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Registering corporation business with SEC Registering corporation business with SEC

Business »Posted 4 Sep 2014 Post Answer

legal question Dear Sir / Madam

I am British national living in England. I would like to start a lending money business as corporation to be operated in Cebu. It will be mainly to help low earner or who do not have access to get loan from established financial institutions.

I understand that I have to keep at least 4 Filipino incorporator as I can only acquire 40 percent shares ( perhaps 49% to 60%). I would be contributing 100 percent capital as Filipino incorporates will not be in position to invest any money. To protect my capital , I would be seeking to have attorney from incorporator where they will agree that I will be contributing all the capital and I will be responsible for loss and profit but they will benefit being incorporator .

I already have registered business there in Cebu as corporation. I only financed and it was run by Filipinos. It was in operation since 2006. I invested more than 150th USA dollars. All the money was transferred through bank and money transfer agencies. There were few full time and over 30 people were working as part time agents. I only visited three time a year for short period. This business was run on trust but people cheated me as I was foreigner. Most of the business ceased to be operated.The property e bought for business assets I able to save and this is titled to business name. i have rented out and getting some rent. I still not sure what will happen as me being foreigner.

I am thinking to start lending money business to poor people for small profit. As i feel lot of people have no access to get loan. I will be helping many non privilege people who need to earn livelihood.

Can you advise me if I register a corporation as foreign corporation and I have to show paid up capital $ 200,000.00 would my current assets will be counted as paid up money. Or if i sell it and that money can be shown as paid up capital?

Can you also please advise me if it is possible and viable to start doing lending business and protect the capital which I will be contributing from my own sources from England? I do not want that issuing 60% share to I do not want that Filipinos incorporators later they claim all the money without contributing any capital.

Would it be good idea to invest capital in Philippines or I just forget not to invest and not to take risk to loose capital?

If it is safe to invest then you can you advice me an attorney or consultant who can process the business permit with SEC and other permits such as mayor permit, clearance from BSP , BIR and other relating permits to operate business in Cebu.

If it is possible what will be your fee for total package?

I shall look forward to hearing from you.

Thanking you
Yours sincerely

Harbinder Hira

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