Foreign Investment Acts Flashcards
A corporation is considered a philippine national if it is organized under the laws of the philippines of which at least ________ of the capital stock outstanding and entitled to vote is owned and held by citizens of the philippines
60%
A corporation is considered a philippine national if it is organized abroad and registered as doing business in the philippines under the corporation code of which ______ of the capital stock outstanding and entitled to vote is wholly owned by filipinos or a trustee of funds for pension or other employee retirement or separation benefits where the trustee is a philippine national and at least ______ of the fund will accrue to the benefit of the philippine nationals
100%; 60%
An equity investment made by non philippine national in the form of foreign exchange and or or other assets actually transferred to the philippines and duly registered with the central bank which shall assess and appraise the value of such as its other than foreign exchange
foreign investment
A sole proprietor non philippine national must register before ____________________ before it engages in business
department of trade and industry
A partnership or corporation non philippine national must register before __________________ before it engages in business
securities and exchange commission
Acts considered doing business
conducting operation; stay in the country for a period of 180 days or more
management
commercial dealings
True or false. An investment is considered doing business
false
It means that the nationality of a corporation is determined by the nationality of the maturity of the stockholders on home equity control is vested and it is normally used as wartime test or to determine the compliance with minimum requirement of filipino ownership in industry reserved for filipinos
control test
It is a three-level relationship test by which the percentage of filipino equity is computed in a corporation engaged in fully or partly nationalized areas of activities provided in the constitution and other nationalization law in cases for corporate shareholders are present in the situation by attributing the nationality of the second or even subsequent tier of ownership to determine the nationality of the corporate shareholder
grandfather rule test
A corporation which did not comply with the minimum filipino ownership requirement shall be considered a ________ corporation
de facto
True or false. Noncompliance with minimum filipino ownership is considered a non automatic ground for corporate dissolution
true; a de facto corporation is subject to a direct attack by the state through the office of the solicitor general quo warranto proceedings
True or false. Lack of license on the part of foreign corporation not doing business in the philippines may so in any court or administrative agency of the philippines for violation of its intellectual property rights and may sue and be sued only for isolated transactions
true
