Setting up a international business operation in the Philippines demands a clear understanding of the legal framework enforced by the Securities and Exchange Commission (SEC). One of the essential documents in this process is the affidavit of branch office Philippines. This sworn statement acts as formal proof of the head office's commitment to expand within the local market.
The Role of the Affidavit
The main purpose of the affidavit is to validate that the offshore corporation is solvent and aims to comply with its obligations in the Philippines. In the absence of this sworn declaration, the SEC is unable to grant the essential license to do business locally.
What to Include
A well-drafted affidavit concerning a branch office typically contains multiple sections:
Board Resolution Reference: The text must mention that the governing body sanctioned the formation of the Philippine branch.
Solvency Statement: The signer certifies that the firm is solvent.
Resident Agent Appointment: It designates affidavit branch office philippines the person who will handle official notices on account of the branch.
The Notarization affidavit branch office philippines and Authentication Process
As the parent company is often located abroad, the affidavit should be executed in the country of affidavit branch office philippines origin. However, for it to be recognized in the Philippines, it must undergo legalization.
Provided that your country is a signatory to the Hague Apostille, a standard apostille issued by your local authority will suffice. Alternatively, you must get it vetted by the Philippine Embassy nearest to your area.
Frequently Noted Issues
Many entrepreneurs experience delays because of technical errors in the affidavit branch office Philippines. Frequent problems are:
Incorrect company names.
Forgetting to state the registered capital amounts.
Applying outdated formats that fail current SEC rules.
Moving Forward
After the affidavit is finalized, it should be filed together with other forms like the Authenticated Articles of Incorporation and Financial Statements. Engaging affidavit branch office philippines an expert legal firm is highly recommended to guarantee full alignment with Republic Act No. 11232.
Conclusion
To conclude, the affidavit of branch office Philippines is not just a piece of paper; it is a foundational requirement for obtaining your business permit. By verifying that the text is affidavit branch office philippines precise and the authentication is properly handled, you can easily expand your operations into the vibrant Philippine market.