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Problem with SEC

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1 Problem with SEC on Fri Aug 24, 2012 5:01 pm

LukaszO


Arresto Menor
Hi Me name is Lukasz and Im Polish. I come to Philippines 8 months ago and now i like to open a corporation. I have 30% of stock rest have four me Filipino friends. I like to import and install solar panels in Philippines. When i go to SEC the tell me then i can not sell in Philippines on retail base. Because im foreigner and i need capital of 200000$ to do so. I read Republic Act No. 7042
FOREIGN INVESTMENTS ACT OF 1991. And i think person in SECputs me in error. But im not sure about the law here. And one think me friend tell me about opening virtual company in Hong Kong but im not sure if will work in Philippines.
Thank you for answer

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2 Re: Problem with SEC on Tue Apr 02, 2013 7:32 pm

bearangel


Arresto Menor
If you only own 30% of the shares of stocks then you can register as a domestic Filipino corporation, and the minimum paid up capital for a domestic corporation is only Php 5,000.

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3 Re: Problem with SEC on Thu Jul 11, 2013 10:12 pm

Lunkan


Reclusion Perpetua
For foreigners there are restrictions BOTH concerning maximum ownership percentages
and what being allowed to work with himself.

As a new member I'm not allowed to post a link to a list telling about maximum ownership rules and restrictions what foreigners can't be allowed to work with, but perhaps someone else can add such Smile

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4 Re: Problem with SEC on Thu Dec 05, 2013 6:24 pm

irigahauler


Arresto Menor
Try to read also R.A. 8762 RETAIL TRADE LIBERALIZATION ACT

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5 Re: Problem with SEC Today at 6:33 pm

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