Company Secretarial Services in the Philippines

The success of any business hinges on strong corporate governance. Just as crucial are the administration, management, and meticulous filing of company records that demand a thorough understanding of the legal and regulatory landscape.

This is where corporate secretarial services Philippines play a crucial role. These services are vital for managing and mitigating the risks of non-compliance with local legislation. Failure to meet corporate legal obligations can lead to severe consequences for both directors and shareholders.

In the Philippines, two fundamental laws govern the submission of reports to the Securities and Exchange Commission (SEC):

1. The Securities Regulation Code and
2. The Corporation Code of the Philippines

Ensuring compliance with these regulations is essential for the smooth operation and longevity of any company. 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) must be filed within one hundred twenty calendar days after the end of the fiscal year as indicated in the Financial Statements.
• You must file a General Information Sheet within thirty days from the date of the annual stockholders’ or members’ meeting (for domestic corporations) or the anniversary date of the issuance of the license (for Branch Offices and Representative Offices of Foreign Corporations).

The regulations mentioned above are a priority for any business that complies with and operates in the Philippines. 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 Philippines is responsible for preparing the Certifications of Board Resolutions, filing the required General Information Sheet with the Securities and Exchange Commission, and performing 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 company documents, such as the records of the stocks issued and the minutes of all board meetings, whether routine or nonroutine events. Thus, the Corporate Secretary must provide a certificate as proof that the board of directors issued a board resolution. The corporate secretary shall document the election and resignation of directors and changes to the share capital through board meetings.

Inclusions in a Corporate Secretarial Service Philippines

• A corporate secretary is responsible for preparing the formal minutes, decisions, and resolutions taken by directors and shareholders on statutory matters.
• A corporate secretary is also responsible for the preparation of memorandum and articles of association.
• Coordinate 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 experts dedicated to addressing all service needs related to business incorporation and company registration. In the area of corporate secretarial services, our consultants collaborate with local representatives to deliver efficient, fast, and top-quality solutions available in the industry. To learn more about our services or to connect with one of our consultants, reach out to us at [email protected].