The creation of a one person corporation is not yet covered by Philippine laws. We support the proposals to allow the creation of one person corporation in the Philippines. We have encountered a number of clients who expressed their interest in creating a one person corporation. We are also handling foreign-registered one person corporations (called a corporation sole in other jurisdiction) doing business in the Philippines. The creation of a one person corporation, long allowed in other countries, is most welcome in the Philippines. Fortunately, there is a pending bill in Congress to allow the creation of a domestic one person corporation. Continue reading
[The Personal Property Security Act, or Republic Act No. 11057, originated from House Bill No. 6907 under Committee Report No. 550 and Senate Bill. No. 1459 under Committee Report No. 86. For a background what spurred the enactment of Personal Property Security Act, it is helpful to look at the explanations given by the law’s sponsors, including the sponsorship speech of Senator Paolo Benigno “Bam” A. Aquino IV on 22 May 2016. Here’s the full text:] Continue reading
[The Bangko Sentral ng Pilipinas (BSP) has approved the implementation of the electronic clearing of checks, starting January 2017. This will speed up the clearing of checks from 3 to 5 banking days, down to 1 day. Issuers must consider the faster clearing of checks to avoid bouncing checks. To assist in the dissemination of this information, we are reproducing the media release of the BSP.] Continue reading
Almost everyone wants to get rich. And almost everyone recognizes that going into business is one of the best ways to get rich or, at the very least, attain financial sufficiency. Not everyone, however, musters enough resolve to take the first step and actually go into business.
A couple of things immediately stand out when referring to Starbucks. For one, the company is understandably proud of its baristas. This Seattle-born company is passionate about coffee but if we consider that Filipinos have not always consumed coffee at the Starbuck’s price range, it’s easy to see that service and ambiance are important factors why patrons flock to Starbucks.
Corporate compliance, just like tax and other reportorial requirements, is easier if handled by an army of staff, whether organic or outsourced. For small and medium entrepreneurs (SMEs), however, employees cannot be considered as mere items of expense in the corporate books, for the simple reason that SMEs are naturally saddled with a lower spending cap. The enterepeneur ends up doing the marketing and selling, while performing the administrative backend, including corporate compliance. Continue reading
Anyone who knows the internet, even those who knows the net without actively browsing the web, knows the strong impact of social media, which includes facebook, twitter and instagram, on the way business is being done. This is abundantly clear when it comes to marketing. The recent “tshirt controversy” highlights the impact of social media on customer feedback and corporate image.
Republic of the Philippines
Congress of the Philippines