The Securities and Exchange Commission (SEC) has formally launched the new registration platform for newly-incorporated companies, the Electronic Simplified Processing of Application for Registration of Company (eSPARC).
The platform is now accepting and processing under eSPARC all applications for registration of one person corporations (OPCs) and both stock and nonstock domestic corporations with at least two but not more than 15 incorporators.
The new company registration system, which can be accessed at https://secwebapps.sec.gov.ph/application, replaced the Interim Registration System which was previously used for the registration of OPCs and corporations with two to four incorporators, as well as the Company Registration System (CRS) for domestic and foreign-owned corporations with at least five incorporators.
“With the launch of eSPARC, only applications for the registration of partnerships and foreign corporations will be accepted and processed in the CRS. 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,” the SEC said.
“On eSPARC, applicants or their duly appointed representatives may submit their proposed company names, input their company information, and upload the documentary requirements for review by the Commission. The system also features a real-time inquiry facility on the status of applications,” it added.
The new system is integrated with the SEC Cashiering System and the Commission’s online payment portal to provide a faster, seamless and convenient means to pay registration fees.
“eSPARC is likewise linked to the Central Business Portal, the national government’s centralized platform that allows the public to access registration forms, fill out information, and submit requirements needed for business registration and related transactions,” the SEC said.
eSPARC 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.
