Senate Begins Debate on Revising Corporation Code of the Philippines

The Senate has begun discussions on amending the Corporation Code. To improve the ease of doing business, the bill seeks the permission of the one-person corporation, simplification of the name verification process, and grant of a perpetual life as the default option for corporations. A common stumbling block is the requirement to have at least five incorporators, thus forcing investors to name individuals with no real interest as incorporators just to comply with the legal requirement. The bill also calls for the creation…

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