President Rodrigo Duterte signed into law the Revised Corporation Code which is more MSME-friendly.
With this, the archaic 38-year old Corporation Code gets the much needed amendment and updates, many believe that this would pave way for having more entrepreneurs and start-up businesses to bankroll on their own business idea.
Amendments are as follows:
1. INCORPORATORS: Removal of the minimum number of incorporators.
8. REMOVAL OF A MEMBER OF THE BOARD OF DIRECTORS OR TRUSTEES: Empowering the SEC to remove disqualified members of the Board of Directors or Trustees.
Given this new development, many more entrepreneurs would be encouraged to setup their business with ease and this is very much welcomed by various business groups.