In the last decade, there have been both substantial and minor revisions in government policy affecting not only corporate governance but also registrations. One of these was Republic Act (RA) No. 11232 or the Revised Corporation Code (RCC) of the Philippines, passed early last year. A notable amendment introduced by the RCC is that investors are now permitted to form One Person Corporations (OPCs) and corporations with two to four incorporators, directors, and stockholders.
To enhance efficiency, the government has strengthened and broadened the Anti-Red Tape Act of 2007 by passing Republic Act (RA) 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. The law took effect on June 17, 2018, intending to create programs that simplify requirements and streamline procedures in government transactions.
“At last!” I exclaimed in relief twice. First, upon hearing last year about the plans for online registration to be implemented the Securities and Exchange Commission (SEC), and then again upon the signing of Republic Act (RA) No. 11032 or the Ease of Doing Business Act recently.