Guidelines on the Establishment of a One Person Corporation (OPC)

April 25, 2019SEC MEMORANDUM CIRCULAR NO. 07-19TO:All Concerned   SUBJECT:Guidelines on the Establishment of a One Person Corporation (OPC) In accordance with the power and function of the Securities and Exchange Commission to formulate and enforce standards and policies to carry out the provisions of Republic Act 11232, the Act providing for the Revised Corporation Code of the Philippines (RCC), the following guidelines, rules and regulations in the establishment of a One Person Corporation (OPC) are hereby adopted: SECTION 1. Definition and Incorporator. —A one person corporation (OPC) is a corporation with a single stockholder, who can only be a natural person, trust or estate.The incorporator of an OPC being a natural person must be of legal age.As an incorporator, the "trust" as used by the law does not refer to a trust entity, but the subject being managed by a trustee.If the single stockholder is a trustee, administrator, executor, guardian, conservator, custodian, or other person exercising fiduciary duties, proof of authority to act on behalf of the trust or estate must be submitted at the...