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The Securities and Exchange Commission (SEC) recently conducted a preliminary launch for a new feature in its online company registration system that would enable applicants to complete the procedure in one day.

Domestic companies may register with the Commission beginning September 15 using the One-Day Submission and Express Registration of Companies (OneSEC) feature of the Electronic Simplified Processing of Application for Registration of Companies (ESPAC) (eSPARC).

SEC Chairperson Emilio Aquino said in a statement on Wednesday that OneSEC allows new companies to simply comply with the Commission’s registration procedures, guaranteeing the business sector’s continuity in the face of the coronavirus disease 2019 (Covid-19) pandemic.

“The one-day processing of company registration applications will contribute to our objective of enhancing the ease of doing business in the Philippines, complementing our other recent digital efforts that seek to offer smooth transactions to the public,” Aquino said.

OneSEC, which can be found at https://secwebapps.sec.gov.ph/application, will accept applications for the registration of domestic stock corporations that are 100 percent owned by Filipinos, have a par value of not less than PHP1 and are issued in non-decimal currency, and are subscribed for in cash.

The company must have natural people who are residents of the Philippines as incorporators, directors, and subscribers. It must also be situated outside of an economic zone and have a permanent corporate period of existence.

The proposed corporate name must include a description based on the company’s industrial categorization, be free of trade names, and not be susceptible to a reconsideration request.

The corporation’s principal purpose or main business activity will be prefilled by OneSEC based on the selected industry categorization, which cannot be changed by the applicant.

OneSEC is linked with the Commission’s online payment gateway, Electronic System for Payments to the SEC, to make the registration procedure as smooth as possible (eSPAYSEC).

Applicants may obtain a digital copy of their interim certificates of incorporation after completing the online registration procedure (COI).

Applicants may get the original copy of their COI by presenting the SEC with the original signed and authenticated or notarized hard copies of their registration papers, as well as the digital interim COIs and evidence of payment of the assessed registration costs.

Applicants have one year from the date of their interim COI to submit the specified physical copies of the registration papers.

The switch from CRS to eSPARC

Furthermore, the eSPARC will now accept applications for partnership and foreign corporate registration that were previously approved via the SEC business registration system (CRS).

All outstanding applications, beginning with the business name reservation and those in the preform and in-form state in the CRS, must be re-applied in eSPARC, including those submitted but not yet authorized for payment and in compliance status.

Those whose applications have been accepted for payment in the CRS and who have been given a payment assessment form should pay the registration costs immediately.

In the meantime, applicants who have already paid their registration fees but were unable to upload proof of payment in the CRS should submit the proof of payment, along with signed and authenticated/notarized copies of their registration documents, to the processing office of their choice for the issuance of their COI.

Those who have failed to receive their COI despite uploading evidence of payment to the CRS may submit the proof of payment, together with signed and authenticated/notarized copies of the registration papers, to the designated processing office for issuance.

OneSEC is the most recent effort in the SEC’s digital transformation agenda. The eSPARC system was introduced on April 19 to make corporate registration quicker and simpler.

On March 15, the Commission also introduced an online submission facility that enables users to submit yearly financial statements, general information sheets, and other covered reports online.

Earlier this month, on March 1, the eSPAYSEC system went live, allowing customers to pay their registration and other transaction fees using online banking or digital wallets.

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