How to Get a Special Investor’s Resident Visa (SIRV): A Step-by-Step Guide

In the last few decades, the Philippine government has passed several laws to encourage foreign investments in the country. One of these is the Omnibus Investments Code of 1987, which includes provisions for the Special Investor’s Resident Visa (SIRV).

Issued by the Bureau of Immigration through the Board of Investments (“BOI”), the SIRV entitles its holder to multiple entries to the Philippines, as well as a residency in the country for an indefinite period, as long as the required qualifications and investments are maintained. The holder is also entitled to import used household goods and personal effects tax and duty-free when moving to the Philippines for the first time.

If you are a foreigner looking to start a business in the Philippines, the SIRV is something that you should definitely look into. Here’s a step-by-step guide on the application process for the SIRV.

1. Find out if you are eligible.

Any alien who is at least 21 years of age is eligible to apply for an SIRV if he or she:

• Has not been convicted of a crime involving moral turpitude;
• Has not been diagnosed with a dangerous or contagious disease;
• Has not been institutionalized for any mental disorder or disability; and
• Is willing and can invest the amount of at least US$75,000.00.

Moreover, the spouse and unmarried children under 21 years of age of the SIRV applicant can be considered as qualified dependents, and therefore, apply for the special visa as well.

2. Learn about the depository and/or investment requirements.

To secure an SIRV, investments/shares of stocks worth at least US$75,000 in existing, new, or proposed corporations shall be accepted. These corporations must be publicly-listed and either engaged in areas listed in the BOI’s Investment Priorities Plan or the manufacturing and services sectors.

The major service sectors for evaluating the qualification of SIRV applicants are the following:

• Business services;
• Communication services;
• Construction and related engineering services;
• Distribution services;
• Educational services;
• Environmental services;
• Financial services;
• Health-related and social services;
• Tourism and travel-related services;
• Recreational, cultural, and sporting services;
• Transport services, and
• Other services not included elsewhere.

However, there are a few restrictions on the permissible investments for SIRV qualification. These include ownership of shares of stock in corporations engaged in wholesale trading, investments in condominium units, and partnerships.

3. Apply for the SIRV.

An SIRV applicant may secure application forms and other requirements from:

1. Any Philippine Foreign Service Post;
2. One Stop SIRV Center located at the 2nd Flr., Board of Investments, #385 Senator Gil J. Puyat Avenue, Makati City, Metro Manila; or
3. The BOI website at http://www.boi.gov.ph

The application may be filed at any of the following:

1. The Philippine Embassy or Consulate in the applicant’s home country or place of residence;
2. The embassy or consulate nearest thereto in the absence of the foregoing; or
3. The One Stop SIRV Center if the investor is already in the Philippines.

The following documents are required for SIRV application:

• Duly accomplished and notarized application form with recent photographs;
• Accomplished personal history statement form;
• Police clearance issued abroad translated into English and duly authenticated by Philippine Embassy/Consulate or clearance from the Interpol Division of the National Bureau of Investigation (NBI) issued in the Philippines, valid for 6 months;
• Medical certificate authenticated by the Philippine Department of Health, any government hospital or health facility or any licensed and accredited hospital or health facility in the applicant’s home country certifying that the applicant is physically fit, valid for 6 months;
• Proof of inward remittance from the head office of either the Development Bank of the Philippines (DBP) or the Land Bank of the Philippines;
• Certified true copy of the certificate of peso time deposit with a maturity period of at least thirty (30) days;
• Birth certificate duly authenticated by Philippine Embassy/Consulate;
• Marriage contract (if applicable) duly authenticated by Philippine Embassy/Consulate;
• Original passport of the applicant;
• The application fee of US$300 or its equivalent in local currency for the principal applicant and another US$300 for each dependent; and
• The Bureau of Immigration (BI) fee of PHP 10,110.00.

4. Convert your peso time deposit into an investment.

Once approved, the applicant will be issued a Probationary SIRV, which is valid for 180 days (6 months). The SIRV holder will then be required to convert his peso time deposits into investments within this 6-month period.

The government, however, recommends converting the peso time deposits into investments at least 30 days before the expiration of the probationary SIRV to have time to prepare for the submission of the subsequent documentary requirements and eligibility for the Indefinite SIRV (to be discussed in more detail later).

To convert your peso time deposit into an investment, the following will be required:

1. Letter of Intent;
2. Processing Fee of PHP 1,000;
3. For investment in a new corporation, a signed and notarized duplicate copies of the Articles of Incorporation and By-Laws;
4. For investment in an existing corporation:
   • Certified true copies of the Articles of Incorporation, By-Laws, and SEC Certificate of Registration.
   • Latest Audited Financial Statement and list of latest officers and directors
   • Notarized Corporate Secretary’s Certificate stating that the purchase of shares of stock by the Applicant shall not violate the 40% limitation on ownership by foreigners in nationalized areas.
   • Waiver of pre-emptive rights of existing stockholders
   • Certified true copy of the SEC Resolution authorizing the issuance of shares from the unsubscribed portion and exempting said shares from the registration required by the Revised Securities Act, if the shares to be acquired would come from the unsubscribed portion of the corporation’s authorized capital stock.
   • If the shares were purchased from an existing stockholder, the purchase price should not exceed 10% of its current book value.
   • Notarized Secretary’s Certificate stating that the stockholder selling the shares is a stockholder of record owning the certain amount of shares, and that said shares are free from any lien, encumbrance, and not subject to set-off; certified true copy of the Stock Certificate issued to the selling stockholder; and Deed of Assignment between the buyer and the seller of the stock certificate.
5. For investment in shares in publicly-listed corporations, a sworn certification of the stock broker.

5. Convert your Probationary SIRV to Indefinite SIRV.

The probationary SIRV can be converted into an Indefinite SIRV once the applicant submits all the required documents to prove actual investment to the BOI. These required documents are:

1. NBI Clearance or Police Clearance valid within 6 months;
2. Lease contract or proof of ownership of office or factory and its location map.
3. For investment in the new corporation:
   • Certified true copies of the Articles of Incorporation, By-Laws, and SEC Certificate of Registration.
   • Sworn Certification by Corporate Secretary as to the proposed start of commercial operations of the corporation
   • BIR Certificate of Registration
   • BIR-approved authority to print official receipts and invoices of the company’s official receipts (if available)
   • Certified true copy of the Business Permit and the corresponding official receipt
4. For investment in existing corporation:
   • Certified true copy of the Business Permit and the corresponding official receipt
   • Certified true copy of the Certificate of Registration with the BOI
   • BIR Certificate of Registration
   • Latest BIR approved authority to print official receipts and invoices of the company’s official receipts
   • Latest General Information Sheet filed with the SEC
5. For investment in the publicly-listed corporation:
   • Certified true copy by stock broker of official receipts and invoice
   • Certification from the stock transfer office that the SIRV holder is a stockholder on record of the company where the investment was made
   • Certified true copy of the Stock Certificate issued in the name of the SIRV holder with the required annotation on the face thereof duly signed by the Corporate Secretary

The BOI may require submission of other proofs of Investment, as it may be deemed necessary.

Foreign investors who want to start a business in the Philippines, as well as reside in the country for a long period should definitely look into getting an SIRV. It not only allows them to live in the Philippines for an indefinite period, but they also gain multiple entry privileges for themselves and their families.

Rocky Chan is a lawyer and business consultant who excels in corporate formation, immigration procedures, and client relations. In the last 7 years, he honed his craft in the field of foreign investment consultancy.