SEC launches one-day online registration for local companies

Metro Manila (CNN Philippines, September 16) — The Securities and Exchange Commission (SEC) has unveiled a feature that will allow businesses to complete their registration process in just one day.

Domestic corporations may now register using the One-Day Submission and Express Registration of Companies (OneSEC) feature of the SEC's system Electronic Simplified Processing of Application for Registration of Company (eSPARC), the regulator 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," SEC chairperson Emilio Aquino said.

Domestic stock corporations refer to those fully owned by Filipinos and whose common shares have a par value of not falling below ₱1 and in non-decimal currency, the commission said. It also noted that these must be subscribed for through cash payment.

"The proposed corporate name must include a descriptor according to the corporation's industry classification, must not contain any trade name, and must not be subject to any appeal for reconsideration," the SEC said.

The feature prefills the corporation's main purpose or business activity based from its chosen industry classification, the SEC said, adding this may not be subject to the applicant's modification.

OneSEC is also integrated with the agency's online payment portal eSPAYSEC, or Electronic System for Payments to the SEC, to ensure a seamless registration process.

Applicants may then download digital copies of their interim certificates of incorporation (COI) after completing the online registration.

They may secure original COI copies by presenting to the SEC their digital COIs and proof of payment for assessed registration fees, along with originally signed and authenticated or notarized hard copies of their registration.

Applicants are given a year to submit the hard copies of these registration documents from the interim COI's issuance, the SEC said.