Until this year, when the Revised Corporation Code of the Philippines was signed into law by President Duterte, all corporations were required to have a minimum of five incorporators, and five directors.
This new legal entity named One Person Corporation or ('OPC"), now permits a sole director / shareholder.
Even though its name includes the word "ONE" that's only partly true. The corporation will still need to have a minimum of two other persons appearing in the company records. The company must still elect a corporate secretary and a treasurer. A nominee director and alternate nominee director, who will assume office only upon incapacity or death of the sole director.
The sole director may also act as the treasurer, but will then have to give the SEC an insurance bond, the amount of which will depend on the amount of paid-in capital.
The OPC will have only Articles of Incorporation, no by-laws are required.
For the rest the OPC will have the same reporting requirements as any other close corporation, with the Bureau of Internal Revenue and the SEC.
Corporate taxation is 30%.
Source: https://www.dayananconsulting.com/one-person-corporation-guide/
