30/03/2017
Case Study on Manila Entity Registration of Foreigner-own Branch:
Any risk about wiring in Working Capital usd 200,000 through bank account opened by Philippine Resident Agent?
Scenario:
A foreigner company decide to set up a branch in Manila, working capital will be at least Usd 200,000.
Before sending application form to SEC, it needs open a bank and wire USD 200, 000.
Besides, opening a bank account need to have a Philipino Resident Agent.
1.Qustion:
Foreign-own Bank still need Philippine Resident Agent to open Bank Account?
1.Answer:
We called Chartered Bank Taiwan after the meeting and asked if SCB allows wiring of capital of USD 200,000 without resident agent.
Chartered Bank said no. Should follow the law on Phillipine country.
SCB Taiwan said they cannot decide on behalf of SCB PH. All procedures should be followed PH rules.
Even foreigner-owned bank can not accept without Philippine resident Agent to open bank account.
2.Question
Any risk for USD 200,000 be withdrew by Phillipino Resident Agent?
can resident agent withdraw money?
how to avoid it?
2.Answer
No they cannot withdraw.
All Treasurer In Trust Fund accounts are temporary accounts that no one can touch money because they are freezed.
After company set up, Clients' Managing Director can fly to the Philippines to change the signatory to his name.
He should bring a new Board of Resolution that states The Managinng Director will be the sole signatory.
Or whoever they want to be their signatory.
3. Question
can you check if working capital can be wired into Chartered Bank?
3. Answer
Authorized Capital?
Branch named as working capital usd 200,000.
It can be wired into Foreigner-own like SCB.
