Duran & Duran-Schulze Law is a reputable law firm comprised of legal experts practicing law across various areas, such as corporate and business law, litigation, immigration and Philippine visas, and trust and estate planning, among others. Engaging our law firm can streamline the process of obtaining a Bangko Sentral Registration Document (BSRD) by leveraging our expertise and experience in regulatory compliance and legal procedures.
Non-Residents Invest in Foreign Exchange (FX) in the Philippines
Pursuant to Section 5 of Republic Act No. 7042, also known as the “Foreign Investments Act of 1991,” a qualified foreign national may do business in the Philippines upon registration with the Securities and Exchange Commission (SEC) or invest in domestic enterprises to the extent allowed by law without need of prior approval.
Equally, registration of non-resident investments with the Bangko Sentral ng Pilipinas (BSP) is NOT mandatory, unless it is for a foreign exchange (FX), used to fund repatriation of the capital or remittance of dividends or profits, purchased from the Philippine banking system, i.e., AABs or AAB-forex corporations.
Inward foreign investments in peso-denominated government securities, Philippine Stock Exchange (PSE)-listed securities, and peso time deposits require registration with the non-resident investor’s designated custodian bank on behalf of the BSP.
Upon registration, the Central Bank will issue a Bangko Sentral Registration Document (BSRD) to allow the investment or purchase of foreign exchange (FX). Qualified to apply for a BSRD are non-resident investors, i.e., individuals, corporations, or juridical persons, or their authorized representatives. Equally important, the application must be filed within one (1) year from the date of inward remittance of the foreign exchange funding the investment (for cash investment).
Duran & Duran-Schulze Law Can Help!
Legal Guidance
We have a team of legal experts who understand the intricacies of foreign exchange investments for non-resident aliens in the Philippines, as well as the legal requirements and processes required by the Bangko Sentral ng Pilipinas (BSP) for their registration.
Document Preparation
We can assist in the preparation of documentary requirements for the application, i.e., drafting, gathering, and notarizing, if applicable. We also have a repository of readily available document templates for all our legal transactions with various government agencies, including the BSP.
Filing and Monitoring
After ensuring that the documentary requirements are complete, signed, and in compliance with the standards of the BSP, we can proceed immediately to filing them and paying the necessary fees. To ensure that the transaction is within the regular timeline, we can also make necessary follow-ups on the progress and report it through the most convenient channels.
Securing Registration Documents
Once notified about the release and availability of the registration documents, we will claim and turn them over to the client at the most convenient time. Should the client need further assistance in navigating transactions where the BSRD applies, we can also provide special legal consultation.
Need further information and assistance regarding the Bangko Sentral Registration Document (BSRD)? Talk to our team at Duran & Duran-Schulze Law to know more about the requirements and process. Call us today at (+632) 8478 5826 or +63 917 194 0482, or send an email to info@duranschulze.com for more information.