Section 10. Qualifications of a New Enterprise- New investors who intend to avail of the incentives provided in this code must meet the following criteria:
A. As to capitalization
a.1 Local Enterprises
Not more than P 150,000.00 for micro;
P 150,001.00 to P 1,500,000.00 for cottage;
P 1,500,001.00 to P 15,000,000.00 for small scale;
P 15,000,001.00 to P60,000,000.00 for medium;
P 60,000,001.00 and above for large scale enterprises
a.2 For foreign enterprises or investors
Not more than $ 3,750.00 for micro;
$ 3,750.025 to $ 37,500.00 for cottage industries;
$ 37,500.025 to $ 375,000.00 for small scale;
$ 375,000.025 to $ 15,000,000.00 for medium;
$ 15,000,000.025 and above for large scale
B. That the business enterprise must have complied with all the requirements mandated under existing local and national laws and constitution.
C. That the prospective investor’s place of operation or productions be located within the territorial jurisdictions of the province of Lanao del Norte.
D. That the prospective investment must engage in activities in preferred areas of investments as may hereafter declared by the Board.
E. That the new enterprise will provide out of the labor force an employment of the residents of the 22 municipalities of Lanao del Norte as may be necessary in the operation of the enterprise.
Section 11. Qualifications of an Existing Enterprise- An existing enterprise may avail of the incentives under this Code provided that it meets the following qualifications:
a) That the business enterprise must have complied with all the requirements mandated under existing local and national laws and the Constitution.
b) That the expansion/diversification must engage in activities mentioned in the Priorities Investment Plan or in other preferred areas of investments as may hereafter be declared by the Board.
c) That the existing enterprise whose place of operation or production is already located within the territorial jurisdiction of the province of Lanao del Norte, but which will undertake any of the following activities/projects:
I. Relocated its principal office from other places in the Philippines to Lanao del Norte; or
II. Expand its existing production capacity or construct new buildings and other civil works for the installation of new machinery and equipment or improvements thereof which will result in an increase in production capacity.
d) That the expansion/diversification project shall entail an investment of a minimum of One Million Pesos (P1 M) with a capital of Two Hundred Fifty Thousand Pesos (P250,000.00), with a minimum of paid capital of Fifty Thousand Pesos (P50,000.00), and
e) That the expansion/diversification shall provide out of the labor force and employment for the residents of the 22 municipalities of the province and priority shall be given to the residents of the municipality where the enterprise is located.
Section 12. Registration Requirements- Applications shall be filed and approved by the Board, recorded in the registration book and the date appearing therein stamped on the application shall be considered the date of the official receipt thereof, upon payment of a non-refundable filing fee of
A. Local Enterprise
1. P 100.00 for Micro Enterprise
2. P 200.00 for cottage enterprise
3. P 500.00 for local small enterprise
4. P 3,500.00 for local medium enterprise
5. P 6,500.00 for local large industries
B. Foreign National Corporations/Industries
1. $ 2.5 for Micro Enterprise
2. $ 5 for Cottage Enterprise
3. $ 12.5 for Small Enterprise
4. $ 87 for Medium Enterprise
5. $ 162.50 for Large Enterprise
The aforecited amount shall be paid to the Provincial Treasurer’s Office together with the following documents for registration and the same be renewed every 5 years of its operation, viz.:
a) 4 copies of completed application form to be provided by the Board in accordance with the provision of this Code;
b) A copy of the complete project study of the proposed investment showing that the project is economically, technically and financially feasible and viable;
c) A copy of its Article of Incorporation and By-laws as approved by the Securities and Exchange Commission and the Board of Investments as the case my be;
d) Certified true copy of its Certificate of Registration with SEC, the Board of Investment and the Department of Trade and Industry, as the case may be;
e) Resolutions of the applicant’s Board of Directors, in case of a corporation authorizing the filing of application; and
f) CDA registration in case of cooperative.
Section 13. Approval and Registration Procedures- The Board is authorized to facilitate action on application filed with it; prescribed criteria for evaluation of several applications filed in one preferred area; devised standard forms for use of applicants and that the application shall be processed and approved within a period of 30 days from the date of filing.
Section 14. Certificate of Registration- A registered enterprise under this Code shall be issued a Certificate of Registration with the signature of its chairman and/or such officer of the Board as it may empower and designate for the purpose. The Certificate of Registration shall be in such form and style as the Board may determine.