SECURITIES and Exchange Commission (SEC) has relaxed the requirements for the registration of domestic corporations by accepting articles of incorporation authenticated by incorporators.
The Commission on April 29 approved the Guidelines on Authentication of Article of Incorporation in Applications for Registration of New Domestic Corporations under SEC Memorandum Circular No. 16, Series of 2020.
Under the guidelines, the SEC will accept registration articles of incorporation that are accompanied by a certificate of authentication signed by all incorporators in the prescribed form.
Both the articles of incorporation and the certificate of authentication will no longer have to be notarized or consularized.
Nonetheless, the incorporators may choose to acknowledge the articles of incorporation before a notary public. If executed outside the Philippines, the articles of incorporation may be apostilled or notarized or authenticated by a Philippine diplomatic or consular officer.
In the case of a domestic corporation with more than 40% foreign equity, the application for registration of investments of non-Philippine nationals using SEC Form F-100 must be apostilled or notarized or authenticated by a Philippine diplomatic or consular officer only if the same is executed outside the country.
The registration of a corporation, which has procured its certificate of registration through fraud or misrepresentation, shall be revoked.
Furthermore, those responsible for the formation of said corporation or who assisted directly or indirectly therein shall be punished with a fine ranging from P200,000 to P2 million. When the violation is injurious or detrimental to the public, the penalty shall be a fine ranging from P400,000 to P5 million.
Willfully certifying incomplete, inaccurate, false or misleading statements or reports shall likewise be punishable with a fine ranging from P20,000 to P200,000. When the wrongful certification is injurious or detrimental to the public, the responsible person may be punished with a fine ranging from P40,000 to P400,000.
Liability for such offenses shall be separate from any other administrative, civil or criminal liability provided under the Revised Corporation Code and other laws.
“By easing the requirements for company registration, we hope to further encourage the formation of businesses and attract more investments that will subsequently generate more employment opportunities and support our economy’s overall growth,” SEC Chairperson Emilio B. Aquino said. (PR)
Normin consumers get more affordable food options via Kadiwa at Diskwento Karavan
DEPARTMENT of Agriculture (DA) and Department of Trade and Industry (DTI) in Northern Mindanao converged to provide a wider array of agri-fishery products, basic necessities and other prime commodities thru the rollout of its Kadiwa at Diskwento Karavan (KDK), in DA-10’s parking area, here.
Integrating DA’s Kadiwa ni Ani at Kita and DTI’s Diskwento Caravan, KDK is a beefed-up marketing initiative, which brings diverse and reasonably priced essential commodities closer to the abodes of Kagay-anons amid the COVID-19 pandemic-prompted community quarantine.
“We have laid out this to help our consumers to have easier access to a one-stop shop offering much needed fresh produce and manufactured goods closer to their homes and decongest major public markets,” Carlota S. Madriaga, DA-Regional Field Office 10 (DA-10) regional technical director for operations said.
Affordability is also a key feature in the items that are being sold in the KDK. Also as establishments were advised to run at reduced capacity for the time being, this is a big help for our consumers, who are trying to get by during this health crisis, the assistant DA exec added.
The KDK is a marketing platform where agri-fishery and other food products as well as basic goods are being sold at cheaper rates, as trading layers are removed through the joint efforts of the involved agencies to straightly link farmers and manufacturers to buyers.
“We equally value the safety of our personnel, suppliers and consumers. Proper physical distancing and wearing of face masks are being imposed, at the same time, we encourage shoppers to bring along with them their eco-friendly bags and grocery list,” Madriaga elaborated, saying the latter will prevent them from lingering longer in the market.
Further adding, all the cited measures and the selection of benefitting barangays are undertaken in close coordination with the Agricultural Productivity Office under the city government of Cagayan de Oro and different barangay officials.
Exhibitors included in the kick-off are Canitoan Farmer’s Cooperative, Miarayon Talakag Highland Farmers Association, Farmgrown Association of Claveria, San Miguel, Oyster Mushroom, Municipal Agriculture’s Office of Claveria, CNQ Agriventures, Barra Agro Industrial Multi-Purpose Cooperative, True Chef’s Choice, Inc., Great Grand Intention Foundation, Inc., Ginama and private individual seller, Imee Poklawan.
