The bill is now at the President’s office awaiting Toribing’s signature.
The measure puts in place a mechanism a system in filing of incorporations.The measure also puts in fees regarding the filing of documents.Fees for articles of incorporation is $10,000 application for use of indistinguishable name $200’, Application for reserved name $200, Notice of transfer of reserved name $200, Application for registered name $200, Application for renewal of registered name $200, Registered corporation’s statement of change of registered agent or registered office or both $200, Agent’s statement of change of registered office for each affected registered corporation not to exceed a total of $200, Agent’s statement of resignation and other fees will be collected for the filing.The measure also designates a registrar within the Ministry of Finance appointed by the President through a competitive recruitment process.The duties of the registrar shall issue, receive, and hold as custodian all certificates, papers, statements, or other records or documents required by the provisions of this chapter or the rules and regulations promulgated under this chapter. In addition, the registrar shall perform such other duties as may from time to time be assigned to the registrar by the President.The measure also stated that the appointed registrar shall have the following minimum qualifications: a Bachelors degree in Finance, Accounting, Business Administration, International Commerce and Trade or a related field with at least several years of significant work experience. A Masters degree or other advanced degree in the fields or a related field .
