Setting Up A Dummy Corporation Essay

Setting Up A Dummy Corporation Essay-39
Affidavit of Non-Tenancy executed by Barangay Chairman of place where the property is located 6.Duplicate original or certified true copies of any deed, conveyance, mortgage, lease or other voluntary instrument affecting the property recorded in the Register of Deeds for the province or city where the land is situated 7.Also, the number of their seats should not exceed the proportion of the allowable foreign equity to the number of the directors in the AI in accordance with Anti-Dummy Law. As many secondary purposes a corporation would like to engage except if the business activities in the primary and secondary are prohibited by existing laws to be in the Articles of Incorporation of one and the same corporate entity.a)Business activities of overseas recruitment and travel agency cannot be in single entity pursuant ot the implementing rules and regulations of the Labor Code of the Philippines; b)A corporation sole or religious society and school as the school should be incorporated distinct with a religious corporation. These business activities are fully reserved to Filipino citizens as follow: a)Mass Media b)Practice of professions c)Retail trade enterprises with paid-up capital of less than US,500,000 d)Private Security Agencies e)Small scale mining f)Utilization of marine resources in archipelagic waters, territorial sea, and exclusive eonomic zone as well as small-scale utilization of natural resources in rivers, lakes, bays and lagoons g)Ownership, operation and management of cockpits h)Manufacture of firecrackers and other pryrotechnic devices. Participation of foreigners to the extent of 25% is allowed in the following: a)Private radio communications network b)Private recruitment whether for local of overseas recruitment c)Contract for the construction and repair of locally funded public works d)Contracts for the construction of defense related structures. These business activities are as follows: a)Exploration, development and utilization of natural resources b)Ownership of private lands c)Operation of public utilities d)Educational institutions other than those established by religious groups and mission boards e)Culture, production, milling, processing, trading except retailing of rice and corn and acquiring, by barter, purchase or otherwise, rice and corn and the by-products thereof f)Contracts for the supply of materials, goods and commodities to government-owned or controlled corporation, company, agency or municipality g)Facility operator of an infrastructure or a development facility requiring a public utility franchise h)Operation of deep-sea commercial fishing vessel i)Adjustment companies j)Ownership of condominium units k)Manufacture, repair, storage, and/or distribution of products and/or ingredients requiring Philippine National Police (PNP) Clearance l)Manufacture, repair, storage and/or distribution of products requiring Deparment of National Defense (DND) clearance m)Manufacture and distribution of dangerous drugs n)Sauna and steam bathhouses, massage clinics and like other activities regulated by law because of risks posed to public health and morals o)Domestic market enterprises with paid-in equity capital of less than the equivalent of US0,000 p)Domestic market enterprises, which involved advanced technology or employ at least fifty direct employees with paid-in equity capital or less than the equivalent of US0,000Yes.

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Non-confirmation of reservation within the specified period will forfeit the online reservation.

Confirmation is required because the Corporation Code of the Philippines, Sec.

For non-stock educational corporation, the number of trustees must be at least five (5) but not more than fifteen (15) and the number of trustees must be in multiples of five (5).

And, for a corporation sole, the trustee is only one (1).a)Natural person and is of legal age b)Compliant with the required number required under the Corporation Code c)Majority of the directors are residents of the Philippines d)Holder of at least one share or a member in case of non-stock corporations e)Not convicted by final judgement of an offense punishable by imprisonment for a period exceeding six years, or a violation of the Code committed within five (5) years prior to the date of his election or appointment.

Appraisal report by authorized appraiser, if transfer value is bases on appraised value (not more than 6 month old) 5. If property is mortgaged, submit mortgagee/credits certification on the outstanding loan balance and written consent to the transfer of property 7.

For assignment of building where assignsor is nor owner of the land, submit lease contract on land and consent of landowner to the transfer 8.

i)If it be a non-stock corporation, the amount of its capital, the names, nationalities of the contributors and the amount contributed by each j)The name of the treasurer-in-trust k)Tranfer clause l)Such other matters as are not inconsistent with law and which the incorporators may deem necessary and convenient Yes.

The Corporation Code of the Philippines provides in Section 18 that no corporate name may be allowed by the SEC if the proposed name is identical or deceptively or confusingly similar to that of any existing corporation or to any other name already protected by law or is patently deceptive, confusing or contrary to existing laws.

A corporation with authorized capital stock dividend into shares of stock either with or without par value.

A stock corporation is engaged in income generating activities and is authorized to declare dividends. It is organized for charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social civil service, or similar purposes, like trade, industry, agricultural and like chambers, or any combinations thereof.

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