SEC Memorandum Circular. NO. 30-2020: Revision of General Information Sheet of Foreign Corporation to include Beneficial Ownership Information
Disclosure of Beneficial Ownership of Foreign Firms
The Philippine Securities and Exchange Commission (SEC) is directing all foreign corporations (such as Branch Office, Representative Office, Regional Area or Operating Headquarters) to fully disclose their beneficial owners. The issuance covers both the stock and non-stock foreign corporations. Non-compliance or failure to disclose such information will hold the foreign corporations liable as well as its Resident Agents, Country/Area/Regional Heads as indicated in Section 11 (i) and (ii) of SEC Memorandum Circular No. 15 series of 2019.
The said circular was issued in response to the government’s efforts in the implementation of the Anti-Money Laundering Act of 2001 and the Terrorist Financing Prevention and Suppression Act of 2012.
Attached also below is a copy of the Memorandum Circular for your reading reference.
- Application for SEC’s Grant of Amnesty on or before April 30, 2023
- Risks of Penalty for not Disclosing the Company’s Beneficial Ownership under the SEC MC No. 15, Series of 2019
- Lazada Riders as Employees Under the Four-Fold Test
- New and Revised PFRSs for Annual Periods beginning on or after January 01,2023
- Further clarification of issues raised in transitory provisions for the VAT Zero-rate Incentives