is to be located,which must be within the Philippines;4. The term for which the corporation is to exist;5. The names, nationalities and residences of the incorporators;
Forms of Articles of Incorporation.
- Unless otherwise prescribed by speciallaw, articles of incorporation of all domestic corporations shall comply substantially withthe following form:
 ARTICLES OF INCORPORATIONOF__________________________(Name of Corporation)
KNOW ALL MEN BY THESE PRESENTS: The undersigned incorporators, all of legal age and amajority of whom are residents of the Philippines, have this day voluntarily agreed to form a (stock) (non-stock) corporationunder the laws of the Republic of the Philippines;AND WE HEREBY CERTIFY:FIRST: That the name of said corporation shall be".............................................., INC. or CORPORATION";SECOND: That the purpose or purposes for which such corporation is incorporated are:(If there is more than one purpose, indicate primary and secondary purposes);THIRD: That the principal office of the corporation is located in the City/Municipality of ............................................., Province of .................................................., Philippines;FOURTH: That the term for which said corporation is to exist is ................ years fromand after the date of issuance of the certificate of incorporation;FIFTH: That the names, nationalities and residences of the incorporators of thecorporation are as follows:NAME NATIONALITY RESIDENCE..................................... ..................................... .......................................................................... ..................................... .......................................................................... ..................................... .......................................................................... ..................................... .......................................................................... ..................................... .....................................SIXTH: That the number of directors or trustees of the corporation shall be .............; andthe names, nationalities and residences of the first directors or trustees of the corporationare as follows:NAME NATIONALITY RESIDENCE..................................... ..................................... .......................................................................... ..................................... .......................................................................... ..................................... ..................................... ..................................... ............................................................................................................... ..................................... .....................................SEVENTH: That the authorized capital stock of the corporation is................................................. (P......................) PESOS in lawful money of thePhilippines, divided into ............... shares with the par value of ...................................(P.......................) Pesos per share.(In case all the share are without par value):That the capital stock of the corporation is ........................... shares without par value. (Incase some shares have par value and some are without par value): That the capital stock of said corporation consists of ........................ shares of which ....................... shares are
 
of the par value of .............................. (P.....................) PESOS each, and of which................................ shares are without par value.EIGHTH: That at least twenty five (25%) per cent of the authorized capital stock abovestated has been subscribed as follows:Name of Subscriber Nationality No of Shares Amount Subscribed Subscribed.................................. .................... ........................ ......................................................... .................... ........................ ......................................................... .................... ........................ ......................................................... .................... ........................ ......................................................... .................... ........................ .......................NINTH: That the above-named subscribers have paid at least twenty-five (25%) percent of the total subscription as follows:Name of Subscriber Amount Subscribed Total Paid-In................................... ...................................... .................................................................. ...................................... .................................................................. ...................................... .................................................................. ...................................... ............................... ................................... .....................................................................(Modify Nos. 8 and 9 if shares are with no par value. In case the corporation is non-stock,Nos. 7, 8 and 9 of the above articles may be modified accordingly, and it is sufficient if the articles state the amount of capital or money contributed or donated by specifiedpersons, stating the names, nationalities and residences of the contributors or donors andthe respective amount given by each.)TENTH: That ....................................... has been elected by the subscribers as Treasurerof the Corporation to act as such until his successor is duly elected and qualified inaccordance with the by-laws, and that as such Treasurer, he has been authorized toreceive for and in the name and for the benefit of the corporation, all subscription (orfees) or contributions or donations paid or given by the subscribers or members.ELEVENTH: (Corporations which will engage in any business or activity reserved forFilipino citizens shall provide the following):"No transfer of stock or interest which shall reduce the ownership of Filipino citizens toless than the required percentage of the capital stock as provided by existing laws shall beallowed or permitted to recorded in the proper books of the corporation and thisrestriction shall be indicated in all stock certificates issued by the corporation."IN WITNESS WHEREOF, we have hereunto signed these Articles of Incorporation, this................... day of .............................., 19 ........... in the City/Municipality of ........................................, Province of ................................................., Republic of thePhilippines............................................. ......................................................................................... .............................................................................................(Names and signatures of the incorporators)SIGNED IN THE PRESENCE OF:............................................ .............................................(Notarial Acknowledgment)

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