The Securities and Exchange Commission has recently issued a notice to inform the public that the submission of the Beneficial Ownership Transparency Declaration Form (BOTD Form) for newly registered corporations and existing corporations can now be made online. This is pursuant to: Section 6 of Memorandum Circular 1, Series of 2021, which mandates the disclosure of the person on whose behalf the corporation is registered and the nominators/principals of nominee incorporators/ first directors/ trustees and shareholders of corporations applying for registration, within 30 days from the issuance of the company’s Certificate of Registration; and Section 7 of the same memorandum circular that mandates the disclosure of nominators/principals/ persons on whose behalf one acts as director/ trustee/ shareholder of existing corporations.
The disclosure shall include the full names, countries of residence, nationalities and tax identification numbers (TIN), or in the absence of such TIN, the passport numbers of their nominators or principals and the person or persons on whose behalf the corporation was registered.
If the nominator or principal is a corporation, the registered name of the corporation, its country of registration, the names of its incorporators and directors, its beneficial owner, and its TIN shall be disclosed.
If the nominator or principal is a trust, the names, nationality and country of residence and TIN or passport number of the trustor/s, trustee/s and beneficiary/ies shall be included in the disclosure.
These steps are to be followed in submitting the BOTD Form:
1. Download the applicable BOTD Form.
2. Download the Consent Agreement Form.
3. Fill up the BOTD and Consent Agreement Forms and save the files as PDF.
4. Upload the accomplished forms along with valid government IDs of the nominees.
Deadline for submission of the forms is on March 31, 2021.
P&A Grant Thornton
Certified Public Accountants