Which type of corporation is organized under laws other than those of the Philippines but allows foreign business?

A foreign corporation is defined as a corporation that is organized under the laws of a country other than the Philippines. This type of corporation can engage in business within the Philippines, provided it complies with the necessary legal requirements set forth by Philippine law. For instance, it must secure a license from the appropriate government agency to conduct business activities within the country.

This makes foreign corporations significant entities in the Philippine economy, as they can introduce foreign capital, technology, and expertise, contributing to local business activities. The other types of corporations, such as domestic, open, and close corporations, are either formed under Philippine law or have specific characteristics that do not pertain to the incorporation under foreign laws.