Better biz opportunities with one-person corp.

DABAWENYO business players see the recently approved “one-person corporation” Senate bill opens better business opportunities for emerging entrepreneurs in the city.

On August 7, The Senate approved Senate Bill No. 1280 on third and final reading that amends Batas Pambansa Bilang 68, the Corporation Code of the Philippines, which was passed back in 1980.

“Dakong tabang para sa akoa kung gusto ko nga padak-on nako ang akong negosyo (It is a big help for us if we want to expand our business),” Eric Lib, food manufacturing business owner, said in an interview on Thursday, August 16, 2018 at Abreeza Malls, Davao City.

Lib added the Senate bill will help lessen burden of searching for more business partners in order to set up a corporation.

“We must provide an environment conducive not just to big businesses, but make the corporate vehicle an appealing prospect for startups and entrepreneurs,” author of the bill Senate Minority Leader Franklin Drilon said in a statement.

For Drilon, the bill aims to generate an appealing and more business networks in the country so that it can create a more investor-friendly business environment, and can even help improve operation of companies in the country.

“If we are to keep up with the rest of the financial world, we need to codify best international corporate practices and address the archaic bottlenecks in the areas of starting a business and protecting minority investors,” Drilon said.

For Dabawenyo restaurant owner Jec Sing, the bill will also lessen requirements in looking for business partners in creating a corporation.

With the approval of “one-person corporations,” business owners can now form a corporation without having partners. Before the amendment of bill, one is required to have at least five stockholders in order to form a corporation with the Securities and Exchange Commission. (GAD)

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