SEC Now Offers One Day Registration For Domestic Corporations

Written by Marc Adrian

In their bid to ease doing business in the country, the SEC has now made it possible for business applications to complete their processes in one day through SEC’s online company registration system. 

It will only take one day starting September 15 for new businesses that are 100-percent owned by Filipinos to complete their registration with the Securities and Exchange Commission (SEC). Business owners can do this through the one-day submission and express registration of companies (OneSEC) feature of the Electronic Simplified Processing of Application for Registration of Company (eSPARC). OneSEC.

According to SEC Chair, Emilio Aquino said in a press 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.”

Before the rollout of the OneSEC, the processing time for domestic corporations were at least three days. And for an enterprise to complete the registration process from approval from social agencies, LGUs, and etc, it was even longer at 33 days on average.

For now, OneSEC will only accept applications for the registration of 100-percent Filipino-owned domestic stock corporations whose common shares have a par value of not less than ₱1 and are in non-decimal currency and subscribed for through cash payment.

It is also required for the corporation to have natural persons and residents of the Philippines as incorporators, directors, and subscribers. It’s also required to have a perpetual corporate term of existence and must be established outside an economic zone.

The proposed corporate name should also include a descriptor according to the corporation’s industry classification. Any trade name is not allowed to be incorporated and the name must not be questionable enough to apply for any appeal for reconsideration.

 

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