Article 7
For operation of a SICE, an application shall be made with the FSC for permission by filling out and submitting an application form, together with the following documents:
1. Articles of incorporation.
2. A business plan, specifying: operational principles; internal organization and segregation of duties; personnel recruitment and training; general description of premises and facilities; and financial forecasts for the coming year.
3. Promoters meeting minutes.
4. A register of promoters, specifying: name (individual or company), national ID (or alien resident certificate, alien permanent resident certificate, or passport) number or government uniform invoice (GUI) number, address or company location, capital contribution, and subscription ratio. For natural-person promoters, the application must be accompanied by documentary proof of identify. For juristic-person promoters, the application must be accompanied by articles of incorporation, photocopy of documentary proof of incorporation registration, documentary proof of status as an ongoing concern, letter of appointment of the representative and letter of acceptance from the appointed person, CPA-audited and attested financial report for the last fiscal year, register of directors, register of supervisors, register of major shareholders with a shareholding of 3% or more, and register of affiliated enterprises.
5. Written statement(s) that none of the circumstances in Article 68 of the SITC Act exists with respect to any promoter.
6. If a promoter’s duties are to be exercised by a representative or designated representative, the application shall be accompanied by a written statement that none of the circumstances in Article 68 of the SITC Act exists with respect thereto.
7. [A description of the] accounting system.
8. A written statement that the application form and its attachments contain no misrepresentations or nondisclosures.