July 2020 - ABO LAW FIRM

ABO LAW FIRM

A SHORT GUIDE ON ONE PERSON CORPORATIONS IN THE PHILIPPINES UNDER THE REVISED CORPORATION CODE OF THE PHILIPPINES

On 23 February 2019 Republic Act (RA) 11232 or the Revised Corporation Code of the Philippines became effective and amended a significant portion of Batas Pambansa (BP) 68 the old corporation code. One of the most significant amendment that RA 11232 brought is the allowance of a one-person corporation. Previously, to start a corporation you must have at least five (5) stockholders making it difficult for a person who wants to chart on his own to start a corporation. However, because of this amendment, people have another option other than single proprietorship…

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