Registration, incorporation of stock corporation

Under the Corporation Code, before a stock corporation may be incorporated and registered, it is required that at least twenty five percent (25%) of its authorized capital stock as stated in the articles of incorporation, be first subscribed at the time of incorporation, and at least twenty five percent (25%) of the total subscription, be paid upon subscription.[1]

To prove compliance with this requirement, the SEC requires the incorporators to submit a treasurer’s affidavit and a certificate of bank deposit, showing the existence of an amount compliant with the prescribed capital subscription.[2]

[1] Section 13, Corporation Code of the Philippines.

[2] Registration requirements accessed from: