The paid-up capital requirement depends on the industry or line of your business.

A Treasurer in Trust Account (TITF) is a corporate bank account in the Philippines that holds the amount that will become a company’s equity.

A TITF is required by the SEC before incorporation in the Philippines.

A TITF account is mainly for deposits.

Withdrawals are restricted until the SEC approves the company incorporation in the Philippines, so it cannot be used to fund pre-incorporation costs.

A TITF account is thus used for complying with the requirements for Philippine incorporation.

In cases where firms do not have a representative to open a TITF, our corporate lawyers can help and open this for you.

Make sure you have already drafted an AOI with your corporate lawyer before you go and visit a bank.

TITF corporate bank account requirements are basically documents you will submit to the SEC as well as your Treasurer in Trust’s identification documents.

List of TITF corporate bank account requirements Philippines:

• Must be opened by a resident of the Philippines also called a Treasurer in Trust
• Proposed Articles of Incorporation
• Proposed By-Laws
• Treasurer in Trust IDs
• Treasurer in Trust Affidavit
• Bank Account Forms such as specimen signature card
• The minimum amount can be Php 25,000 and up

It is actually a temporary depository account of the paid-up capital while the registration with the SEC is ongoing.

Banks are used to opening TITF accounts and so the process at most banks is relatively streamlined – however, of course, you must already have drafted the documents for your incorporation in the Philippines.

Remember that a TITF is generally only used while incorporating in the Philippines – after that, a regular corporate bank account is used.

Consider choosing your preferred bank as this will be your permanent partner and shifting to another is a hassle.

You may not need to open a regular corporate bank account after incorporation in the Philippines because a TITF corporate bank account may be converted after successful incorporation.

Requirements to convert your TITF corporate bank account vary across banks.

In general, however, the following requirements are needed:

• SEC Certificate of Registration
• Certified True Copy of SEC documents such as Articles of Incorporation and By-Laws
• Notarized Board Resolution to open a corporate bank account in the Philippines
• Bank account forms such as specimen signature cards and account opening forms, etc.
• Valid IDs of the signatories

Always prepare your documents in multiple copies!

Now, what if you are trying to figure out how to open a corporate bank account in the Philippines completely from scratch? (i.e. you are not converting a TITF)

There are slight differences in terms of the requirements – you may need a General Information Sheet, Proof of the corporate address, and other items.

The process, however, is very straightforward and can be completed easily so long as you have all the requirements.

No need to create a regular corporate bank account!

After a successful Philippine incorporation, you may convert the TITF account to a regular corporate bank account in the Philippines.

If the incorporation is not successful, the TITF account can be closed as well – in fact, some banks will close a TITF account and notify the treasurer in trust of his known address.

The bank will notify your company by e-mail too.

The requirements to close a TITF corporate bank account differ per bank but generally are:

• SEC Certification stating that the incorporation did not proceed or was withdrawn
• Notarized certification from incorporators allowing the Treasurer in Trust to withdraw the money as the company did not incorporate

SEC registration documents are required before you can open a corporate bank account in the Philippines.

No, you cannot open a Corporate Bank account in the Philippines without incorporating.

TITF cannot be withdrawn until the successful registration of the company from the SEC and conversion into a regular corporate account.

No, a TITF is mainly for the deposit of the company’s paid-up capital during Philippine incorporation. It is an SEC requirement.

Proof of paid-up capitalization deposit is required by SEC before the approval of registration.

Incorporation in the Philippines generally has the following steps:

• Determine your business name and your business address
• Draft the articles of incorporation and by-laws, Treasurer in Trust’s Affidavits, Special Power of Attorney
• Open a TITF corporate bank account and get a certificate of deposit
• Submit the articles of incorporation, by-laws, and certificate of deposit to the SEC
• Address any SEC comments
• Get the SEC Certificate of Registration
• Complete post-incorporation requirements such as BIR, SSS, Pag-Ibig and Philhealth

The process may be tedious but it surely is rewarding when completed.

Generally, incorporating in the Philippines can take a few months.

It may extend if the company decides to pursue Philippine tax incentives (but it is best to coordinate with a corporate lawyer in the Philippines since there are many options and it can get confusing).