MANILA - New companies can now complete registration with the Securities and Exchange Commission in just a day following the launch of its online registration system, the agency said Wednesday.
Starting Sept. 15, local firms can register via the one-day submission and express registration of companies (OneSEC) feature of its Electronic Processing of Application for Registration of Company (eSPARC), SEC said in a statement.
“OneSEC gives new businesses the means to easily comply with the Commission’s registration requirements, ensuring the continuity of our business sector amid the COVID-19 pandemic,” SEC Chairperson Emilio B. Aquino said.
“The single-day processing of applications for company registration will help us further our goal of improving the ease of doing business in the country, complementing our other recent digital initiatives that aim to provide seamless transactions to the public.”
The system can process registrations of domestic stock corporations with the following criteria:
• 100 percent Filipino-owned and whose common shares have a par value of not less than P1 and in non-decimal currency and subscribed for through cash payment
• Must have incorporators, directors and subscribers who are natural persons and residents of the Philippines
• Must have a perpetual corporate term of existence
• Must be located outside an economic zone
• With a proposed corporate name that must include a descriptor according to the corporation’s industry classification
• Must not contain any trade name
• Must not be subject to any appeal for reconsideration
The new online system will also feature its own online payment portal called Electronic System for Payments to the SEC (eSPAYSEC), it said.
Interim digital Certificates of Incorporation (COI) are available for download upon completion of the online registration process. It can be used to secure the original COI copy, the SEC said.
Hard copies of documents must be submitted to the SEC within one year from receiving their COI, it added.
The SEC said the system is part of its digital transformation drive to facilitate faster and easier registration of corporations.
Other agencies, such as the Social Security System, have also expanded online services during the pandemic.
The government has also accelerated the digitalization of services in order to serve the public during the COVID-19 pandemic.
Socioeconomic Planning Secretary Karl Chua said digitalization including the national ID could help hasten aid distribution and widen financial inclusivity.
Digitalization can also lessen corruption, Finance Secretary Carlos Dominguez said.