The Securities and Exchange Commission (SEC) is migrating to a new company registration portal by April 19 to provide the public with a more secure, transparent, and efficient online facility for easy company registration.
Called the electronic simplified processing of application for registration of company (eSPARC), the web-based system will accept new applications for registration of One Person Corporations (OPC), corporations with two to four incorporators, as well as regular domestic and foreign-owned corporations –both stock and nonstock.
“With eSPARC, our goal is to provide users with a complete, end-to-end company registration system linked to a unified and centralized company information database that will simplify the company registration process while also refining how we process information,” SEC Chairperson Emilio Aquino said in a statement Tuesday.
Aquino said the initiative further strengthens the commission’s ongoing digital transformation as part of its efforts to further improve ease of doing business in the country.
eSPARC will replace the interim registration system (IRS), which is currently used for the registration of OPCs and corporations with two to four incorporators, as well as the company registration system (CRS) for the registration of regular domestic and foreign-owned corporations.
Only applications for the registration of partnerships and foreign corporations will be accepted and processed in the CRS once eSPARC goes live.
Applications submitted through the CRS prior to April 19 will still be processed by the system, unless applicants are instructed to resubmit their applications through eSPARC.
On eSPARC, applicants or their duly appointed representatives may submit their proposed company names, input company information, and upload the documentary requirements for review of the commission. The system will also feature a real-time inquiry facility on the status of their applications.
The new system will be integrated with the SEC cashiering system and SEC payment portal to provide a faster, seamless, and convenient means to pay registration fees.
Further, eSPARC will be linked to the central business portal, the national government’s centralized platform that allows the public to access registration forms, fill out information, and submit requirements needed for business registration and related transactions.
To make way for the system upgrade and migration to eSPARC, the IRS will undergo a scheduled maintenance from 6 p.m. on April 8 to 9 p.m. on April 11.
eSPARC is the latest initiative in the digital transformation program of the SEC.
On March 15, the commission launched the online submission tool, which allows for the online submission of annual financial statements, general information sheet, and other covered reports.
Earlier on March 1, it launched an online payment portal, giving clients the option to settle their registration and other transactions fees through online banking or their digital wallets.
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