This is a continuation of the Article on One Person Corporation under the Revised Corporation Code.<\/p>\n
Section 6 Only Articles of Incorporation Needed<\/p>\n
\u201cThe OPC shall file its Articles of Incorporation (AI) in accordance with the requirements of Section 14 of the Revised Corporation Code of the Philippines. The AI must set forth its primary purpose, principal office address, term of existence, names and details of the single stockholder, the nominee and alternate nominee and the authorized, subscribed and paid-up capital and such other matters consistent with law and which may be deemed necessary and convenient.\u201d<\/p>\n
In an effort to help facilitate registration, the Securities and Exchange Commission has made available a sample of the Articles of Incorporation of an OPC.<\/p>\n
Section 8 By-Laws<\/p>\n
\u201cThe OPC is not required to submit and file its Bylaws.\u201d<\/p>\n
Another innovation being introduced by the Revised Corporation Code.<\/p>\n
Section 8. Minimum Capital Stock Not Required<\/p>\n
\u201cThe OPC is not required to have a minimum authorized capital stock except as otherwise provided by a special law.<\/p>\n
Further, unless otherwise required by applicable laws or regulations, no portion of the authorized capital is required to be paid-up at the time of the incorporation.\u201d<\/p>\n
This is a significant change compared to a regular corporation where 25% of the Authorized Capital is required to be subscribed, and 25% of the subscribed capital must be paid-up at the time of the incorporation.<\/p>\n
Section 9. Officers<\/p>\n
\u201cWithin fifteen (15) days from the issuance of its Certificate of Incorporation, the OPC shall appoint a Treasurer, Corporate Secretary, and other officers, and notify the SEC thereof within five (5) days from appointment, using Appointment Form as may be prescribed by the SEC.<\/p>\n
The single stockholder shall not be appointed as Corporate Secretary but may assume the role of a Treasurer.\u201d<\/p>\n
However, if a single stockholder assumes the role of the Treasurer at the same time, the law requires that he\/she must be bonded. The reason for this is to make sure that there is sufficient protection for the creditors, the investing public, and other stakeholders.<\/p>\n
We will discuss the Bond Requirement of the Self-Appointed Treasurer and the Other Provisions of the law about OPC in the next article!<\/p>\n
If you wish to discuss\/share your proposal with us, please do not hesitate to leave your enquiry at contact@orbis-alliance.com<\/a>.<\/span> We will get back to you very shortly.<\/p>\n","protected":false},"excerpt":{"rendered":" This is a continuation of the Article on One Person Corporation under the Revised Corporation Code. Section 6 Only Articles of Incorporation Needed \u201cThe OPC shall file its Articles of Incorporation (AI) in accordance with the requirements of Section 14 of the Revised Corporation Code of the Philippines. The AI must set forth its primary […]<\/p>\n","protected":false},"author":8,"featured_media":2066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-orbis-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t