Regulatory Alerts2019-07-30
SEC Memorandum Circular No. 16 s.2019 – Guidelines on the Number and Qualifications of Incorporators Under the Revised Corporation Code
The Philippine Securities and Exchange Commission issued these guidelines to implement Section 10 of the Revised Corporation Code regarding the formation of domestic corporations. The rules mandate that incorporators must number between two and fifteen, with specific qualifications requiring stock subscribers to hold at least one share and natural persons to be of legal age. The circular further details procedural requirements for partnerships, domestic corporations, and foreign entities acting as incorporators, including necessary authorizations, signatory designations, and Taxpayer Identification Number disclosures.
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