THE Securities and Exchange Commission (SEC) will now allow companies to register without having their articles of incorporation notarized.
The commission approved on Wednesday a new memorandum circular allowing domestic corporations to register using articles of incorporation accompanied by a certificate of authentication signed by all incorporators.
Both these documents will be accepted without having them notarized or consularized.
“By easing the requirements for company registration, we hope to further encourage the formation of businesses and attract more investments that will subsequently generate more employment opportunities and support our economy’s overall growth,” SEC Chairperson Emilio B. Aquino said in a statement.
If a company’s articles of incorporation is executed abroad, it must be apostilled or authenticated by a Philippine diplomatic officer. The same would apply for a company that has more than 40% foreign equity, which must register as an investment of a non-Philippine national.
The SEC warned that if a corporation is found to have committed fraud in the process of registering, its certificate of registration will be revoked by the commission. Persons that assisted in the fraud will also be fined P200,000 to P2 million. If the violation is found detrimental to the public, the fine will be P400,000 to P5 million. — Denise A. Valdez
