Corporations are juridical persons established under the Corporation Code and regulated by the Securities and Exchange Commission with a personality separate and distinct from that of its stockholders. The liability of the shareholders of a corporation is limited to the amount of their share capital. It consists of at least five (5) to fifteen (15) incorporators each of whom must hold at least one share and must be registered with the Securities and Exchange Commission (SEC). Minimum paid up capital: five thousand pesos ( 5,000.00).
A corporation can either be stock or non-stock company regardless of nationality. Such company, if 60% Filipino-40% foreign-owned, is considered a Filipino corporation; If more than 40% foreign-owned, it is considered a foreign-owned corporation.
There are two further types of corporations:
Listed below are the requirements for domestic corporations.
For Domestic Stock Corporations, following are the required shares in terms of ownership should it be paid up in cash:
Types of Properties for Capital Contribution:
Types of Domestic Non-Stock Corporations: