SEC to start on May 6 processing registration for one-person corp.

The Securities and Exchange Commission  is set to start processing the registration of corporations with a single stockholder next week, following the issuance of its pertinent guidelines.

In an emailed statement, the SEC said it will start accepting applications for registration of single-stockholder companies next Monday, May 6.

"The concept of a one-person corporation (OPC), along with other provisions of the Revised Corporation Code of the Philippines, makes doing business in the country easier," said SEC Chairperson Emilio Aquino.

"An OPC offers the agility and complete dominion of a sole proprietorship and the limited liability of a corporation," he elaborated.

According to the SEC, applications are required to have a cover sheet, the articles of incorporation of the prospective OPC, and the written consent of the single stockholder's nominee and his or her alternate nominee.

For foreign natural persons, the SEC will require an application to do business under the Foreign Investments Act (FIA).

SEC's Company Registration and Monitoring Department (CRMD) will take charge of verifying the proposed company name and trade and business names.

However, if a name is rejected, the applicant may submit a letter of appeal, subject to the approval of the CRMD officer.

Once the proposed company name is cleared, the applicant will submit the requirements for pre-processing, and will proceed with the payment of fees, before securing a certificate of registration as an OPC.

"We encourage everyone to take advantage of this provision to pursue their entrepreneurial aspirations," said Aquino. —Jon Viktor Cabuenas/LBG, GMA News