You only need one person to form a corporation.
This after President Duterte signed into law The Revised Corporation Code, which allows the creation of a single person corporation with no minimum capitalization required.
Under the existing code, at least five stockholders are required to form a corporation with the Securities and Exchange Commission (SEC).
Other key provisions of the law include allowing stockholders to use remote communication to vote on meetings, giving the Securities and Exchange Commission the power to remove directors, and streamlining the registration process to attract more investments.
The bill provides for a perpetual existence of corporation and prioritizes corporate and stockholder protection.
During the signing ceremony of the bill, Duterte said the revised code would “simplify corporate governance standards and establish a more business-friendly environment.”