The Securities and Exchange Commission (SEC) has launched the Electronic Simplified Processing of Application for Registration of Company (eSPARC) to facilitate faster and easier registration of corporations in the country
Starting April 19, the Commission will accept and process under eSPARC all applications for registration of one person corporations (OPCs) and both stock and nonstock domestic corporations with at least two but not more than 15 incorporators who may either be natural persons, partnerships, associations or corporations.
The new company registration system, which can be accessed at //secwebapps.sec.gov.ph/application, replaced the Interim Registration System, which was previously used for the registration of OPCs and corporations with two to four incorporators, as well as the Company Registration System (CRS) for domestic and foreign-owned corporations with at least five incorporators.
With the launch of eSPARC, only applications for the registration of partnerships and foreign corporations will be accepted and processed in the CRS. 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 their company information, and upload the documentary requirements for review by the Commission. The system also features a real-time inquiry facility on the status of applications.
The new system has been integrated with the SEC Cashiering System and the Commission’s online payment portal to provide a faster, seamless, and convenient means to pay registration fees.
eSPARC is likewise 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.
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, the Commission launched an online payment portal, giving clients the option to settle their registration and other transactions fees through online banking or their digital wallets.
“eSPARC brings us another step closer to our vision of a unified system that can seamlessly handle the company registration process from end to end,” SEC Chairperson Emilio B. Aquino said.
“As we proceed further with the Commission’s digital transformation, we also have to ensure that our stakeholders may adapt well and be able to fully take advantage of our ongoing initiatives, which are after all aimed at improving the ease of doing business in the country for them.”
[Investing? Get MoneySense’s 2021 Investing Issue featuring investment guru Ron Acoba here]