What is defined as a corporation incorporated under the laws of the Philippines?

A corporation incorporated under the laws of the Philippines is defined as a domestic corporation. This designation indicates that the corporation has been established and legally recognized in accordance with Philippine law, making it subject to the jurisdiction and regulatory framework of the country.

Domestic corporations are primarily formed to conduct business within the Philippines and benefit from the legal protections and structures provided by Philippine statutes. They are not restricted by the foreign ownership rules that apply to foreign corporations, which are entities incorporated outside of the Philippines that may conduct business within the country under certain regulations.

The other terms, such as foreign corporation, open corporation, and close corporation, refer to different types of corporate classification based on jurisdiction or ownership structure, rather than their incorporation under Philippine law. A foreign corporation operates under laws outside the Philippines, while open and close corporations pertain to the nature of ownership and shareholding rather than the location of incorporation.