THE Securities and Exchange Commission (SEC) has started to accept and process online applications through the Electronic Simplified Processing of Application for Registration of Company (eSPARC) on April 19, 2021.
The new system replaces the Interim Registration System (IRS) and the Company Registration System (CRS).
With eSPARC, the new company registration system will accept new applications for registration for One Person Corporations and two to four corporations, which were done through IRS, and regular and domestic-owned corporations — both stock and nonstock, which were done through CRS.
It can be accessed at https://secwebapps.sec.gov.ph/application.
Only applications for the registration of partnerships and foreign corporations will be accepted and processed in the CRS as eSPARC went live.
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.
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 commission. The system will also feature a real-time inquiry facility on the status of their applications.
SEC Cebu Extension Office officer-in-charge lawyer Alma Marie Dalena said this migration to a new company registration portal will allow a seamless and faster transaction online, especially since the cashiering system and the online payment services will also be integrated.
Further, eSPARC will 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.
eSPARC is the latest initiative in the digital transformation program of the SEC.
On March 15, it launched the Online Submission Tool, which allows for the online submission of annual financial statements, General Information Sheet, and other covered reports.
Earlier on March 1, SEC launched an online payment portal, giving clients the option to settle their registration and other transactions fees through online banking or their digital wallets.
A series of webinars will be conducted by the Cebu Extension Office on the eSPARC this month. (PR)