The Securities and Exchange Commission (SEC) recorded a 189.74 percent jump in the number of newly registered companies to 2,938 in July from 1,104 in May, tracing the increase to the speedier processing of online company applications.
In a statement issued on Wednesday, the SEC said the number of industries allowed under its One-Day Submission and Electronic Registration of Companies (OneSEC) Zuper Easy Registration Online facility have risen to 81 from 33.
“Company registration marks the first step in legitimizing a business, which is why we want to make the process as easy and accessible as possible to our stakeholders,” SC Chairman Francis Lim said.
Help to tap capital market
“As we move to streamline the registration process, we hope to encourage more entrepreneurs to use the corporate vehicle in facilitating their business and eventually, raise funds for expansion by tapping the capital market,” he added.
Launched in 2021, OneSEC is a subsystem of the Electronic Simplified Processing of Application for Registration of Company (eSPARC) that makes use of pre-filled application forms to streamline the registration process.
The system has allowed companies to complete the registration process in as fast as one minute and 14 seconds, from the start of the application to the receipt of a digital certificate of incorporation.
Corporations that are eligible to register via the “pass through” system include one-person corporations and regular corporations with two to 15 incorporators, board of directors and stockholders.
20% discount
Lim said the SEC has been ramping up programs that align with its mandate of improving the ease of doing business in the country.
“To encourage more micro, small, and medium enterprises to register as corporations, the SEC has granted them a 20 percent discount in registration fees, and up to 50 percent discount in the filing fee for those seeking to tap the capital market with the issuance of MC No. 8, Series of 2025,” he said.
In June, the SEC also issued Memorandum Circular (MC) No. 6, Series of 2025, which reduced the rates for corporate data requests by half.
At the same time the SEC has also imposed strict timelines in the processing of applications for permits, licenses, registrations, certificates, clearances and other authorizations, through MC No. 7, Series of 2025, which included the adoption of a “deemed approved” policy should the SEC fail to meet its own deadline for review.
“This is just the beginning. We will continue to assess our internal policies to identify the bottlenecks that we need to remove to further improve the ease of doing business, thereby reinforcing the trust and confidence of our stakeholders in our systems,” Lim said.
