Licensing Requirements of a Branch Office in the Philippines
Foreign corporations intending to set up a branch office in the Philippines are only allowed to commence their business operations after obtaining a License to Do Business in the Philippines from the Securities and Exchange Commission (SEC). To secure a License to Do Business, a foreign corporation needs to provide the following documentary requirements:
- SEC Application Form No. F-103 – Application of a Foreign Corporation to Establish a Branch Office in the Philippines;
- Name verification slip;
- Certified copy of the Board of Resolution of the parent company authorizing the establishment of the branch office and designating a Resident Agent to receive summons and legal proceedings (can be a Philippine resident or a domestic corporation); in the absence of such agent or upon cessation of its operations in the Philippines, any summons or legal proceedings may be served to the SEC as if the same is made upon the corporation at its head office;
- Latest audited financial statements of the parent company certified by an independent certified public accountant (CPA) and authenticated by the Philippine consulate/embassy;
- Certified copies of the Articles of Incorporation of the parent company;
- Certificate of Inward Remittance and Certificate of Bank Deposit of US$200,000.00 or US$100,000.00 as initial capitalization;
- Endorsement or clearance from appropriate government agencies (if applicable); and,
- Resident Agent acceptance of appointment (if agent is not the signatory of the application form).
Expand Your Business into the Philippines
Our Group of Companies is the leading force in cross-border corporate services in Southeast Asia. Our specialists in the Philippines possess multi-jurisdictional compliance expertise, assuring you that we can take your business wherever it needs to go.