Philippines is dynamic in devising attractive mechanisms for investors. Just recently, the Corporation Code was amended is now allowing a One Person Corporation (one director). The amendment likewise offers perpetual existence of companies and expressly allows remote communication and in-absentia voting of shareholders making a company easier to govern.
This jurisdiction allows 100% foreign ownership of companies by virtue of the Foreign Investments Act (FIA), provided, the activities are not within the negative list defined by the government. Accordingly, unless you want to run a school, engage in services related to mass media, or conduct activities within the negative list, a Filipino counterpart is not required.
In view of the precautionary steps and preventative measures taken by the Cebu Government to ensure health and safety for Cebu residents, additional precautionary measures have been taken in accordance with Executive Order No. 064 declaring Cebu City under state Enhanced Community Quarantine starting 12 noon of March 28 until April 28, 2020 to adhere in implementing further remote work of the staff.
We would like to inform our customers and suppliers that we are 100% fully operational as we have the capability of operating remotely. Our Cebu shared services office is open and can be reached through video conferencing.