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Business owners are reminded by the Securities and Exchange Commission in Bicol (SEC-5) of the deadline for submitting annual reports of corporations using the Electronic Filing and Submission Tool (eFAST).

In an interview on Friday, Glorei Allelu Lindio, SEC-Bicol spokesperson, stated that the eFAST is an online facility for submission of General Information Sheet (GIS) and Annual Financial Statement (AFS), as well as special forms of financial statements for financing and lending companies and that it will be launched by the Commission in March 2021.

“Corporations must enroll in the eFAST for both their company and their designated authorized filer in order to submit reports. Depending on the last digit of the SEC registration number, a predefined coding scheme governs the reporting of AFS for firms whose fiscal year ends December 31 “explained Lindio.

The 2021 AFS submission period will run from July 1 to 15 for the final two numbers 1 and 2, July 16 to 31 for the third and fourth, August 1 to 15, September 1 to 15, and July 1 to 15 for the fifth and sixth.

According to Lindio, businesses whose fiscal year ends on a date other than December 31 must submit their AFS within 120 calendar days of that date.

The SEC also advised business owners to submit the GIS within 30 days following the election and annual meeting dates set forth in the corporation’s bylaws.

In particular, for clients who are located in remote places and want technical support in completing their eFAST enrollment via virtual talks, SEC-Bicol offers remote assistance to clients enrolling their company and authorized filer accounts.

The SEC-Legazpi Extension Office can be contacted by phone at (052) 480-8272, mobile at (929) 883-1917, or email at secbicol@gmail.com for additional questions.

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