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Closing Philippine Branch Office
Summary
To close a Philippine branch or representative office of a foreign corporation, you need a board resolution, affidavit of closure, latest audited financial statement, updated general information sheet, tax clearance, and a formal application to the SEC. The primary agencies involved are the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR). Social security agencies and the Board of Investments (BOI) are not typically involved in this process. Ensure all debts and obligations are settled before proceeding.Full Conversation
elaborate
Sure! Here's a more detailed explanation of each requirement to close a Philippine branch office or representative office of a foreign corporation registered with the SEC:
*. Board Resolution:
- A formal decision by the foreign corporation’s board of directors authorizing the closure of its Philippine branch or representative office.
- The resolution should be duly notarized and authenticated.
*. Affidavit of Closure:
- This affidavit should state the reason for closure and confirm that all debts, liabilities, and obligations of the branch or representative office have been fully settled.
- It must be signed and executed by an authorized officer of the foreign corporation.
*. Latest Audited Financial Statement:
- Provide the most recent financial statements that have been audited by an independent certified public accountant.
- This ensures transparency and accuracy in the financial status of the branch or representative office.
*. Updated General Information Sheet (GIS):
- Submit an updated GIS which reflects the current corporate information, including details of officers and directors.
- The GIS should be signed and notarized.
*. Tax Clearance:
- Obtain a tax clearance certificate from the Bureau of Internal Revenue (BIR) certifying that the branch or representative office has no outstanding tax liabilities.
- This step ensures that all tax obligations have been met.
*. Formal Application:
- Submit a formal application for closure to the Securities and Exchange Commission (SEC).
- The application should include all the aforementioned documents and any additional requirements specified by the SEC.
Would you like more specific information on any particular step or need assistance with something else?
*. Board Resolution:
- A formal decision by the foreign corporation’s board of directors authorizing the closure of its Philippine branch or representative office.
- The resolution should be duly notarized and authenticated.
*. Affidavit of Closure:
- This affidavit should state the reason for closure and confirm that all debts, liabilities, and obligations of the branch or representative office have been fully settled.
- It must be signed and executed by an authorized officer of the foreign corporation.
*. Latest Audited Financial Statement:
- Provide the most recent financial statements that have been audited by an independent certified public accountant.
- This ensures transparency and accuracy in the financial status of the branch or representative office.
*. Updated General Information Sheet (GIS):
- Submit an updated GIS which reflects the current corporate information, including details of officers and directors.
- The GIS should be signed and notarized.
*. Tax Clearance:
- Obtain a tax clearance certificate from the Bureau of Internal Revenue (BIR) certifying that the branch or representative office has no outstanding tax liabilities.
- This step ensures that all tax obligations have been met.
*. Formal Application:
- Submit a formal application for closure to the Securities and Exchange Commission (SEC).
- The application should include all the aforementioned documents and any additional requirements specified by the SEC.
Would you like more specific information on any particular step or need assistance with something else?
is this in line in the recent laws in the Philippines?
Yes, the requirements listed are in line with the recent laws and regulations in the Philippines for closing a branch office or representative office of a foreign corporation registered with the SEC.
If you need further assistance or specific details on a particular step, feel free to ask!
If you need further assistance or specific details on a particular step, feel free to ask!
what are the list of documents needed in this process?
Case Rating: *
To close a Philippine branch or representative office of a foreign corporation registered with the SEC, you need:
*. Board Resolution
*. Affidavit of Closure
*. Latest Audited Financial Statement
*. Updated General Information Sheet (GIS)
*. Tax Clearance
*. Formal Application to the SEC
Do you need more details on any specific document?
To close a Philippine branch or representative office of a foreign corporation registered with the SEC, you need:
*. Board Resolution
*. Affidavit of Closure
*. Latest Audited Financial Statement
*. Updated General Information Sheet (GIS)
*. Tax Clearance
*. Formal Application to the SEC
Do you need more details on any specific document?
is the social security agencies part of the closure of branch
Case Rating: *
No, the social security agencies are not typically involved in the closure process of a branch office or representative office of a foreign corporation. The process primarily involves the SEC and the Bureau of Internal Revenue (BIR).
Do you need assistance with anything else related to this process?
No, the social security agencies are not typically involved in the closure process of a branch office or representative office of a foreign corporation. The process primarily involves the SEC and the Bureau of Internal Revenue (BIR).
Do you need assistance with anything else related to this process?
only in cases of dissolution of corporation, correct?
Case Rating: *
In the context of closing a branch office or representative office of a foreign corporation in the Philippines, the involvement of social security agencies is not typically required. The primary agencies involved are the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR).
Is there anything else you'd like to know?
In the context of closing a branch office or representative office of a foreign corporation in the Philippines, the involvement of social security agencies is not typically required. The primary agencies involved are the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR).
Is there anything else you'd like to know?
what agencies are typically required?
Case Rating: *
To close a Philippine branch office or representative office of a foreign corporation registered with the SEC, the primary agencies involved are:
- Securities and Exchange Commission (SEC)
- Bureau of Internal Revenue (BIR)
Would you like to know more about the specific requirements or processes involving these agencies?
To close a Philippine branch office or representative office of a foreign corporation registered with the SEC, the primary agencies involved are:
- Securities and Exchange Commission (SEC)
- Bureau of Internal Revenue (BIR)
Would you like to know more about the specific requirements or processes involving these agencies?
BOI?
Case Rating: *
The Board of Investments (BOI) is not typically involved in the closure of a branch office or representative office of a foreign corporation in the Philippines. The primary agencies are the SEC and BIR.
Is there anything else you'd like to know?
The Board of Investments (BOI) is not typically involved in the closure of a branch office or representative office of a foreign corporation in the Philippines. The primary agencies are the SEC and BIR.
Is there anything else you'd like to know?
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