Establishing a foundation in the Philippines can be a rewarding endeavor, enabling you to contribute meaningfully to society. However, the process involves several legal and administrative steps. This guide provides an overview of the key requirements to register a non-profit organization (NPO) in the Philippines, specifically focusing on foundations.
A foundation is a non-stock, non-profit corporation established to extend grants or endowments for charitable purposes. To start a foundation in the Philippines, you must register it with the Securities and Exchange Commission (SEC). The SEC is the primary government agency responsible for regulating corporations, including non-profit organizations.
To register a foundation, you need to comply with the following requirements:
Minimum Capital: A foundation must have an initial aggregate contribution of at least One Million Pesos (PHP 1,000,000.00). This amount must be deposited in a bank and evidenced by a notarized Certificate of Bank Deposit.
Articles of Incorporation: This document outlines the foundation’s name, purpose, principal office, incorporators, and directors. It must be signed by at least five incorporators.
By-Laws: This document details the foundation’s internal operations, including the powers and duties of directors, officers, and members.
Treasury Certificate: This document certifies the availability of the required minimum capital.
Documentary Stamps: These are required for the Articles of Incorporation and By-Laws.
Other requirements for sec registration of non profit organization: Depending on the nature of your foundation’s activities, you may need additional permits or licenses from other government agencies.
Once you have complied with these requirements, you can submit your application to the SEC. The SEC will review your documents and issue a Certificate of Incorporation if everything is in order.
After registering with the SEC, requirements for sec registration of non profit organization you will also need to register with the Bureau of Internal Revenue (BIR) for tax purposes and potentially with the Philippine Council for NGO Certification (PCNC) for accreditation.
Starting a foundation in the Philippines involves a series of legal and administrative steps. While the process may seem complex, understanding the requirements and seeking professional assistance can streamline the process. By following the guidelines provided by the SEC and other relevant government agencies, you can establish a foundation that makes a positive impact on the community. Remember to consult with legal and tax professionals to ensure compliance with all applicable laws and regulations.
