Articles of incorporation

Hello All,

I have 2 questions.

1) What is the process of getting the Articles of incorporation notarized by more than 1 notary? Example: 2 of the Directors lives in Kuwait and will have to go to the Philippine Embassy to get the Articles of incorporation notarized, 2 Directors live in Cavite and will have to go to a notary in Cavite, and 3 Directors live in Pampanga and will need to go to a notary there.

Can Articles of incorporation be notarized by more than 1 notary? Is there anything special required if that is needed?

2) Can a foreigner be given a special power of attorney from the Treasurer to act on their behalf if the Treasurer (Philippine Citizen) is out of the country?

Hi,

Not an expert in the field but I think you have to discuss this kind of matters to a lawyer face to face, especially the one who specialized in this area. A friend of mine had almost the same queries as yours, I went with her in this law firm and they've provided my friend the answers she needed. So if you're just around NCR I recommend this law firm https://alburovillanueva.wordpress.com/contact-us/. I do hope my answer can be of any help to you.

jrsolutions wrote: 2) Can a foreigner be given a special power of attorney from the Treasurer to act on their behalf if the Treasurer (Philippine Citizen) is out of the country?

Well. I basic rule is foreigners aren't allowed to be the general manager (but can be at lower position) so it depend pf how much power he get.

The notarization questions I don't know anything about.

What is the appropriate term that I should use as purpose in the Articles of Incorporation of a stock corp with which one of the primary purpose is to invest in one stop shop payments services franchise which offers bills payment, domestic remittance, eloading, travel and tours, courier. When we filed in SEC, they commented that we should have an endoresement in bsp. We argued that we will be operating said transactions through the purchase of a franchise which was already given a license by the bsp but SEC still wants us to have it endorsed in BSP.

According to the franchisor, we can change the words of the purpose so that it won't appear as if our new corporation will be setting up a new business doing those transactions

Hope I can get a feedback on this as soon as possible. Thank you.





Thank you.

Tinaabaya wrote:What is the appropriate term that I should use as purpose in the Articles of Incorporation of a stock corp with which one of the primary purpose is to invest in one stop shop payments services franchise which offers bills payment, domestic remittance, eloading, travel and tours, courier. When we filed in SEC, they commented that we should have an endoresement in bsp. We argued that we will be operating said transactions through the purchase of a franchise which was already given a license by the bsp but SEC still wants us to have it endorsed in BSP.

According to the franchisor, we can change the words of the purpose so that it won't appear as if our new corporation will be setting up a new business doing those transactions

Well. Some officials are idiots

Write your company will handle transactions TROUGH the company with permit from BSP, is suppoused to be enough. Otherwice would BSP be drowning in applications from businesses similar to yours because such are very common...

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NOTE! As a foreigner you can't own more than max 40 % of such business ((or 60 % if it's counted as an Investment house, but I suppouse it isn't)).
Much to many lawyers offer to make "solutions" to get around the "Anti-Dummy law" but these "solutions" are ILLEGAL...