CEBU CITY, Philippines — No more lines and waiting times for companies and corporations seeking a Securities and Exchange Commission (SEC) accreditation as the agency launched its Electronic Simplified Processing of Application for Registration of Company (eSPARC).
The SEC Cebu Extension Office will also be implementing the new system in the province making it easier for applicants to process documents and other transactions through the website: https://secwebapps.sec.gov.ph/application.
Officer-in-Charge lawyer Alma Marie Dalena said this migration to a new company registration portal will allow a seamless and faster transaction online especially since the cashiering system and the online payment services will also be integrated.
In order to help companies and corporation transition to this new system, a series of webinars will be conducted by the Cebu Extension Office on the eSPARC sometime this last week of April and interested parties may email vlalmeda@sec.gov.ph for the registration link.
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The new system replaces the Interim Registration System (IRS) and the Company Registration System (CRS).
Through eSPARC, the new company registration system will accept new applications for registration for One Person Corporations (OPC) and two to four corporations, which were done through IRS, and regular and domestic-owned corporations – both stock and nonstock, which were done through CRS.
Only applications for the registration of partnerships and foreign corporations will be accepted and processed in the CRS as eSPARC went 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.
Furthermore, 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 the information, and submit requirements needed for business registration and related transactions.
This new system 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.
Prior to that, the Commission launched an online payment portal, giving clients the option to settle their registration and other transaction fees through online banking or their digital wallets.
The SEC hopes that with this new technological move, applicants will no longer find it difficult to register their companies and corporations amid the ongoing threat of the coronavirus.
/bmjo