SEC unveils one-day registration scheme

The Securities and exchange Commission (SEC) launched on Wednesday a new feature in its online company registration system which allows applicants to complete the registration in one day.

Domestic corporations may now register with the SEC through its One-day Submission and express Registration of Companies or Onesec. It is the new feature of the agency’s electronic simplified processing of application for registration of company or ESPARC.

“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 said.

Onesec, which can be accessed at https://secwebapps.sec. gov.ph/application, will accept applications for the registration of domestic stock corporations, which are fully owned by Filipinos and whose common shares have a par value of not less than P1 and in non-decimal currency, and subscribed for through cash payment.

The corporation must have incorporators, directors and subscribers who are natural persons and residents of the Philippines. It must also have a perpetual corporate term of existence and be located outside an economic zone.

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.

Onesec will pre-fill the corporation’s primary purpose or main business activity based on the chosen industry classification, which may not be subject to any modification by the applicant.

To make the end-to-end registration process seamless, Onesec is integrated with the Sec’s online payment portal called electronic system for payments to the SEC.

Upon completing the online registration process, applicants may download the digital copy of their interim Certificates of Incorporation (COI).