The person who forms the SPC shall file an application, stating clearly the following, with the competent authority for approval:
1. name of the SPC;
2. Articles of Incorporation;
3. total amount of principal;
4. location of the company;
5. name and domicile of the promoter; and
6. other items as required by the competent authority.
The guidelines for incorporation and approval of the SPC shall be prescribed by the competent authority.
In addition to those set forth under Article 129 of the Company Act, the Articles of Incorporation of the SPC shall clearly state the following:
1. purpose of the company engaging in the asset securitization business;
2. duration of the company and causes for the dissolution of the company; and
3. other matters as required by the competent authority.
The following shall not take effect unless they are stated in the Articles of Incorporation:
1. special benefits to be accorded to the promoter and the name of the relevant beneficiaries;
2. the amount of remuneration payable to the promoter, if any; and
3. the amount of incorporation expenses which the SPC shall bear.

The promoter shall subscribe for all the shares as set forth in the Articles of Incorporation and shall pay up all such shares subscribed by it, and thereafter, directors and supervisors shall be selected.
The SPC, incorporated with the approval, shall submit the following documents to the competent authority for the record after receiving the paid-up capital and completing the company registration:
1. company registration documents;
2. Articles of Incorporation;
3. roster of shareholders; and
4. roster of directors and supervisors.

Article 130, Article 131, paragraph 1, Articles 132 to 139, Articles 141 to 149, and Articles 151 to 153 of the Company Act shall not apply to the SPC.