Good evening, I've consulted with my financial audit counterparts in my company, the minimum paid-up capital for foundations (non-stock corporations) is 1 million based on the latest SEC phamplet they gave me. Although, I think "paid-up capital" is not necessarily a 1 million peso deposit in the bank (I forgot to verify this, since in accounting paid-up capital is actual cash and contribution PAID to the elected treasurer of the corporation...hehe).
Also if you browse the SEC website, the paid-up capital required for foundations is also their working capital (which is the minimum capital to run the organization). But Gabriel is still correct about the Php5,000.00 based on the Corporation Code (generally applicable to corporations whether stock or non-stock). Capital requirements are influenced by the type of industry, so in the absence any specific provision, SEC can enforced certain levels of capital requirements based on the type of business. That explains why banks and most financial institutions have a bigger capital requirements than merchandising and service organizations. I'll send a copy of the latest SEC phamplet to Ian, Marvin and Paolo for their information. Thanks for the information. Regards, Christian Masancay On 11/5/07, Jaime Tiongson <[EMAIL PROTECTED]> wrote: > SEC changed their requirements recently and increased the paid up capital > for non-stock non-profit organizations (1 Million). If PLUG is already > registered the group must see to it that the SEC status of the group is > still active. > > > On 11/5/07, Christian Masancay <[EMAIL PROTECTED]> wrote: > > Good evening, > > > > Gabriel is correct, corporations (stock or non-stock) should have > > paid-up capital not less than 5,000 pesos prior to submission of > > documents to SEC. The only difference is stock corporations have > > subscriptions on their authorized capital stocks which must be at > > least 25% of the total subscription, and again 25% of those must be > > paid up (paid-up capital not less than five thousand pesos). When I > > say paid-up capital, I mean in actual cash or property (fair market > > value), and the cash part should not be less than five thousand pesos > > (please correct me if I'm wrong, I've been rusty ever since leaving > > financial audit three years ago). > > > > I cannot come on friday due to prior commitments. Mr. Paolo Alexis > > Falcone will come on my behalf. > > > > Regards, > > > > Christian Masancay > > > > On 11/5/07, Gabriel H. Mercado <[EMAIL PROTECTED]> wrote: > > > First of all, PLUG's registration is still under consideration - meaning > we > > > still have to figure out if we need it at all. > > > > > > Second, how can a non-stock non-profit org require 1 million paid up > > > capital? Do you mean every little charitable, religious, trade, > fraternal > > > etc NGO needs 1 million to get SEC registered? Even stock corporations > (for > > > profit) only require P5,000 paid up. > > > > > > Anyway, hope to see you guys soon. Please come Jaime if you can. > > > > > > Thanks > > > Gary > > > > > > > > > > > > > > > On 11/5/07, Jaime Tiongson < [EMAIL PROTECTED]> wrote: > > > > For non-stock non-profit organizations or foundation, you need 1 > Million > > > paid-up capital (money in the bank!) > > > > > > > > > > > > On 11/5/07, Orlando Andico < [EMAIL PROTECTED]> wrote: > > > > > > > > > My understanding is that the actual subscribed capital need not be > > > > > 100% of the paid up capital. I think 5% is sufficient... > > > > > > > > > > > > > > > On Nov 5, 2007 6:04 PM, Jaime Tiongson < [EMAIL PROTECTED] > > wrote: > > > > > > I hope the problem will be resolved soon. New Non-stock, > non-profit > > > > > > corporation needs 1 Million paid up capital. It will be very > difficult > > > for > > > > > > the group to raise 1 Million and re-register again. > > > > > _________________________________________________ > > > > > Philippine Linux Users' Group (PLUG) Mailing List > > > > > [email protected] (#PLUG @ irc.free.net.ph) > > > > > Read the Guidelines: http://linux.org.ph/lists > > > > > Searchable Archives: http://archives.free.net.ph > > > > > > > > > > > > > > > > > > > > > -- > > > > Jaime F. Tiongson > > > > _________________________________________________ > > > > Philippine Linux Users' Group (PLUG) Mailing List > > > > [email protected] (#PLUG @ irc.free.net.ph) > > > > Read the Guidelines: http://linux.org.ph/lists > > > > Searchable Archives: http://archives.free.net.ph > > > > > > > > > > > > > > > > -- > > > http://kikay.exchange.ph > > > http://mom.exchange.ph > > > http://basketball.exchange.ph > > > ======================= > > > Make life easier for Webmasters! > > > > http://spreadfirefox.com/community/?q=user/register&r=137994 > > > _________________________________________________ > > > Philippine Linux Users' Group (PLUG) Mailing List > > > [email protected] (#PLUG @ irc.free.net.ph) > > > Read the Guidelines: http://linux.org.ph/lists > > > Searchable Archives: http://archives.free.net.ph > > > > > > > > > -- > > Christian Masancay > > _________________________________________________ > > Philippine Linux Users' Group (PLUG) Mailing List > > [email protected] (#PLUG @ irc.free.net.ph) > > Read the Guidelines: http://linux.org.ph/lists > > Searchable Archives: http://archives.free.net.ph > > > > > > -- > Jaime F. Tiongson > _________________________________________________ > Philippine Linux Users' Group (PLUG) Mailing List > [email protected] (#PLUG @ irc.free.net.ph) > Read the Guidelines: http://linux.org.ph/lists > Searchable Archives: http://archives.free.net.ph > -- Christian Masancay _________________________________________________ Philippine Linux Users' Group (PLUG) Mailing List [email protected] (#PLUG @ irc.free.net.ph) Read the Guidelines: http://linux.org.ph/lists Searchable Archives: http://archives.free.net.ph
