Philippine Corporation Law

Philippine corporation law is based on the Corporation Code of the Philippines. It outlines how corporations should be formed in the territory and who is responsible for executing certain tasks, which are outlined in a business'` articles of incorporation.

Incorporators

Any group numbering from five to 15 that are legally aged Philippines residents may become incorporators of a business. If the business is a stock business, each incorporator must own at least one share of that capital stock.

Corporation Boards and Officials

Corporations must have a board of trustees or directors with corporate officers that are elected under provisions in the code. Procedures mentioned in the Corporation Code describe the responsibilities of these officials and how they are to be evaluated and, if necessary, removed.

Corporate Terms

The law outlines a corporate term of 50 years for companies, that may be extended once for a period of 50 years. The company must wait until five years before the expiration date to renew the term.

References

• Chanrobles: Corporation Code Full Text

Resources

• LivingInThePhilippines: Corporation Law