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Cebu City - Apply for Certificate of Authority to Operate Money Lending Company

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ProcedureEdit


This procedure explains various ways to Apply for Certificate of Authority to Operate Money Lending Company in Cebu City.

Apply In PersonEdit

  1. Following are procedures on how you can apply for a Certificate of Authority to operate a money lending company in the Philippines. Applications are processed by the Securities and Exchange Commission (SEC).
  2. Before you go to SEC, make sure that you have prepared all the documents that you will need to submit and present when you apply. Documentary requirements varies depending on whether the certificate is for a head office or a branch. You will also need to submit additional requirements if the corporation have already been established and registered. For new companies, you will be submitting documents that are required for incorporation, so you will need the help of a lawyer in drafting the papers. Everything is listed below, under "Required Documents" section.
  3. To file your application, go to the Licensing Unit of SEC and present your documents to the Officer of the Day (OD).
    In case you do not have all the requirements yet (because it's a new company) and you are not sure which documents to submit, the Officer of the Day will give you a checklist of documents to be submitted.
  4. The Officer will take your documents to the Assistant Director for assignment. The Assistant Director will forward your application to a Securities Specialist.
  5. The Securities Specialist will review your documents. In case there are any missing documents, the Specialist will return the documents to the applicant with the checklist citing which documents you lack. It might take some time before you are able to comply with all the requirements, don't worry, it's common. You might have to comeback to SEC to continue processing your application.
  6. Once you have submitted all the required documents the Assistant Director (AD) will review your application. If again the AD finds any deficiencies in your application, it will be returned to you for compliance.
  7. It will take around five working days or more to review your application. After review you will be issued a Payment Assessment Form.
  8. You will be instructed to show your secondary license Payment Assessment Form to the Corporate and Partnership Registration Division's Securities Specialist as a go signal that the principal registration Payment Assessment Form may also be issued so that you can pay both fees at the same time.
  9. When the Licensing Unit's Securities Specialist receives your documents from the Corporate Filing and Records Division (CFRD) he/she will re-evaluate your documents. If there are any missing documents, your application will be returned to you for compliance. If your application is approved a Certificate of Authority will be prepared bearing the initials of the Securities Specialist. The Certificate will then be forwarded to the Assistant Director for review and initial. Your documents and Certificate will then be sent to the CRMD Director for signature.
  10. Once your Certificate of Authority is signed you will be notified when can you come to SEC to pick up your certificate.
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Required DocumentsEdit

Documentary requirements: Lending company - Head Office

  1. Cover Sheet
  2. CGFD Clearance
  3. All documents required for incorporation (for new companies)
    • Name Reservation Payment Confirmation
    • Articles of Incorporation
    • Treasurer’s Affidavit with Waiver to Examine and Verify Deposit
    • By-Laws
  4. Application Form (must be notarized)
  5. Information Sheet
  6. Valid NBI Clearance of ALL Incorporators and Stockholders
    • With right thumb print and signature
    • Reflecting the residential address as stated in the Information Sheet & Articles of Incorporation
  7. Additional Requirements for FOREIGN Directors and Officers
    • Photocopy of Alien Certificate of Registration Card/Immigrant Certificate of Residence Card (you will also be asked to present the original)
    • Photocopy of Passport Showing Valid Visa or Stay in the Philippines*
    • Clearance from the Bureau of Immigration
  8. Manual on Anti-Money Laundering
    • If foreign participation in voting stock is more than 40%; or
    • If total assets is PhP10M or more
  9. Board Resolution on the Adoption of the Manual Certified by the Corporate Secretary
  10. Notarized Bank Certificate of Deposit
  11. Additional Requirements for Existing Registered Corporations:
    • Report of an Independent CPA on the conduct and result of the verification procedures required under SEC Memorandum Circular 6, Series of 2008 (MC6S08)
    • Management Representation required under MC6S08
    • Latest required General Information Sheet
    • Latest required Audited Financial Statements; or Notarized Interim Financial Statements signed by the President and Treasurer
    • All documents required for Filing of Amended Articles of Incorporation/Certificate of Increase in Capital Stock
    • Monitoring Clearance from appropriate Department/CRMD Division

Documentary requirements: Lending company - Branch Office

  1. Cover Sheet
  2. Application Form (must be notarized)
  3. Information Sheet
  4. Valid NBI Clearance of the Branch Manager, Administrative Officer and Cashier
    • With right thumb print
    • Reflecting the residential address as stated in the Information Sheet
  5. Monitoring Clearance from appropriate Department / Division
  6. Registration Documents (i.e. Articles of Incorporation, Amended Articles of Incorporation, Certificate of Increase of Capital Stock, Certificate of Authority of Head Office, Latest General Information Sheet, Latest Audited Financial Statements / Interim Financial Statements).

Notes:

  1. Submit original and 3 sets of photocopies.
  2. Use size A4 bond paper.
  3. Only complete applications that complies with the prescribed form will be issued a Payment Assessment Form

Office Locations & ContactsEdit

Securities and Exchange Commission (SEC)
Head Office
Secretariat Building, PICC Complex,
Roxas Boulevard, Pasay City, 1307
Trunk Line No.: 8818-0921

Directory

EligibilityEdit

Provide eligibility criteria's for going through this procedure.

FeesEdit

  • Filing Fee is equivalent to 1/10 of 1% of the paid up capital plus Legal Research Fee

ValidityEdit

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to UseEdit

  • Application Form, Information Sheet, Treasurer’s Affidavit and checklist can all be downloaded online through SEC's website here is the - LINK.

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

  • It might take you a week or more to process your application.
  • For faster processing make sure to submit all the needed documents because SEC will return your documents to you if it is incomplete and will not resume processing until you have complied with all the requirements.

Related VideosEdit

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites. 	
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

InstructionsEdit

  • Certificates of Authority to Operate a Money Lending Company are issued by Securities and Exchange Commission (SEC).

Required InformationEdit

  • Name of the corporation
  • Complete address
  • Contact number
  • Term of Existence
  • End of Fiscal Year
  • Date of Annual Stockholder's Meeting
  • Type of Lending Company activity/ies to be undertaken
    • Other business activity/ies to be undertaken
  • Capital structure
    • Authorized capital stock
    • Subscribed capital stock
    • Paid up capital
  • Stockholders
    • Name
    • Citizenship
    • Residence
    • Amount subscribed
    • Amount paid
    • Percentage of shareholdings
  • Directors and officers
    • Name
    • Citizenship
    • Residence
    • Position
  • Parent company
    • Name of entity
    • Nature of business
    • Type of sharing owned
    • Amount
  • Branch or Extension Office / Subsidiary / Affiliate
    • Name of entity
    • Nature of business
    • Type of sharing owned
    • Amount
  • Interlocking director / officer
    • Name of entity
    • Nature of business
    • Name of common director / officer
    • Percentage of shareholdings
  • Company's plan of operation
    • Marketing program
    • Company's credit and collection policies
    • Source of additional operating capital

Need for the DocumentEdit

Please provide the need for the procedure. e.g. Birth Certificate - why do we need to have a birth certificate?

Information which might helpEdit

Enter other informations which might help.

Other uses of the Document/CertificateEdit

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External LinksEdit

OthersEdit

More information which might help people in Cebu City can be listed here.


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