THE Securities and Exchange Commission (SEC) is setting up a new company registration platform called the Electronic Simplified Processing of Application for Registration of Company or eSPARC, which is expected to go live by April 19.
“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 B. Aquino said in a statement on Tuesday.
The platform will be accepting registration applications of stock and nonstock entities from one person corporations (OPC), corporations with two to four incorporators, to regular domestic and foreign-owned corporations.
Applicants or authorized representatives may use the platform to submit proposed company names, company information, and documentary requirements for their application.
The status of applications may easily be accessed through a “real-time inquiry facility” to be featured in the eSPARC.
The eSPARC is said to be “more secure, transparent, and efficient,” as the platform will be connected to the SEC cashiering system and the SEC payment portal to make payment transactions more convenient.
It will also be integrated with the Central Business Portal, the government’s system where the public may access and fill out registration forms and submit requirements for business registration and other transactions.
“This initiative further strengthens our ongoing digital transformation, as part of our efforts to further improve ease of doing business in the country,” Mr. Aquino said.
The new platform will replace the interim registration system (IRS) being used to register OPCs and corporations with two to four incorporators. The IRS will conduct maintenance activities from 6 p.m. on April 8 to 9 p.m. on April 11 to prepare for the move to eSPARC.
eSPARC will also replace the company registration system (CRS) used by regular domestic and foreign-owned corporations.
Registration applications submitted to the CRS before April 19 will still be processed by the portal, unless otherwise instructed.
However, once the eSPARC is up and running, only the registration applications of foreign corporations and partnerships will be processed through the CRS. — Keren Concepcion G. Valmonte