The success of any business lies in the corporate governance. In the same manner, administration, management, and filing of company records is an essential function of every business. These features require a thorough understanding of the legal and regulatory framework of the company.
Corporate Secretarial or corporate housekeeping services can help you manage and mitigate the risks of non-compliance of your company with local legislation. Failure to comply with such corporate legal obligations may result in severe repercussions for the directors and shareholders of the company.
In the Philippines, there are two important company laws and secretarial services that cover the submission of reports to the Securities and Exchange Commission, these are: (1) the Securities Regulation Code and (2) the Corporation Code of the Philippines. Under these laws, all stock and non-stock corporations are required to submit the following reports, among others:
- Audited Financial Statements received by the Bureau of Internal Revenue (BIR) which must be filed within one hundred twenty (120) calendar days after the end of the fiscal year as indicated in the Financial Statements.
- A General Information Sheet which must be filed within thirty days from the date of the annual stockholders’ or members’ meeting (in the case of domestic corporations) or from the anniversary date of the issuance of the license (in case of a Branch Office and Representative office of Foreign Corporations.
The above-mentioned regulations are a priority for any business to comply and operate in the Philippines. The corporate secretarial services cover all these aspects of the company so that the entrepreneur or the business owner can concentrate on the sales or client aspect of the business instead of operations.
Corporate Secretary Responsibilities
Corporate Secretarial service in the Philippines is responsible for preparing the Certifications of Board Resolutions, file the required General Information Sheet with the Securities and Exchange Commission, and perform other corporate governance activities.
Corporate Secretary Requirements
A Corporate Secretary acts as the officer of the corporation and is required to be both a resident and citizen of the Philippines. A Corporate Secretary is in charge of the official seal and documents of the company such as the records of the stocks issued and the minutes of all board meetings, whether routine or nonroutine events. Thus, a Certificate from the Corporate Secretary is required as proof that the board of directors issued a board resolution. Election and resignation of directors and changes to the share capital shall be documented by the Corporate Secretary through board meetings.
Inclusions in a Corporate Secretarial Service in the Philippines
- Preparation of the formal minutes, decision and resolution taken by Directors and Shareholders on Statutory matters.
- Preparation of memorandum and articles of association.
- Co-ordinate approval of financial accounts by relevant Directors/ Shareholders.
- File appropriate submissions and returns to in-country authorities.
- Notify local authorities of changes to company Directors or Officers.
- Manage statutory registers and company books.
- Document share capital charges share issues, debentures, mortgages, and costs.
Business Setup consultants are a network of consultants which solves the service needs related to business incorporation and company registration. In the company secretarial services, Business Setup Consultants work with the local representatives to provide efficient, fast and best services available in the industry. To know more about our services or to connect with our consultants write to us at [email protected]