SEC urges public to register firms via online services

By VG Cabuag, Businessmirror, 10 Jun 2020

The Securities and Exchange Commission (SEC) on Tuesday said it will continue limiting its face-to-face transactions with the public as it continues its online company registration and monitoring services.

Aside from applications for company registration, the SEC said it now accepts requests for monitoring of corporations, status of corporations, certificates of no derogatory information through e-mail.

The agency said the public may e-mail their applications for amendment of articles of incorporation or partnership and by-laws, increase or decrease of capital stock, creation of additional paid-in capital, corporate reorganization, equity restructuring and amendment or conversion of SEC license, among others.

The SEC said it will also receive through e-mail petitions such as those for change of name, correction, revocation, voluntary dissolution, lifting of order of suspension or revocation, cancellation or substitution of payment in relation to the use of properties that require ownership registration as paid-up capital.

The e-mail addresses are listed at the agency’s web site.

SEC said that “only those applications that have already been assessed and approved for payment through online processing will be entertained at the CRMD [Company Registration and Monitoring Department] premises. You may present the electronic proof of approval for payment/proof of payment [if paid] issued by respective processors/monitoring analysts/specialists through the guard on duty to be allowed entry.”

The SEC will continue accepting and processing applications for the registration of domestic corporations with at least five incorporators, foreign corporations and partnerships online through the Company Registration System or CRS.

Corporations with less than five incorporators, including one person corporations, may still register using the online interim registration system launched in April.

Registrant One Person Corporations and corporations with less than five incorporators may submit their supplemental requirements such as the Foreign Investment Act Form and Authenticated Board Resolutions through e-mail, the agency said.

Capital market professionals may also continue registering and paying for their annual fees through the Capital Market Participants Registry System.

“Applications processed prior to the implementation of the enhanced community quarantine [ECQ] last March 17 shall be entertained for the release of documents for payment and for the issuance of payment assessment forms,” it said.

Applicants whose submissions have not been approved for payment but have been pre-processed prior to the ECQ period may also claim their documents at the SEC’s main office, but they must further undergo online processing and comply with the requirements through email.

“Strict social distancing and other health protocols will remain in place in SEC offices across the country. The commission will enforce a no face mask, no entry policy and limit the number of people allowed inside its offices,” it said.