1 Reply Latest reply on Nov 11, 2014 1:40 PM by leo_james

    Transfer of Ownership (Individual to Company)

    leo_james

      I'm currently working for a family corporation and would like to transfer my account from my name to the company. This is move is mainly due to tax reasons and the number is mainly used for business transactions with the company. I've had my number even before starting with the family business. I am aware that Transfer of Ownership from Company to Individual can be done, and so can a transfer from an Individual to another Individual. I am just sure if my inquiry can be done.

       

      I've talked to CSRs via the globe hotline, and they just kept transferring me to people that do not have a clue what to answer as this is a very uncommon inquiry. One CSR gave me the requirements for the transfer from individual to individual.

       

      Has anyone else done this? And if so, what are the requirements?

        • Re: Transfer of Ownership (Individual to Company)
          leo_james

          I called the hotline this morning and the CSR told me the following:

          1. This request should be done in a Globe Business Center
          2. You should bring a letter stating that you are associated with the Company
          3. Bring a valid ID (I brought a company ID, a government ID, the IDs of the Company's authorized signatory/ies as well)

           

          I also visited the nearest GBC and they accepted the documents I submitted. The frontliner also requested me to fill out some forms that will be signed by the transferor (me) and the transferee (the Company). The Company will also fill out a pamphlet detailing their details (billing address, contact person, etc). It's much better if the Company already has existing accounts with Globe (I showed them a sample billing statement of the company from Globe). Maximum turn around time for this as per the frontliner (assuming a lot of delays due to additional requests for docs) is 2 months.

           

          So there, I hope, this can help someone in the future. This is helpful especially since BIR is tightening up on recorded expenses for corporate entities.