SEC issues draft rules for one-person firmshome/Business/Corporate News/SEC issues draft rules for one-person firmsTHE Securities and Exchange Commission (SEC) released on Friday its proposed guidelines on establishing a one-person corporation (OPC) and converting an ordinary stock corporation into the former. In a memorandum posted on its website, the SEC said the OPC should be run by a single stockholder, Filipino or otherwise. Changes can be made any time, but these must be submitted to the SEC, together with written consents. Conversion into OPCIn a separate memorandum, the SEC also released its proposed guidelines on converting an ordinary stock corporation (OSC) into an OPC. Only a domestic company organized as a stock corporation can undergo the conversion, the commission said.
Source: Manila Times March 15, 2019 16:18 UTC