PROCESS FOR EVALUATION AND ISSUANCE OF

PROBATIONARY SPECIAL INVESTOR’S RESIDENT VISA (SIRV)

THRU THE BOARD OF INVESTMENTS (BOI)

1. SIRV Applicant submits two (2) sets of complete documents to BOI:

Revised SIRV Application Form with recent photographs (6 pcs.)
and Medical Certificate duly filled up and notarized. The said Medical
Certificate should be valid for six (6) months from date of filing of
application for SIRV and authenticated by the National Quarantine
Office of the Department of Health.
• SIRV Form 001A for Principal
• SIRV Form 001B for Spouse/Dependents

Authenticated Police clearance from home country or NBI clearance.

The said clearance should be valid for six (6) months from date of
filing of application for SIRV.

Certificate of Inward Remittance from the correspondent banks of

Accredited Depository Banks:
• Land Bank of the Philippines (LBP); OR
• Development Bank of the Philippines (DBP)

The Certificate should indicate that the amount of at least

US$75,000.00 has been inwardly remitted by an SIRV applicant for
placement into Peso Time Deposit for a minimum maturity period of
30 days and a maximum maturity period of 180 days. The
certification should also indicate that the person remitting the
amount is an SIRV applicant.

Certificate of Peso Time Deposit with a minimum maturity period of

30 days and maximum maturity period of 180 days. The Certificate
should have annotation by DBP/LBP that the amount cannot be
withdrawn, wholly or partially, without the prior approval of the
BOI.

To be forwarded directly by LBP or DBP to the One Stop SIRV

Center, BOI within 24 hours upon receipt of inward
remittance.

Accomplished Personal History Statement Form from National

Intelligence Coordinating Agency (NICA).

Authenticated Birth Certificate/Family Registry/Household Registry

Authenticated Marriage Contract. In cases where the applicant’s

home country does not issue a marriage contract, the Chamber of
Commerce of the Applicant’s home country in the Philippines shall
issue the said certification

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 Original Passport

Official Receipt of payment of Filing Fee of US$500.00 for principal

or dependent/s.

2. One Stop SIRV Center, BOI -

Checklists application using SIRV Form ER-001
Give claim stub (detach from SIRV Form 001A/001B) to applicant to
be presented after 10 working days.
Reviews/evaluates application within 2 working days using –
• SIRV ER-001 and;
• SIRV FL APL-001A (endorsement to NBI)
Sends copy of accomplished Personal History Statement together
with police or NBI Clearance to NICA for thorough verification of
SIRV applicant/holder. (SIRV FL APL-001B)

3. If approved,
One Stop SIRV Center, BOI –
• Endorses approval to BI using SIRV Form FL APL-002B. The
application form and its supporting documents should be
attached to the endorsement including original copy of passport.

Bureau of Immigration –
• Evaluates and issues probationary multiple SIRV valid for 6
months within 5 working days;
• Releases passport with SIRV to BOI authorized staff

SIRV Holder
• Attends BOI briefing
• Signs undertaking using SIRV Form SH-001;
• Undergo fingerprinting at the Bureau of Immigration escorted by
BOI authorized staff within 1 working day.

One Stop SIRV Center, BOI –

• Releases passport with SIRV probationary visa to applicant.

4. If disapproved –

One Stop SIRV Center, BOI –

• Informs applicant and issues disapproval letter using SIRV FL
APL-003.
• Returns passport to applicant.

SIRV Applicant –
• Requests the One Stop SIRV Center for withdrawal of his/her
time deposit placed at the LBP/DBP indicating the name, address
and telephone number of correspondent bank and SIRV
applicant’s account number where the FX or Pesos will be
remitted.

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• The peso time deposit with DBP/LBP can be withdrawn only after
30 days from date of foreign exchange remittance.

One Stop SIRV Center, BOI –

• Endorses to LBP/DBP request for withdrawal using SIRV Form FL
APL-003B. If possible, the endorsement should also have the
signature of the SIRV applicant in the “Conforme” portion of the
BOI endorsement for purposes of establishing the identity of the
SIRV applicant by DBP/LBP. The SIRV applicant should present
to DBP/LBP his original copy of the passport.

DBP/LBP-

• Issues certification to BOI that peso time deposit of SIRV

applicant has been withdrawn and/or remitted to designated
bank of SIRV applicant.

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 PROCESS FOR ISSUANCE OF
INDEFINITE SPECIAL INVESTOR’S RESIDENT VISA (SIRV)

For purposes of securing an indefinite SIRV, only ownership of

shares of stocks in the following shall be considered acceptable forms of
investments, to wit:

(a) In existing corporations:

Publicly-listed corporations
Companies engaged in areas listed in the Investment
Priorities Plan (IPP), or
Companies engaged in the manufacturing and service
sectors.

(b) In new corporations:

Companies to be engaged in the manufacturing and service

sectors, or
Companies to be engaged in areas listed in the IPP

A. CONVERSION OF TIME DEPOSIT TO INVESTMENT

Request for conversion should be made within 150 days from

date of probationary SIRV.

1. One Stop SIRV Center, BOI

Sends letter (SIRV FL INV 001A) reminding the SIRV holder to
invest, enclose Letter of Intent (SIRV Form SH 002)

2. SIRV Holder
Submits the following documentary requirements to BOI –
• Letter of intent – SIRV Form SH 002
• Pays conversion fee of P2,000.00

For investment in Proposed/New Corporation

• Signed and notarized duplicate copies of the proposed Articles
of Incorporation and By-Laws

For investment in Existing Corporation

• Certified true copy of Business/Mayor’s permit
• Certified true copy of Articles of Incorporation and By-Laws
• BOI registration, if any
• Latest AFS, List of Officers & Directors
• Secretary’s Certificate
• Waiver of pre-emptive rights of existing stockholders

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 • Certified true copy of the resolution from SEC authorizing the
issuance of shares from the unsubscribed portion and
exempting said shares from registration
• BIR certificate of registration of official receipts

Additional documents for shares purchased from existing

stockholders-
• Corporate Secretary’s Certificate
• Certified true copy of stock certificate issued to selling
stockholder
• Deed of assignment between buyer and the seller of the stock
certificate

For investment in shares in publicly listed corporations

• Sworn certification of stock broker

3. One Stop SIRV Center, BOI –

Accepts documents
Issues claim stub to be presented after 2 working days
Evaluates documents – SIRV Form ER-002

4. If documents are complete and accepted –

One Stop SIRV Center, BOI -

Issues endorsement to DBP/LBP with SIRV Holder’s “CONFORME”
for withdrawal of time deposit (SIRV FL INV 002A). Original copy
of BOI endorsement letter with a certified true copy of the SIRV
holder’s passport should be sent directly to DBP/LBP.
Releases letter of approval of request for conversion of time
deposit with original copy of passport to investment to SIRV
holder – SIRV FL INV 001B
If documents are not acceptable, send letter of disapproval –
SIRV FL INV 003.

DBP/LBP-
Prepares check payable to the corporation
Issues certification to the BOI that SIRV holder’s Time Deposit
has been withdrawn payable to the Corporation
Releases check to the SIRV holder upon presentation of original
copy of passport

B. CONVERSION OF PROBATIONARY TO INDEFINITE SIRV

1. SIRV Holder
Submits proof of investments with original copy of the passport
to the One Stop SIRV Center, BOI within 5 working days from
conversion of Time Deposit to Investment

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 SIRV holder investing in Existing Corporation submits the
following:
• Certified true copy of SEC Certificate of change of
stockholders reflecting the name of SIRV holder as one of the
stockholders;
• Lease contract or proof of ownership of office or factory/plant
sites and its location plan;
• Certified true copy of stock certificate issued in favor of SIRV
holder with annotation by the Corporate Secretary that the
stocks cannot be sold, disposed or transferred without prior
approval of the Board, if already available.

SIRV holder investing in New Corporation submits the following

documents:
• Duplicate copies of Articles of Incorporation and By-Laws
• Treasurer’s Affidavit
• Certified true copy of Official Receipt issued by the Treasurer-
in-trust
• Certified true copy of stock certificate issued in favor of SIRV
holder with annotation by the Corporate Secretary that the
stocks cannot be sold, disposed or transferred without prior
approval of the Board, if already available.

SIRV holder with investments in shares in publicly listed

corporations
• Certified true coy of official receipts and buy invoice;
• Sworn certification of stockbroker.
• Certified true copy of stock certificate with annotation by the
Corporate Secretary that the stocks cannot be disposed, sold
or transferred without prior approval by the Board, if already
available.

SIRV holder submits the following additional documents for

shares purchased from existing stockholders:

• Corporate Secretary’s certificate

• Certified true copy of stock certificate issued to selling
stockholder
• Deed of assignment between buyer and the seller of the stock

2. Within 30 days from conversion of Time Deposit to Investment

SIRV holder –
Pays BOI/BI fees for conversion of probationary to indefinite
SIRV
Submits passport to BOI
Submits the following documents:
• Certified true copy of Stock Certificate issued in favor of the
SIRV holder with annotation by the Corporate Secretary that

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 the stocks cannot be sold, disposed, transferred without prior
approval of the Board.

Stock certificates issued shall bear the annotation that the

owner thereof is a holder of the Special Investor’s Resident
Visa and that the same shall not be sold, transferred, or
conveyed without prior BOI approval.

For investment in PSE listed corporation, submission shall be

within 3 months from date of investment.

• Certified true copy of SEC Registration (New Corporation)

• Certified true copy of SEC Certificate of change of
stockholders (New and Existing Corporations)
• Certified true copy of official receipts & buy invoice (PSE
listed)
• Sworn certification of stock broker (PSE listed)

2. If complete and accepted, SIRV Holder

Registers investment with BSP (Optional)
Pay BOI fees for the conversion of probationary to indefinite
SIRV – P2,000.00 per person and BI fees
Submit original copy of passport

3. One Stop SIRV Center, BOI

Accepts BI fees and issues provisional receipts
Issues claim stub to be presented after
- 7 working days for investment in PSE listed, BOI registered or
new corporations
- 16 working days for investment in existing corporations not
registered with BOI or not publicly listed
Validates investment in PSE listed corporation through telephone
call to the Corporate Secretary
Checks if the company where the SIRV holder is investing is BOI
registered or not. If BOI-registered, the same shall be made
known to BI.
Types the information in the security sticker.
Endorses to BI SIRV holders passport, Security sticker to BI with
SIRV holders data, and letter informing compliance with
investment documentary requirements, whether corporation is
BOI-registered or not, etc. Accomplished Letter of Intent with all
supporting documents should be attached to the endorsement
Delivers all the documents to BI.

4. Bureau of Immigration –
Inspect investment site for existing corporations which are NOT
BOI registered and NOT PSE listed
Issues Certificate of Inspection to BOI

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 If investment is confirmed -
• Converts probationary SIRV to multiple indefinite SIRV within
5 working days if without inspection and within 14 working
days if with inspection
• Release passport WITH Multiple Indefinite SIRV to BOI
authorized representative
If not, returns passport with all attachments WITHOUT Multiple
Indefinite SIRV to BOI authorized representative

5. SIRV holder pays SIRV ID fee – P3,000.00 per person

6. One Stop SIRV Center, BOI

Issues SIRV ID valid for 1 year to SIRV holder
Returns passport

C. MONITORING OF INVESTMENTS

1. ONE STOP SIRV CENTER, BOI

30 days prior to the expiration of the SIRV Identification Card
(ID), sends 3 notices to submit annual reportorial requirements.

2. SIRV holder
Submits a sworn report to the One Stop SIRV Center supported
by the following documents:
- Certified true copy of the latest current AFS of the business
filed with the BIR
- Certification from the Securities and Exchange Commission
that the business is existing
- Certification under oath from the Corporate Secretary that the
SIRV holder is a stockholder of record and is in good standing
and the amount of investments has not been reduced below
the amount provided in the Code
- Business/mayor’s permit
- Proof of registration with the BIR
- Copy of corporate income tax return filed with the BIR with
official receipt of income tax payment, if applicable
- Copy of the individual tax return of the SIRV holder filed with
the BIR with official receipt of income tax payment, if
applicable.
- Certified true copy of corporation’s location plan (for new
corporation)

3. One Stop SIRV Center, BOI

Endorses to BI the following documents of SIRV holders with
investments in New Corporation for inspection:
- Certified true copy of stock certificates with annotation on lien
- Certified true copy of corporation’s location plan

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4. Bureau of Immigration
Verifies investments of SIRV holder in new corporations within 6
working days from submission of proof of investment.
Informs BOI of results of inspection

5. One Stop SIRV Center, BOI-

Renews the Identification Card of SIRV holder upon compliance

with:
- Submission of all documents under No. 2 for SIRV holders
with investments in existing corporations
- Submission of all documents under No. 2 and validation of
investments of BI for SIRV holders with investments in New
Corporation
- Provides the BI with a master list of SIRV holders with
renewed Identification Card and its validity period.

If documents enumerated in No. 2 above and/or investments are

not in existence per inspection report of BI, the indefinite
multiple entry visa of SIRV holder shall be endorsed to BI for
cancellation and/or inclusion in the blacklist and the SIRV
Identification Card shall not be renewed.

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 PROCESS FOR VOLUNTARY CANCELLATION OF
INDEFINITE SPECIAL INVESTOR’S RESIDENT VISA (SIRV)

1. SIRV holder submits the following to BOI –

Letter of request – SIRV FL 013
Passports of Principal, Spouse and Dependents

2. One Stop SIRV Center, BOI –

Evaluates request
Institute cancellation proceedings – Memo to BOI Management
Committee
Endorses to BI the cancellation of SIRV using SIRV FL-011 with the
SIRV holder/s passport/s

3. Bureau of Immigration –
Cancels/downgrades the visa of the SIRV holder within 5 working
days
Releases passports to BOI authorized representative

4. One Stop SIRV Center, BOI -

Endorses to accredited banks withdrawal of time deposit or
endorses to Corporate Secretary the cancellation of SIRV within 1
working day.
Cancels SIRV ID
Conducts exit interview
Return passport

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