The Philippines is one of the important economies of Southeast Asia, relying mostly on manufacturing and tourism activities. Those who want to set up companies in the Philippines have other options in terms of industries, but they can also change the direction of their businesses by changing the industry they operate in. Such a change can trigger other modifications in the company, such as the trade name of the company.
Below, our company formation agents in the Philippines explain the steps related to changing a company’s name. We can guide you through this procedure, as well as to any other modifications brought to a Philippines company.
Our immigration lawyers in Philippines can also answer questions for foreign investors who wish to open a company here.
Corporate names in the Philippines
The reservation of a company name is the first step in company registration in the Philippines. This procedure implies proposing 3 names with the Securities and Exchange Commission among which there must also be the one you want to operate your business.
It is important to know that the company’s name can be changed under certain conditions. Also, company names in the Philippines have a 5-year validity period and can be changed once in this timeframe.
Our local consultants can explain the procedure of selecting and reserving a trading name when first setting up a company in the Philippines.
You can also reach out to us if you are interested in immigration in Philippines.
If you are interested in starting a business in another country, such as Malta or the Netherlands, we can put you in touch with our local partners.
When can a Philippines company name be changed?
There are various situations which can lead to a change in your company’s name in the Philippines. Among these, we mention the following the change in the company’s object of activity, the former name no longer represents, the takeover of a company by another, moving the company from one side of the country to another can also determine the owner to change the trade name.
It is important to note that the Company Law does not provide for specific conditions when changing a Philippines company name, however, the requirements of maintaining a unique and non-offensive name remain mandatory.
Our agents can offer more information on the provisions of the local laws on making changes in a Philippines company.
We can also give you details about the residence for foreign investors with the help of our immigration lawyers in Philippines.
If you not only want to open a company in the country or change its particulars our team can also help you move to Philippines. In order to do so, you need to come from a country that has an agreement that grants the same permanent resident rights to Filipino citizens. If you are ready to apply for residency our team is here to answer your questions and assist you throughout the process.
Steps in changing the company name in the Philippines
There are several steps to complete when changing the trade name of a company in the Philippines. These depend on the structure of the company. In the case of simple business forms, such as the sole proprietorship, the change is quite simple requiring the filing of the necessary forms with the Trade Register.
In the case of other companies, the procedure involves the following steps:
- convening a meeting of the shareholders (the change of the company name can also be decided during the Annual General Meeting of the shareholders);
- submitting the decision to change the trade name to a vote of the shareholders (a majority of votes must be obtained when a voluntary decision is in question);
- the company’s Articles of Association must be amended once the decision has been approved by the shareholders;
- the Securities and Exchange Commission must be notified about the change by filing Form 1905 (Application for Registration Information Update);
- notifying all other authorities about the change (tax authorities, social security authorities) and business partners;
- updating all letterheads on official documents with the new name of the Philippines company.
It is important to note that the change of a Philippines company’s name must be done within the shortest time since the decision was taken.
Documents to be filed when changing company names in the Philippines
The documents to be filed when making company changes in the Philippines depend on the type of business form you operate. For sole proprietorships, the list of documents is short, while for limited liability companies or other business forms, the list of documents is more extensive.
Our company formation specialists in the Philippines can offer more information on the documents you need to file when changing a company’s name apart from the business form issued by the Trade Register.
Why should you start a business in the Philippines?
The Philippines has one of the best economic situations in Southeast Asia, but also in the world, if we are to consider that:
- at the level of 2019, the Philippines has the 12th largest population in the world;
- at the same time, the Philippines ranks as the 43rd largest economy of the world;
- according to Goldman Sachs, the Philippines is expected to become the 14th largest economy in the world by 2050;
- the Philippines offers access to a 500 million consumer market in the ASEAN region.
If you need help in changing your company’s trade name, please contact our Philippines company formation representatives.
You can also contact us if you have questions about immigration to Philippines.