Friday, February 4, 2011

Subic and Clark launch 14-day business registration process

Good news for potential locators and investors in the Subic Bay Freeport and Clark Freeport Corridor.

Both the Subic Bay Metropolitan Authority (SBMA) and the Clark Development Corp. (CDC) have simplified and streamlined the business registration process into a tight 14-day timeline, to wit:


Day 1
• The applicant shall submit a Letter of Intent, Business Proposal and other necessary documents to the Business & Investment Departments (BIDs)/Marketing Department


Day 2, 3, 4, 5
• The BIDs/Marketing Department, in coordination with other concerned departments shall evaluate the documents.
• The BIDs/Marketing Department shall facilitate the signing of Letter of Conformity (LOC) between the applicant and the Freeport Authority. The LOC shall contain the area, location, lease rate and terms and conditions agreed upon.
• The BIDs/Marketing Department shall submit its recommendation to the CEO based on existing policies, rules and regulations.
• In case of disapproval the BIDs/Marketing Department shall state the specific reason/s for the same and the applicant may file for reconsideration.


Day 6, 7, 8
• Upon the approval of the proposal by the CEO, based on the favorable recommendation of the BIDs/Marketing Department, a 30-Day Business Permit may be issued. In case of disapproval, the same shall be stated in writing, and the applicant shall be allowed to re-submit appropriated requirements for consideration and approval.


Day 9, 10, 11
• The Applicant shall submit other documentary requirements and clearances necessary for the issuance of CRTE/RC.


Day 12, 13, 14
• The applicant and Freeport Zone Authority shall sign the Lease Agreement provided that the lessee has already acquired juridical personality either from Securities and Exchange Commission (SEC) or the Department of Trade and Industry (DTI), in case of local companies; or license from SEC in case of foreign-registered corporation.
• The applicant shall pay the necessary fees.
• The Freeport Authority shall issue the CRTE/RC. (From the SBMA website)

The application for SEC registration may be pursued once the SBMA or CDC issues an endorsement which is usually given during Stage 2, after an initial evaluation of the documents has been done. Kudos to both Freeport managements!

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