I am currently registering my company right now with the SEC. 4. The minimum number of incorporators and directors are 5 and the maximum is 15. Majority must be residents of the Philippines (not necessarily Filipino). However the majority of shares can be held by a foreigner. (I own 99% of the shares). However, those are rules that apply to a company which exports at least 70% of its services abroad. My company is not qualified to own land. For a company to own land, yes, it must be 60% Filipino.