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June 1, 2022

Business Law and Labor Law Updates

The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.

 


ON REQUIRED DEPOSITS FOR SPECIAL RESIDENT RETIREE’S VISA


  • The required visa deposit for Special Resident Retiree’s Visa depends on the option availed of by the applicant

  • There are options in availing Special Resident Retiree’s Visa

  • The visa deposit may be used for investment purpose

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AUTHORITY TO FREEZE UNDER ANTI-MONEY LAUNDERING ACT


  • The Court of Appeals may issue a freeze order for any monetary instrument or property which is in any way related to an unlawful activity.

  • The freeze order shall be effective immediately and it shall not exceed six (6) months depending upon the circumstances of the case.

  • A person whose account has been frozen may file a motion to lift the freeze order and the court must resolve this motion before the expiration of the freeze order.

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WHAT IS LIMITED PARTNERSHIP?


  • Limited partnership is one formed by two or more persons having as members one or more general partners and one or more limited partners

  • Limited partners are not bound by the obligations of the partnership

  • The contributions of a limited partner may be cash or property, but not services

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MAY FOREIGN NATIONALS WHO HAVE NOT SERVED IN THE PHILIPPINES BE ELIGIBLE TO APPLY FOR SPECIAL RESIDENT RETIREE’S VISA?


  • The Special Resident Retiree’s Visa (SRRV) entitles the holder to multiple-entry privileges

  • Foreign nationals who have not served in the Philippines may now apply for Special Resident Retiree’s Visa

  • Additional dependents of said foreign national may be allowed to enter in the Philippines

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