3 min read
Good corporate governance and recordkeeping are the foundation of a licensed gaming business. Regulators want to know who owns and controls the company, how decisions are made and whether records can be trusted.
Set up the right company structure
Work with a Philippine lawyer and accountant to register the company with the SEC, obtain the necessary local permits and tax registrations, and choose a structure that meets any ownership and capital requirements for your licence category.
- SEC registration and articles of incorporation
- Local business permits from the city or municipality
- BIR tax registration
- Structure that meets ownership and capital requirements for your licence category
Be transparent about ownership
Keep a clear record of shareholders, beneficial owners, directors and officers. Regulators usually ask for background information on these people and must be told about changes. Hidden or complicated ownership arrangements are a common reason for delays.
Define governance
- A board or management team with clearly assigned responsibilities
- A named compliance officer with authority to raise issues
- Written approval rules for major decisions, spending and payouts
- Minutes of board and management meetings
| Decision | Who approves | Record |
|---|---|---|
| Large payouts | Two authorised officers | Approval log |
| New payment or platform provider | Management with compliance review | Minutes and contract file |
| Policy changes | Compliance officer and management | Version history |
| Major spending | Board or as delegated | Minutes |
Keep reliable records
Records should be complete, accurate and easy to retrieve. This includes corporate documents, contracts with suppliers and partners, financial records, player transaction records, KYC files and compliance reports. Keep them for the periods required by law and your licence.
Use systems that support recordkeeping
A well-designed back office makes recordkeeping easier: transactions are recorded automatically, reports are generated from the same data and every change is logged. Spreadsheets and email are hard to control and easy to lose.
System records
Automatic, time-stamped, access-controlled and linked to reports.
Manual records
Spreadsheets on laptops, approvals in chat messages, files in personal email.
Frequently asked questions
Why do regulators care about ownership?
They need to know who ultimately owns and controls a licensed business, and to run background checks on those people.
What records should a gaming operator keep?
Corporate documents, contracts, financial records, player transactions, KYC files and compliance reports, for the periods required by law and the licence.
Is a spreadsheet enough for records?
Spreadsheets are hard to control and audit. A back office that records and logs data automatically is more reliable.
This article is general information, not legal advice. Gaming rules in the Philippines change, so always confirm current requirements directly with PAGCOR and a qualified Philippine lawyer before you apply or launch.
