Setting up a corporation

**JohnM** · January 24th, 2022 10:26 AM

For the past few years I've been working with a few local colleagues for a company based abroad. We're now planning to expand and the big boss wants us to set up our own local branch. Since we're all in IT we don't have any idea where to begin. I have some ideas based on my wife's experience with corporate accounts but I don't think that's enough. Are there any consultants that can help with this?

**babkalakal** · January 25th, 2022 11:09 AM

Originally Posted by JohnM

For the past few years I've been working with a few local colleagues for a company based abroad. We're now planning to expand and the big boss wants us to set up our own local branch. Since we're all in IT we don't have any idea where to begin. I have some ideas based on my wife's experience with corporate accounts but I don't think that's enough. Are there any consultants that can help with this?

a local accounting firm might help.

**ice15** · January 25th, 2022 11:46 AM

^and a good lawyer... (just an FYI, the law firm that helped my wife's office 5 years ago charged them $20K)
and yes, remind your foreign partner to be ready to spend

I think C. Escudero made a bill allowing a Corp to only have 2 board members... It used to be 5

different fields have different requirements...

I suggest you ask your local counterparts to check who handles their legal matters, you can use the same firm as they would know what to do

**_Cathy_** · January 25th, 2022 11:48 AM

Originally Posted by ice15

^and a good lawyer... (just an FYI, the law firm that helped my wife's office 5 years ago charged them $20K)
and yes, remind your foreign partner to be ready to spend

I think C. Escudero made a bill allowing a Corp to only have 2 board members... It used to be 5

different fields have different requirements...

I suggest you ask your local counterparts to check who handles their legal matters.

+1 on the lawyer

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**babkalakal** · January 25th, 2022 11:49 AM

Originally Posted by ice15

^and a good lawyer... (just an FYI, the law firm that helped my wife's office 5 years ago charged them $20K)
and yes, remind your foreign partner to be ready to spend

I think C. Escudero made a bill allowing a Corp to only have 2 board members... It used to be 5

different fields have different requirements...

I suggest you ask your local counterparts to check who handles their legal matters.

yes you are correct. the sec already allows a corp. to be set up with less than 5 people.

**JohnM** · January 25th, 2022 12:47 PM

Thanks guys. Our founder already talked to a local consultation firm and got a quote from them. We have a meeting tonight with another firm to compare offers. At least may idea na sila how much it costs.

Abot naman kami 5 locally so kaya kahit yung original corp requirement.

**viper888** · January 25th, 2022 01:08 PM

Im also getting a lawyer to set up a corporation for my design firm later this year. Single person corporations are now allowed but we will go for 3 as I will be giving my sister a share.

**ice15** · January 25th, 2022 02:56 PM

Originally Posted by babkalakal

yes you are correct. the sec already allows a corp. to be set up with less than 5 people.

however... our lawyer (same guy who charged $20K) in a meeting yesterday said he's never tried obtaining approval for a Corp with only 2 board members.

again, depends on the size and nature of the corp.

**Walter** · January 25th, 2022 05:40 PM

Originally Posted by babkalakal

yes you are correct. the sec already allows a corp. to be set up with less than 5 people.

Single person corporation is allowed already ...

**dcph172** · January 25th, 2022 10:45 PM

You can setup a corporation with just one person. But you cant set up a corporation with just 2-4. Its either 1 or 5 or more. The new law allows for single person corporation and NOT less than 5 person corporation (unless if you’re just 1 person).

Atleast thats how the consultant explained it to us when we tried to setup a three person corporation. So back to 5 person it is with the 2 executing deed of assignments and irrevocable proxy.

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