Financing, Lending companies, Investment Houses and Adjustment companies can now be owned 100% by foreigners

Just recently, Republic Act 10881 titled “An Act Amending Investment Restrictions in Specific Laws Governing Adjustment Companies, Lending Companies, Financing Companies and Investment Houses Cited in The Foreign Investment Negative List And For Other Purposes – lapsed into law on July 17, 2016 without the signature from former President Benigno Aquino.  Under the Philippine Constitution,  a  proposed law submitted by Congress will lapse into law if the President will not act on it after 30 days from receipt. Prior to

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Attention: No downgrading for 47(a)(2) visa holders with expired contracts of employment

hose employed as executives, supervisors, specialists, consultants, contractors or personal staff at enterprises registered with Export/Special Economic Processing Zones, Philippine Economic Zone Authority (PEZA), Board of Investments (BOI), or Authority of the Freeport Area of Bataan (AFAB) are usually issued 47(a)(2) visas – a special non-immigrant visa. Under the latest Issuances of the Bureau of Immigration, 47(a)(2) visas of foreign nationals whose periods of employment have already expired shall not be allowed to downgrade their visas to 9(a) or temporary visitor status. They

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Additional SEC requirement to incorporate a Call Center

side from the usual incorporation requirements to incorporate a company in the Philippines, the Securities and Exchange Commission (SEC) now requires companies that will engage in Call Center operations to submit a “Modus Operandi” or Call Center Mode of Operation.There is no standard form required by the SEC but I would suggest that the Mode of Operation should contain the following: (1) Brief Introduction of the Company and base of operation in the Philippines; (2) Service Description; (3) IT Services Flow

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Minimum investment requirement for Outsourcing companies

hilippines is experiencing an explosion in the outsourcing industry today. This is based on investments charts and statistics published by various market forecasters. I had the opportunity to discuss about foreign ownership in outsourcing companies when an editor from a widely circulated business news publication in the Philippines called me up in my office one time. Generally, foreign investors are allowed to invest 100% equity in companies engaged in almost all types of business activities subject to certain restrictions as

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