The Securities and Exchange Commission (SEC) said it continues to accept applications for registration of corporations and partnerships online, with at least 2,500 applications processed while Luzon and other regions undergo enhanced community quarantine to contain the Covid-19 pandemic.
The SEC Company Registration System (CRS) has remained online since the lockdown last March 15. The CRS allows for the full automation and online pre-processing of the registration of corporations and partnerships, as well as the licensing of foreign corporations.
In the system, the applicant can verify its proposed company name, generate its articles of incorporation, by-laws and other company registration documents, and upload all required documents for processing, review and approval.
However, the verification of payment and generation of Certificate of Incorporation or Certificate of Filing of Articles of Partnership may be made and released by the SEC Company Registration and Monitoring Department (CRMD) only after the enhanced community quarantine has been lifted because of the limitations in the mobility of individuals and operations of establishments.
From March 16 to 27, the CRMD processed 2,500 applications. Of the total, 314 were promoted for the generation of the corresponding certificates of registration, 1,014 were assessed for payment, and 1,172 were required to include additional requirements.
Alongside, the CRMD processed 562 name verification appeals, of which 429 were approved and 133 were denied. Applicants whose name verification appeals were approved may now proceed with the registration process.
The SEC also continues to accept applications for monitoring clearance for amendments to the articles of incorporation and by-laws of companies during the enhanced community quarantine.
The complete requirements may be emailed to email@example.com for ordinary amendments such as change of corporate name, business purpose or principal office address. For applications for increase or decrease of capital stock, and merger and consolidation, applicants may send their complete requirements to firstname.lastname@example.org.
“We are working to ensure the CRS will remain accessible in order to facilitate the registration of companies while the enhanced community quarantine remains in force,” SEC chair Emilio B. Aquino said. “We will continue finding ways to limit the disruption in our everyday operations and to ensure our stakeholders can cope with the impact of the Covid-19 pandemic.”