SEC launches new online registry system

The Securities and Exchange Commission has launched a new online registration system, which allows corporations to register their business via the internet anytime they wish to do so.

The new system, which replaces iRegister, saves time, effort and money.

Applicants need to create a CRS account after which users may easily complete the entire incorporation process via online, eliminating the need to go to the SEC during processing.

“With a valid email address, users can create an online CRS account for their respective companies and create their own personal accounts and may start filing single or multiple registrations simultaneously,” the SEC said in its advisory.

A company name verification is free and only valid for a maximum of four days.

“The CRS is part of the continuing effort of SEC to serve the public better – it eliminates face-to-face interactions for the registration of new corporations, and most importantly, it is there to save the public’s time and effort and to further ease doing business in the Philippines,” said SEC chairperson Teresita Herbosa.

The process that may be completed online starts from corporate name reservation, all the way to the final step, which is the online payment of registration fees.

Users will also receive automated confirmation receipts of their online submissions, and have access to real-time status updates from processors should they wish to check on their applications.

The SEC will charge a service fee, which they can pay using Landbank’s ePayment portal. They can pay their registration fees securely and conveniently online via debit card.

Applicants are only required to visit the SEC once to submit original copies of their notarized documents and claim their certificates of registration.

Any discrepancies found between documents submitted online and original copies submitted may cause delay in the release and claiming of the certificates of registration.

Just like any online portal, the CRS requires that users have access to a stable internet connection and a reliable computer to ensure the optimal performance of the CRS.

Without these, users may experience a system slowdown due to their connection, and consequently, experience possible delays in their online registration.

The SEC noted that under the beta testing period, applications from Palawan and other locations were successfully incorporated online.