Online company registration for the Securities and Exchange Commission (SEC) now only takes one day!
On Wednesday (September 15), SEC launched a new feature called One-Day Submission and Express Registration of Companies (OneSEC), which will streamline the application process for domestic corporations.
“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,” SEC Chairman Emilio B. Aquino 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,” he added.
Those interested can access OneSEC through this link: https://secwebapps.sec.gov.ph/application
According to SEC, the new feature will only accept applications from corporations that are 100% Filipino-owned. Apart from this, the company’s common shares should have a par value of not less than P1 and in non-decimal currency and be subscribed for through cash payment.
The corporation must also have incorporators, directors, and subscribers who are natural persons and residents of the Philippines. It must also be in possession of a perpetual corporate term of existence and be located outside an economic zone.
In addition, 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. If not met, OneSEC will prefill the primary purpose or main business activity based on its chosen industry classification and the applicant will not be able to modify it further.
OneSEC has been integrated into SEC’s online payment portal called electronic system for payments to make the end-to-end registration procedure seamless.
After completing the registration process, a digital copy of the interim certificates of incorporation (COI) will be available for download.
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Image credit: SEC