The Securities and Exchange Commission (SEC) has introduced a new feature on its website that will allow entities to register their companies with only 1-day processing.
Since September 15, 2021, local companies can register to the SEC‘s website under the One-Day Submission and Express Registration of Companies (OneSEC). It’s under the commission’s feature called Electronic Simplified Processing of Application for Registration of Company, or eSPARC for short.
As per Chairman Emilio B. Aquino of the SEC, the goal is to give businesses an easy way to comply with SEC registration requirements. Going online also ensures the continuity of the business sector during the health crisis.
Aquino added that it’s also part of their primary goal to improve the ease of doing business in the Philippines. It’s also one of the other new digital initiatives that the commission has initiated.
OneSEC can accommodate applications from domestic stock corporations wholly owned by Filipinos with common shares that have a par value of not less than Php1.00 and in non-decimal currency and, subscribed for through cash payment.
The SEC notes that the corporations should have incorporators, subscribers, and directors who are natural persons and lives in the Philippines. Also required is a perpetual corporate term of existence and should be located outside an economic zone.
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SEC also said that the proposed corporate name should have a descriptor based on the corporation’s industry classification, without any trade name, and must be subject to any appeal for reconsideration. You can learn more about OneSEC here.
Before OneSEC, eSPARC was introduced back on April 19 to handle corporation registration faster. The Online Submission Tool was also introduced in March for easier submission of reports like annual financial statements.