Posting of additional securities deposit for branch offices whose submission of AFS was extended pursuant to MC No. 17 and MC No. 18, all series of 2020 shall be extended until October 29, 2020.
The extension for posting of additional securities deposit and substitution of securities deposit shall automatically be applied without the need for a request from the affected branch offices.
For corporations incorporated prior to February 23, 2019, the adjustment in the computation of additional securities deposit based on the new figures of Section 143 of the Revised Corporation Code (RCC) and compliance with the increase in initial deposit amounting to P500,000 will commence on August 1, 2020, unless the foreign corporation opts to comply with the minimum amount of P500,000 imposed by the RCC.
For foreign corporations licensed on February 23, 2019, or onwards, the minimum of P500,000 shall be imposed, as required by Section 143 of the RCC. Any additional securities deposit for these corporations shall adopt the adjustment in the computation based on the figures of Section 143 of the RCC.
In relation to the change of resident agent, the following applications will not incur penalty if payment of appropriate fees are made on or before September 30, 2020. Hence, penalty shall commence to run on October 1, 2020:
- Applications on request for change of resident agent filed and reviewed before March 16, 2020 with issued Payment Assessment Form (PAF)
- Applications on request for change of resident agent filed before the quarantine period (ECQ, MECQ, GCQ, MGCQ) but issued a PAF during the quarantine period
- Applications on request for change of resident agent filed and reviewed during the quarantine period but without issuance of PAF
For your easy reference, the Circular may be accessed HERE (SEC Memorandum Circular No. 24, 25 August 2020).
