A domestic corporation, under Philippine laws, is a business structure similar to a Private Limited Company (PLC) or Limited Liability Company (LLC) in other countries. Like the two business entities, a domestic corporation has its own liabilities and is accountable for its debts. The shareholder will only be responsible for the number of their shares in the capital.
A Domestic corporation obtains its juridical personality after it claims its Certificate of Registration from the Securities and Exchange Commission (SEC). SEC is the government agency managing enterprises in the country.
There are various types of domestic corporations based on the nationality of their shareholders. Following the Philippine Foreign Investments Act of 1991, here are the four classes of domestic corporations in the Philippines:
- One hundred percent (100%) Filipino-owned domestic corporation
- Sixty percent (60%) Filipino equity and forty percent (40%) Foreign equity
- Forty percent (40%) Filipino equity and sixty percent (60%) Foreign equity
- A domestic corporation that allows one hundred percent (100%) foreign ownership
Establishing a domestic corporation in the Philippines can be difficult, especially for beginners. Good thing you can save time, resources, and energy when you call in professionals to help you establish a local corporation.
Business Registration Philippines is a website dedicated to helping investors, business owners, and other stakeholders establish and incorporate their enterprises.
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