Published April 20, 2021, 7:00 AM
The Securities and Exchange Commission (SEC) has launched the Electronic Simplified Processing of Application for Registration of Company (eSPARC) for faster and easier registration of corporations.
In a statement, the SEC said that, starting April 19, it will accept and process 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 who may either be natural persons, partnerships, associations or corporations.
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.