Establishing a corporation in the Philippines can take up to 29 days and costs PHP 7,630. The name search can be done electronically using the SEC's online verification system, but the reservation fee must be paid in person at the SEC. An additional PHP 2,000 security deposit is required. Corporations are responsible for filing annual returns with the SEC. These reports include information on corporate profits or losses, total assets, total number of shares outstanding, names and addresses of all shareholders, directors and officers, and foreign activities of the corporation. A corporation can have one or more offices within the Philippines. It is necessary to specify which office will handle administrative tasks such as registering new corporations or renewing business licenses. Administrative fees vary depending on the agency conducting the examination. For example, the SEC charges an initial registration fee of PHP 5,000 and a yearly renewal fee of PHP 500. A company director is responsible for managing the daily operations of the corporation. He or she may hire employees, issue stock, sign contracts, and make decisions regarding the business. A director can also remove a manager from his or her position by giving written notice of termination. Directors do not receive salaries; however, they are reimbursed for expenses incurred while on board of directors meetings. A corporation has one shareholder: the company itself.