Philippines Securities and Exchange Commission (SEC) is launching a new company registration portal that's focused on helping more people set up businesses easily.
The new portal, which is also known as the electronic simplified processing of application for registration of company (eSPARC in short), will launch this coming April 19th.
eSPARC will provide a secure, transparent, and efficient way to register companies online
eSPARC will replace the existing interim registration system (IRS), which has been used for many years now.
The new system is a web-based portal that will allow anyone to register One Person Corporations (OPC), corporations with 2 - 4 incorporators, as well as regular domestic/foreign-owned stock and nonstock corporations.
As eSPARC is integrated with the SEC cashiering system and SEC payment portal, registrants will now have a more convenient way to make payments to set up and maintain their companies.
Philippines is going through digital transformation
Ever since the start of the global pandemic, Philippines has been one of the few countries that have been severely affected — going through several lockdowns with many businesses shutting down their operations.
This new initiative is aimed at supporting the business ecosystem further, and to improve the ease of doing business in the country.
“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,” SEC Chairperson Emilio Aquino said in a statement Tuesday.
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