The Securities and Exchange Commission (SEC) said it is migrating its company registration portal to a new platform by April 19 “to provide the public with a more secure, transparent, and efficient online facility for easy company registration.”
“With eSPARC, 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,” said Emilio Aquino, SEC chairperson.
eSPARC will replace the Interim Registration System (IRS), which is currently used for the registration of OPCs and corporations with two to four incorporators, as well as the company registration system (CRS) for regular domestic and foreign-owned corporations.
The SEC said once eSPARC is online, 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,” it said.
On eSPARC, applicants or their duly appointed representatives may submit their proposed company names, input company information and upload the documentary requirements for review of the SEC. The system will also feature a real-time inquiry facility.
The new system will be integrated with the SEC’s cashiering system and payment portal to provide a faster, seamless and convenient means to pay registration fees.
eSPARC will also be 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.
“To make way for the system upgrade and migration to eSPARC, the IRS will undergo a scheduled maintenance from 6 p.m., April 8 to 9 p.m., April 11,” the SEC said. – Ruelle Castro