SEC launches online submission tool to ease client transactions

ZAMBOANGA CITY, April 15 (PIA) – Securities and Exchange Commission launches the Online Submission Tool (OST) which will require stock corporations to submit their annual reportorial reports online.

Atty. Rona Chua Santos, Securities Counsel of SEC Zamboanga Extension Office said that the OST is in compliance with the ease of doing business and is part of the revised corporation code which directs electronic filing wherein there is zero contact policy.

“The launching of OST is also in line with the directive on minimum health standards brought by the COVID-19 pandemic that limits the contact of clients to prevent the spread of COVID-19,” she added.

All stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, will be required to submit their reports using the OST starting this year. The SEC will no longer require hard copies of the reports submitted through the portal.

Corporations may start using the online submission tool (OST) to submit their annual financial statements (AFS), General Information Sheet (GIS), and other covered reports to the Securities and Exchange Commission (SEC). 

Before they can submit reports through the OST, corporations and their authorized filers are required to enroll in the system by accomplishing the online application form and uploading the required documents at https://ift.tt/3qJzXgY.

Meanwhile, nonstock corporations will still have the option to submit their reports over the counter. By 2022, the Commission will require all nonstock corporations to enroll in and submit their reports through the OST.

For new company registration, there will also be a new system called the Electronic Simplified Processing of Application for Registration of Company (eSPARC). 

Starting April 19, 2021, new applications for registration of One Person Corporations, Corporations with 2-4 Incorporators, and Regular Domestic and Foreign-Owned (Stock and non-stock) Corporations must be submitted using the eSPARC. Meanwhile, applications for registration of partnerships and foreign corporations will continue to be accepted and processed under the Company Registration System (CRS). (RVC/MLE/PIA9-Zamboanga City)



Source: Philippines Information Agency (pia.gov.ph)

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