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Friday, 28 August 2015

Business Tycoon Henry Sy is still the Richest Man in Philippines

SM Mall tycoon Henry Sy is PH’s richest for eight consecutive years. Henry Sy leads list of 50 richest Filipinos for 8th straight year.

According to Manila Bulletin, Sy saw his net worth increase as the value of his publicly-traded conglomerates, SM Investments and SM Prime Holdings, rose by 17 percent and 20 percent, respectively, over the past year. As of now, he has a net worth of US$14.4 billion, up by $1.7 billion compared to last year.

Henry Sy also ranks 73rd in Forbes' billionaires' list for 2015.

Thursday, 27 August 2015

How to Apply for work authorization and or the appropriate visa for Foreigner in Philippines

Foreign nationals seeking to work, do business and/or invest in the Philippines may apply for work authorization and or the appropriate visa provided for under the Philippine Immigration Act, as amended (Commonwealth Act No. 603) and other special laws.

A. Applicable Visas Provided under the Philippine Immigration Act (PIA)
  • Temporary Visitor or Tourist Visa
  • Working/ Employment Visa
The PIA provides for three types of work authorization:
  • Pre-Arranged Employment Visa
  • Treaty Trader Visa
  • Special non-immigrant visa under Sec. 47(a)(2) of the Philippine Immigration Act
B. Applicable Visas under Special Laws
  • Special Subic Working Visa
  • Special Clark Working Visa
  • CEZA Working Visa

How to Establish a Foreign Company in the Philippines

Here"s the Tutorial on How to Establish a Foreign Company in the Philippines.The Philippines, known as one of the fastest growing regions in the world stage today, is a critical entry point for the emerging Association of Southeast Asian Nations (ASEAN) market. Equipped with a robust and literate workforce, abundant resources, and a liberalized economy, the government invites foreigners to invest in the Philippines.

1. BRANCH OFFICE
Documentary Requirements
i. Form F103
ii. Name Verification Slip
iii. Authenticated copy of Board Resolution authorizing establishment of office in the Philippines designating resident agent and stipulating that in absence of such agent or upon cessation of business in the Philippines any summons may be served to SEC as if the same is made upon the corporation at its home office.
iv. Financial Statements as of a date not exceeding one year immediately prior to the application certified by independent CPA of home country and authenticated before the Philippine Consulate/Embassy.
v. Authenticated copies/Certified copies of the Articles of Incorporation/Partnership
vi. Proof of inward remittance ($200K) minimum
vii. Resident Agent’s acceptance of appointment (if not signatory in application form)
Application Procedure
i. Verify/reserve proposed name
ii. Get F-103 form from CRMD
iii. Present accomplished forms/docs for pre-processing at CRMD
iv. Pay filing fees to cashier
v. Claim license from Records Division
Processing time
Within 3-5 days from filing
2. REPRESENTATIVE OFFICE
Documentary Requirements
i. Form F-104
ii. Name Verification Slip
iii. Authenticated copy of Board Resolution authorizing establishment of office in the Philippines; designating resident agent & stipulating that in absence of such agent or upon cessation of business in the Phil. Any summons may be served to SEC as if the same is made upon the corporation at its home office.
iv. Financial Statements as of a date not exceeding one year immediately prior to the application, certified by independent CPA of home country and authenticated before the Philippine consulate/embassy.
v. Affidavit executed by the resident agent stating that mother office is solvent and in sound financial condition
vi. Authenticated copies of Articles of Incorporation with an English translation if in foreign language other than English
vii. Proof of inward remittance (US$30K) minimum such as bank certificate.
viii. Resident Agent’s acceptance of appointment (if not signatory in application form)
Application Procedure
i. Verify/reserve proposed name
ii. Get F-104 form from CRMD
iii. Present accomplished forms/docs for pre-processing at CRMD
iv. Pay filing fees to cashier
v. Claim license from Records Division
Processing time
Within 2 days from filing
3. REGIONAL HEADQUARTERS/REGIONAL OPERATING HEADQUARTERS
Documentary Requirements
i. Application Form for RHQ/ROHQ
ii. Name Verification Slip
iii. Authenticated certification that foreign firm is engaged in international trade with affiliates, subsidiaries, or branch offices in the Asia Pacific region & other foreign markets.
iv. Authenticated certification from principal officer of foreign entity that it was authorized by its Board of Directors or governing body to establish RHQ in the Philippines
v. BOI endorsement indicating its approval of RHQ/ROHQ
Application Procedure
i. Verify/reserve proposed name
ii. Get application form from CRMD
iii. Get BOI endorsement
iv. Present accomplished forms/docs for pre-processing at CRMD
v. Pay filing fees to cashier
vi. Claim license from Records Division
Processing time
Within 1 day from filing
4. FOREIGN PARTNERSHIP
Documentary Requirements
i. Name of verification slip
ii. Get F-105 Form from CRMD
iii. Articles of Partnership
iv. Written joint undertaking to change corporate name signed by two (2) incorporators/Directors
v. Clearance/endorsement from other govt. agencies, if applicable.
vi. Proof of remittance of foreign partners (only for those partners who want to register their investments with BSP)
Application Procedure
i. Verify/secure proposed name
ii. Buy articles of Partnership forms from the Express lane
iii. Get FIA Form 105 from CRMD
iv. Get endorsement of other government agencies, if needed
v. Presents accomplished forms/docs for pre-processing at CRMD
vi. Pay filing fees to cashier
vii. Claims Certificate of Incorporation from releasing Unit, Records Division.
Processing time
Within 24 hours from filing

How to Establish a Philippine Company

The Philippines, known as one of the fastest growing regions in the world stage today, is a critical entry point for the emerging Association of Southeast Asian Nations (ASEAN) market. Equipped with a robust and literate workforce, abundant resources, and a liberalized economy, the government invites foreigners to invest in the Philippines.

A. Requirements for Filipino investors
i. Must be a Filipino citizen, at least 18 years old;
ii. Filipinos whose names are suggestive of alien nationality must submit proof of citizenship such as birth certificate, PRC ID, voter’s ID, passport;
(a) If the applicant has a foreign sounding name, acquired Filipino citizenship by naturalization, election or by other means provided by law, he must submit proof of his Filipino citizenship such as:
– Naturalization certificate and Oath of allegiance,
– Valid ID card issued by the Integrated Bar of the Philippines (IBP) or Professional Regulatory Commission (PRC)
iii. Processing fee of P300.00 and P15 Documentary Stamp
B. Requirements for foreign investors
(TO SUBMIT 5 COPIES)
i. Interview sheet with interviewer’s findings and recommendation
ii. Duly accomplished forms:
iii. Form #16- Business Name Application, Form #17- Foreign Investor’s Application
iv. ID pictures (Passport Size)
a. Foreign investor – 7 copies
b. Filipino resident agent – 7 copies
v. ACR / ICR, Special Investors Resident Visa (SIRV) or passport
vi. Notarized appointment of Filipino resident agent
vii. For non-resident alien:
Proof of inward remittance of foreign currency with peso conversion
For resident:
Bank certificate of deposit
viii. Authority to verify bank accounts/bank certificate of deposit
ix. Certification from resident alien not seeking remittance of profits and dividends abroad
x. If investment includes assets other than foreign exchange, copy of valuation report from Central Bank.
xi. Clearance/Certification from other involved agencies
( ) PNP / DND – if engaged in defense-related activities
( ) DOST – if investment involves advanced technology
xii. Fees/charges – In cash:
For business name registration certificate
a. Single proprietorship – P300.00
b. Filing fee – P500.00
c. Registration fee – P5,000.00
xiii. Biodata of foreign investor
xiv. In case of alien retailer, current year’s permit to engage in retail business per RA 1180 (Amended by RA 8762 – Retail trade rationalization of 2000)
Additional requirements on case-to-case basis depending on actual examination and processing of the application. (i.e., If business requires practice of profession: submit photocopy of Philippine Regulation Commission (PRC) license or Integrated Bar of the Philippines membership and present original copy for comparison and contract of employment (If applicable)
C. Procedure
    1. Check online if the business name you like to register is still available.
ii. Fill-out the application form (copies can be obtained from DTI-Field offices and also available online). Indicate at least three preferred business names.
iii. Submit application form together with the documentary requirements, and pay corresponding fees to appropriate DTI-field Offices (DTINCR for businesses within metro Manila or DTI-Provincial Offices for businesses outside the Metro Manila. Online lodgement of form is available to some DTI-field offices that have stable internet access.
iv. After evaluation of the application form and documents, applicant will be advised accordingly (personally for those walk-in clients and an auto e-mail notification for those who lodged online.
v. Issuance of Certificate of Registration
D. Validity
The Certificate of Business Name Registration is valid for 5 years and shall be valid only at the business address indicated thereon. In the event the registered owner thereof should opt to open branch offices within the Philippines, he must apply for separate registration for each of the branch office so established.
Processing time
One day – Application filed at National Capital Region (NCR)
And some online DTI-Field Offices
Five working days – Application filed in other at DTI-Field Offices
Where to Register
National Capital Region Business Center:
AREA I- Manila, Pasay, Paranaque
2nd Flr., Park and Ride
Lawton, Manila
Tel. No. 536-7153
AREA II- Makati, Pasig, Pateros, Taguig, Muntinlupa, Las PiƱas
Unit 208 2nd Floor, Atrium Bldg., Makati Ave., Makati City
Tel. No. 864-0847 or 864-0829
AREA III- Mandaluyong, Marikina, Quezon City, San Juan
Ground Floor Highway 54 Plaza, Mandaluyong City
Tel. No. 706-1767 or 706-1703
AREA IV- Caloocan, Malabon, Navotas, Valenzuela
5th Floor, Araneta Square, Monumento, Caloocan City
Tel. No. 362-7664 or 332-0854
For businesses outside of Metro Manila:
Proper DTI Provincial Office where business is located.
2. DOMESTIC STOCK CORPORATION
A. Registration for Domestic Stock Corporation
Stock Corporation
Paid-Up: Cash
Paid Up: Cash And Properties
B. Registration for Domestic Non-Stock Corporations
3. DOMESTIC PARTNERSHIP
(APPLICATION TO BE FILED AT SECURITIES AND EXCHANGE COMMISSION)
A. General Partnership
Documentary Requirements
i. Name verification slip
ii. Articles of Partnership
iii. Written joint undertaking to change corporate name signed by two incorporators/Directors
iv. Clearance/endorsement from other government agencies, if applicable
Application procedure
For online registration
i. Verify/reserve proposed name via internet using SEC i-register
ii. If reservation is complete, register the company via the internet using the SEC i-register.
Note 1: File directly to SEC if clearance from other government agencies is required.
iii. If online registration is completed, system prompts the applicant to pay the filing fees (online or through the SEC cashier)
iv. Download/Print the Articles of Partnership
v. Pays the required fee
vi. Presents the signed and notarized documents to CRMD
vii. Claims Certificate of Recording from Releasing Unit of HRAD
Filed directly With SEC
i. Verify/reserve proposed name
ii. Buy articles of partnership forms from Express Lane
iii. Get endorsement from other government agencies if needed
iv. Presents accomplished forms/docs for pre-processing at CRMD
v. Pay filing fees to cashier
vi. Claims Cert. of Incorporation from the Releasing Unit, Records Division
Processing Time
Within 24 hours from filing
B. Limited Partnership
Documentary Requirements
i. Name verification slip
ii. Articles of Partnership
iii. Written joint undertaking to change corporate name signed by two (2) incorporators/Directors
iv. Clearance/endorsement from other government agencies if needed
v. If it is a limited partnership, the word “limited” or “Ltd” should be added to the name. Articles of partnership of limited partnership should be under oath only (Jurat) and not acknowledged before a notary public
Application Procedure
Same as in General Partnership
Processing time
Within 24 hours from filing

How to Register a Partnership or Corporation in the Philippines

Registering a corporation in the Philippines has several requirements which are listed on this page. Click below to check online if your desired name is still available.

REQUIREMENTS:

Please note the following:
  • All applications and supporting documents must be in four (4) copies and in A4 size bond paper with a cover sheets.
  • Documents signed abroad must be authenticated by the Philippine Embassy or Consulate in the country where signed.
  • Audited Financial Statements and Special Audit Reports must be certified by an independent Certified Public Accountant (CPA), with Statement of Representation filed with the SEC. Said statement must indicate the CPA Cert. No., PRC/BOA No. and the PTR No. of the CPA and SEC accreditation of External Auditor if applicable.
  • All applications must indicate the Tax Identification Number (TIN) of the incorporators, directors/trustees, stockholders/members for corporations, and partners for partnerships.
1. STOCK CORPORATIONS
  • Name Verification Slip (on-line or at the Name Verification Unit, 2nd floor, SEC Bldg.)
  • Articles of Incorporation and By-laws
  • Treasurer’s Affidavit
  • Bank Certificate of Deposit (notarized in place where bank is located)
  • Written Undertaking to Change Corporate Name by any Incorporator or Director **
  • Clearance from other government agencies (if applicable)
  • Foreign Investment Application Form F – 100 (for subsidiaries of foreign corporations)
  • Proof of Inward Remittance by Non-Resident Aliens/Subscribers
2. NON-STOCK CORPORATIONS
  • Name Verification Slip (on-line or at the Name Verification Unit, 2nd floor, SEC Bldg.)
  • Articles of Incorporation and By-laws
  • Bank Certificate of Deposit of at least P1 million, and a statement of willingness to allow the Commission to conduct an audit. (only if a Foundation is to be registered)
  • Written Undertaking to Change Corporate Name by any Trustee **
  • List of members and amount contributed certified by the Secretary and Treasurer **
  • Copy of the Certificate of election or letter of appointment of a bishop, rabbi, presiding priest etc. (only for Corporation Sole)
  • Master Deed duly entered under the primary entry of the concerned Register of Deeds and Certification that there is no existing similar corporation within the condominium (only for Condominium Corporations)
  • Certification from the Housing and Land Use Regulatory Board (HLURB) that there is no other existing homeowners or similar associations in the community where the association is to be established (only for Neighborhood Associations)
3. PARTNERSHIPS (GENERAL / LIMITED)
  • Name Verification Slip (on-line or at the Name Verification Unit, 2nd floor, SEC Bldg.)
  • Articles of Partnership (For Limited Partnerships, this should be executed under oath “JURAT”)
  • Written Undertaking to Change Corporate Name by any Partner **
  • Form F – 105 for partnerships with Foreign Equity
  • Proof of Inward Remittance by foreign partners
PROCEDURE:
  1. Verify/reserve proposed name (on-line or at the Name Verification Unit, 2nd floor, SEC Bldg.)
  2. Draw up the Articles of Incorporation and ByLaws in accordance with the Corporation Code. (Blank forms are also available at SECCU, 3rd floor, SEC Bldg.)
  3. If applicable, get endorsements from other government agencies. In addition, the CRMD obtains clearances from other SEC departments whenever these are deemed appropriate.
  4. Deposit paid-up capital / contribution (for foundations only) in the bank.
  5. Present six (6) sets of the accomplished forms and documents for pre-processing at the CRMD. Only complete application documents are accepted for processing. All documents executed outside the Philippines must be authenticated by the appropriate Philippine embassy or consulate in the area concerned.
  6. Pay the filing fees to Cashiers’ counter. (located at G/F SEC Bldg.)
  7. Claim the Certificate/License from the Releasing Unit, Records Division upon presentation of the official receipt issued for payment of filing fee.
REMINDER: Applicants must buy and register their Stock & Transfer Book or Membership Book immediately after the issuance of the Certificate of incorporation or within 30 days upon issuance thereof.
All registered corporations are required to submit a yearly General Information Sheet (GIS) and Audited Financial Statement (AFS) in the appropriate formats specified by the Commission.
FEES:
For Payment, please see it HERE!

How to Register Your Business Name in the Philippines

Learn more about the process of business name registration. 

The first step to registering your business is securing a business name. Having a business name will instill confidence in your customers and protect your business name against those who may wish to use it as well.



REQUIREMENTS:

FOR SINGLE PROPRIETORSHIP
  1. Must be a Filipino citizen, at least 18 years old
  2. Filipinos whose names are suggestive of alien nationality must submit proof of citizenship such as birth certificate, PRC ID, voter’s ID, passport
  3. If the applicant has a foreign sounding name, acquired Filipino citizenship by naturalization, election, or by other means provided by law, he must submit proof of his Filipino citizenship such as:
    1. Naturalization certificate and Oath of Allegiance,
    2. Affidavit of election or ID card issued by the Bureau of Immigration and Deportation, or
    3. Valid ID card issued by the Integrated Bar of the Philippines (IBP) or Professional
      Regulatory Commission (PRC)
  4. Processing fee of P150.00 + P15.00 Documentary Stamp
FOR FOREIGN INVESTOR (SINGLE PROPRIETORSHIP)
  1. Photocopy of Alien Certificate of Registration (ACR) updated the current year. Present original for comparison.
  2. Accomplished DTI Form No.17 under R.A. 7042.
  3. Current written appointment of Filipino Resident Agent.
  4. Clearance from other involved agencies such as Department of Science and Technology (DOST), PNP etc.
  5. In case of alien retailer, current year’s permit to engage in retail business per R.A. 1180.
FOR SPECIAL DOCUMENTARY REQUIREMENTS 
  • Copy of Certificate of Business Name Registration of the main office/establishment.
  • Bulk Sales Certificate, if the business name was obtained pursuant to Act No. 3952 as amended, (The Bulk Sales Law) and Affidavit executed by the transferee-applicant
  • DTI Accreditation Certificate for applicants engaged in repair service covered by and pursuant to Presidential Decree No. 1572 and its implementing Rules and Regulation, as amended.
  • DTI Accreditation Certificate for applicants engaged in importation, manufacture, sale or servicing of the fire extinguisher, supplies and equipment pursuant to Presidential Decree 721 and its Implementing Rules and Regulation, as amended.
  • DTI Bonded Warehouse License for applicants engaged in the business of “warehouse” as defined under Act 3893, as amended (Bonded Warehouse Act)
  • DTI issued Certificate of Authority for applicants engaging as merchandise or ship broker as defined under Act 2728 (Law on Brokerage Business)
  • Consent Agreement, or equivalent contract if a business is covered by a Franchise or similar agreement.
  • Affidavit executed by all compulsory heirs authorizing a representative to renew a business name under the name of the deceased registrant solely for the purpose of winding up the business operation
  • Deed of Sale, Assignment or Transfer, as the case may be, and a notarized written waiver from further use of the same business name, in cases contemplated
  • Affidavit executed by the applicant declaring his/her relationship with the deceased registrant within the second degree of consanguinity or affinity and a notarized consent and waiver executed by all the compulsory heirs or other legal heirs, in the absence of compulsory heirs
  • Affidavit executed by the registrant declaring that the purpose of registration is to perpetuate the memory of the deceased in his/her expertise or interest and a notarized consent and waiver executed by all the compulsory heirs or other legal heirs, in the absence of compulsory heirs
  • Such other documents required in this Order, those as may be required in subsequent laws and regulations and those which in the opinion of the Director are necessary to protect the interest of the government and the public.
The applicant shall undertake to execute the following:
  • Declare that all information supplied in the application filed are true and correct to the best of her/his belief and knowledge;
  • Declare that any false or misleading information supplied, or production of materially false or misleading document to support the application shall be a ground for the appropriate criminal, civil and/or administrative action against the registrant; and
  • Change and/or cancel the registered business name in the event that there is already another person, firm or entity lawfully using a similar or confusingly similar business name
SIGNATORIES
The signatories of application for registration are as follows:
  • For individual applicants, the applicant himself; or by the person holding power of attorney for the him if the application is under a special power of attorney
  • If the application is signed by a person holding power of attorney for the applicant, the application shall be accepted provided that the original power of attorney is presented and a copy thereof submitted as part of the supporting documents.
PROCEDURE:

You may apply directly with the DTI office where your business will be located or through the online facility, Web-Enabled Business Name Registration System (WEBNRS) – http://www.bnrs.dti.gov.ph.
1. CHOOSE A BUSINESS NAME
We suggest you think of at least three business names in case your first preference cannot be registered.
If the name you have chosen is already similar or confusingly similar to a registered business name, your next preferred business name will be considered.
What is an acceptable business name?
In determining whether a proposed business name for registration is acceptable, the following factors shall be considered:
The root word or words of the name shall be considered. (e.g. “Island” instead of “Islander”)
The business name should describe the nature of the business.
It should be comprised solely of any or all of the following:
  • Letters, numerals, and punctuation marks that are part of the English and Filipino language.
2. SEARCH FOR A BUSINESS NAME
An online search facility is provided in the WEBNRS for you to find registered business names in the Philippines. The search facility should not be used to determine the availability of a business name for registration.  This can only be determined at the time of lodgment of an application to register a business name.
There are two search criteria available for the public, namely Begins With and Contains. You can conduct a search by typing the exact business name or a few words contained in a business name.
(It would be best to enter the name you have chosen in the space provided exactly as you would like it to be registered.)
3. REGISTER YOUR BUSINESS NAME
How do I complete the application?
Complete BTRCP Form No. 16. Information marked with an asterisk (*) is a required field to be filled out. Otherwise, you will receive an error message prompting you to fill them before the succeeding page is displayed.
4. SUBMIT DOCUMENTARY REQUIREMENTS
The list of documentary requirements to be submitted to the proper DTI Office where your business is located is indicated in the Transaction Reference Number (TRN) Acknowledgement found in the last page of the online application form.
The TRN Acknowledgement form should be signed and submitted to DTI also.
5. PAY YOUR APPLICATION
Payment of application fee can be made at the DTI office indicated in your Transaction Reference Number (TRN) acknowledgment form.
You have the option to pay through GCash.  (To avail of GCash services, you have to register with GLOBE).
Business hours are Monday to Friday, 8:00 am to 5:00 pm.
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