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SEC articles of Incorporation, By - Law and Treasurer's Affidavit for Foreign - Owned Corporation
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Articles of Incorporation
(Name of the Corporation)
KNOW ALL MEN BY THESE PRESENTS:
The undersigned incorporators, all of legal age and majority of whom are
residents of the Philippines, have this day voluntarily agreed to form a stock
corporation under the laws of the Republic of the Philippines;
AND WE HEREBYCERTIFY:
FIRST: That the name of said corporation shall be
SECOND: That the primary purpose for which such corporation is
Provided that the corporation shall not solicit, accept or take
investments/placements from the public neither shall it issue investment
THIRD: That the principal office of the corporation is located in
FOURTH: That the term for which said corporation is to exist is
__________________ years from and after the date of issuance of the certificate of
FIFTH: That the names, nationalities and residences of the incorporators are
SIXTH: That the number of directors of the corporation shall be _______________;
and the names, nationalities and residences of the first directors of the corporation
are as follows:
SEVENTH: That the authorized capital stock of the corporation is
_____________________________________(P_____________________________) pesos in lawful money
of the Philippines, divided into__________________________________ shares with the par
value of ____________________________(P_______________) pesos per share;
EIGHT: That at least twenty five (25%) percent of the authorized capital
stock above has been subscribed as follows:
NO. OF SHARES
NINTH: That the above-named subscribers have paid at least twenty-five
(25%) percent of the total subscription as follows:
TENTH: That ______________________________________has been elected by the
subscribers as Treasurer of the Corporation to act as such until his successor is duly
elected and qualified in accordance with the by-laws, and that as such Treasurer, he
has been authorized to receive for and in the name and for the benefit of the
corporation, all subscriptions or donations paid or given by the subscribers.
ELEVENTH: That no transfer of stock or interest which will reduce the
ownership of Filipino Citizens to less than the required percentage of the capital
stock as provided by existing laws shall be allowed or permitted to be recorded in
the proper books of the corporation and this restriction shall be indicated in all the
stock certificates issued by the corporation.
TWELFTH: That the incorporators and directors undertake to change the
name of the corporation as herein provided, or as amended thereafter, immediately
upon receipt of notice or directive from the Securities and Exchange Commission
that another corporation, partnership or person has acquired a prior right to the use
of that name or that the name has been declared as misleading, deceptive,
confusingly similar to a registered name or contrary to public morals, good custom
or public policy.
IN WITNESS WHEREOF, we have hereunto signed these Articles of
Incorporation, this __________day of ____________________ 20______, in the
City/Municipality of _______________________, Province of____________________, Republic of
(Names and signatures of the incorporators and TIN)
REPUBLIC OF THE PHILIPPINES }
BEFORE ME, a Notary Public, for and in _____________________,
Philippines, this ___________day of ______________________, 20 _________, personally
appeared the following persons:
known to me and to me known to be the same persons who executed the foregoing
Articles of Incorporation constituting of four (4) pages, including this page where
the acknowledgement is written, and they acknowledged to me that the same is
their free act and voluntary deed.
WITNESS MY HAND AND SEAL on the day first above-written.
Doc. No. ________
Page No. ________
Book No. _________
Series of _________
REPUBLIC OF THE PHILIPPINES
I, ______________________________________, being duly sworn to, depose and say:
That I have been elected by the subscribers of the corporation as Treasurer
thereof, to act as such until my successor has been duly elected and qualified in
accordance with the by-laws of the corporation, and that as such Treasurer, I hereby
certify under oath that at least 25% of the authorized capital stock of the
corporation has been subscribed and at least 25% of the total subscriptions has
been paid, and received by me, in cash or property, in the amount
of______________________________ in accordance with the Corporation Code
(Signature of Treasurer)
SUBSCRIBED AND SWORN to before me, a Notary Public, for and in the
City/Municipality of_____________________________, Province of___________________________
this ______ day of ____________________,19_______; by _________________with Res. Cert.
No._____________________ issued at _________________________on _________________, 19_________.
My commission expires on
Series of ________
(Name of Corporation)
I. THE TIME, PLACE AND MANNER OF CALLING AND CONDUCTING REGULAR
OR SPECIAL MEETINGS OF THE DIRECTORS.
a) Regular meetings of the board of directors of the corporation shall be
held monthly, unless the by-laws provide otherwise.
b) Special meetings of the board of directors may be held at any time upon
the call of the president or as provided in the by-laws
c) Meetings of directors may be held anywhere in or outside of the
Philippines, unless the by-laws provide otherwise. Notice of regular or
special meetings stating the date, time and place of the meeting must be
sent to every director or trustee at least one (1) day prior to the
scheduled meeting, unless otherwise provided by the by-laws. A director
may waive this requirement, either expressly or impliedly.
II. THE TIME AND MANNER OF CALLING AND CONDUCTING REGULAR OR
SPECIAL MEETINGS OF THE STOCKHOLDERS.
a) Regular or annual meetings of stockholders shall be held annually
on______________________ (specific date).
b) Written notice of regular meetings shall be sent to all stockholders of
record at least two (2) weeks prior to the meeting, unless a different
period is required by the by-laws.
c) Special meetings of stockholders shall be held at any time deemed
necessary or as provided in the by-laws:
d) Written notice of special meetings shall be sent to all stockholders at least
one week prior to the meeting, unless a different period is required by the
e) Stockholders’ meetings, whether regular or special, shall be held in the
city or municipality where the principal office of the corporation is
located, and if practicable in the principal office of the corporation. Metro
Manila shall, for the purpose of this provision, be considered city or
III. THE REQUIRED QUORUM IN MEETINGS OF STOCKHOLDERS
a) The required quorum in meetings of stockholders shall consist of the
stockholder/s representing a majority of the outstanding capital stock.
IV. THE FORM FOR PROXIES OF STOCKHOLDERS AND THE MANNER OF
a) Stockholders may vote in person or by proxy in all meetings of
stockholders. Proxies shall be in writing, signed by the stockholder and
filed before the scheduled meeting with the corporate secretary. Unless
otherwise provided in the proxy, it shall be valid only for the meeting for
which it is intended. No proxy shall be valid and effective for a period
longer than five (5) years at any one time.
V. THE QUALIFICATIONS, DUTIES, TERM AND COMPENSATION OF DIRECTORS
a) No person convicted by final judgment of an offense punishable by
imprisonment for a period exceeding six (6) years, or a violation of this
Code, committed within five (5) years prior to the date of his election
shall qualify as a director. Every director must own at least one (1) share
of the capital stock of the corporation, which share shall stand in his
name on the books of the corporation. Any director who ceases to be the
owner of at least one (1) share of the capital stock of the corporation shall
thereby cease to be a director. A majority of the directors must be
residents of the Philippines.
b) The corporate powers of the corporation shall be exercised, all business
conducted and all property of the corporation be controlled and held by
the board of directors to be elected from among the holders of stocks,
who shall hold office for one (1) year and until their successors are
elected and qualified.
c) The directors shall not receive any compensation, as such directors,
except for reasonable per diems. Any compensation may be granted to
directors by the vote of the stockholders representing at least a majority
of the outstanding capital stock at a regular or special stockholders’
meeting, In no case shall the total yearly compensation of directors, as
such directors, exceed ten (10%) percent of the net income before income
tax of the corporation during the preceding year.
VI. THE MANNER OF ELECTION OR APPOINTMENT, QUALIFICATION AND THE
TERM OF OFFICE OF ALL OFFICERS OTHER THAN DIRECTORS
a) Immediately after their election, the directors of a corporation must
formally organize by the election of a PRESIDENT, who shall be a director,
a TREASURER who may or may not be a director, a SECRETARY who shall
be a resident and citizen of the Philippines, and such other officers as may
be provided in the by-laws. Two (2) or more positions may be held
concurrently by the same officer, however no one shall act as PRESIDENT
and SECRETARY or as PRESIDENT and TREASURER at the same time. The
officers of the corporation shall hold office for one (1) year and until the
successors are elected and qualified. The officers of the corporation shall
perform functions as required by existing laws, rules and regulations.
VII. FISCAL YEAR
a) The fiscal year of the corporation shall begin on the first day of January
and end on the last day of December of each year.
a) The corporate seal shall be determined by the Board of Directors.
IX. MISCELLANEOUS PROVISIONS:
a) Matters not covered by the provisions of these by-laws shall be
governed by the provisions of the Corporation Code of the Philippines.
IN WITNESS WHEREOF, we, the undersigned incorporators and/or
stockholders present at said meeting and voting thereat in favor of the adoption of
said by-laws, have hereunto subscribed our names this _________ day of _____________ at