7 Dec 2018
PHILIPPINES: Corporation Code Amended in Bid to Boost Global Business Ranking
As part of a series of changes intended to boost the country’s rankings on the World Bank’s Ease of Doing Business Index, a limited company will be able to establish by just one person, as opposed to the five signatories required at present. At the same time, the lifespan of a limited company is to be extended indefinitely. Under the current regulatory requirements, such an entity can only exist for 50 years, although a one-off 50-year extension is securable. In a further amendment to the country’s Corporation Code, the existing minimum capital level required for establishing corporations is also to be abolished.
These changes are expected to come into force prior to 31 December this year, following their formal endorsement by Rodrigo Duterte, the Philippine President.