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Company
Profile
Ayala Aon Risk Services Inc.
Ayala
Aon Risk Services Inc.
is the largest and most diversified insurance and risk consultancy
group operating in the Philippines.
Formed in 1996 as a joint venture between the Ayala Corporation
and Bank of the Philippine Islands on one hand and the Aon
Group on the other, Ayala Aon offers the best of local expertise
coupled with worldwide resources.
The Ayala Group is the largest and most diversified conglomerate
in the Philippines.
Aon is the world's second largest insurance broker with
550 offices distributed through 120 countries. It ranks
now 247 in the Fortune 500.
With this pedigree Ayala Aon has in a short space of time
become the largest insurance brokerage, employee benefits
consultancy and risk management service in the Philippines
with a 2001 premium volume of PhP 1.221 Billion (US$24.42
Million).
Yet, while emerging as the market leader, Ayala Aon
has not sacrificed personal service. Indeed, the very success
of the business is built on the company's commitment to
delivering the highest quality service and forging lasting
client partnerships.
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Chapter
4 -
Planning Local Operations
Basic
Structures | Registering
a Business
Setting
Up a Legal Office |
Insurance Office
There
are a number of business entities that foreign
investors may use to establish their operations
in the Philippines and which they may form
on their own or in partnership with local
investors.
The Local Corporation
Establishment of a domestic corporation is
the most common form of business organization
used by foreign investors. A corporation may
be wholly foreign-owned or may have local
participation.
Under the Corporation Code of the Philippines,
corporations may be formed for any lawful
purpose by at least five shareholders of whom
at least two must be nationals of the Philippines
including .the person nominated as the company
secretary. Foreigners with the correct residence
visas can be nominated as company treasurers
or as "treasurers in trust" prior
to the appointment of a Philippine national
as treasurer in situations where visa conditions
do not allow a foreign shareholder to hold
such a position.
The Code also requires a minimum paid-in capital
for stock corporations of at least P5, 000.
Some investment areas have higher minimum
paid-in capital requirements.
Partnerships
This may be formed by two or more persons
acting as partners with the partnership having
a separate legal personality from each of
the partners. By contributing capital, foreign
investors may join a partnership. Partnerships
are often used by professional firms as the
preferred form of association.
Joint
Venture
Foreign investors may form a new corporation
with local joint venture partners (individuals
or corporations) regarded as shareholders
of the new corporation. Unlike in other countries,
a joint venture in the Philippines does not
have a legally separate, recognizable identity.
Branch
A local branch office may be established by
a foreign corporation in order to pursue business
activities in the Philippines. Its mode of
formation, operation and procedures for liquidation
are similar to those of a domestic corporation.
In such situations, the head office of the
company provides the capital to its branch;
likewise, it oversees branch management and
is accountable for all branch operations and
obligations.
Subsidiary
Generally, a foreign corporation may establish
a wholly owned subsidiary. As is the case
with a branch company, its procedures and
requirements are similar to those of any domestic
corporation except that in the case of a subsidiary
it may not be wholly owned by the parent corporation
but instead may derive its capital both from
its parent company and from other shareholders.
Sole Proprietorship
This "one man" form of business
is most common in local retail trade. Unlike
in many other Asian countries, foreign investors
are allowed to set up sole proprietorship
businesses in the Philippines provided applicable
local laws are observed.
Click here to download
the PDF Version of this Chapter.
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