Pursuant to streamlined and automated processes, the Securities and Exchange Commission promulgated Memorandum Circular No. 23 s. 2023 (“MC23”)- integrating compliances of newly registered corporations in the Electronic Simplified Processing of Application for Registration of Company (“eSPARC”) and its sub-system, One-day Submission and E-registration of Companies (“OneSEC”).
The eSPARC is an online facility that caters to the applications of Stock and Non-Stock Domestic Corporations, while OneSEC caters to Domestic Stock Corporations which may be a One-Person Corporation (OPC) or regular corporation.
The integration includes (i) MC No. 28 s. 2020 which requires corporations/associations/partnerships to designate their official email address and mobile number as well as their alternate email address and mobile number with imposition of PhP10,000 penalty for failure to comply; (ii) MC No. 01 s. 2021 Sec. 6 requires the disclosure of nominee incorporators/directors/shareholders and their respective principals or nominators. Otherwise, they shall declare that they are not nominee incorporator/director/shareholder or not acting as such for and on behalf of another person; and (iii) MC No. 03 s. 2021 the enrollment and submission of annual reports through the Electronic Filing and Submission Tool (eFAST).
Now, upon registering to the Commission’s online facilities, registrants shall be deemed to have complied to:
(i) Provisions of MC28, on the creation and/or designation of email accounts and mobile numbers for transactions with the Commission;
(ii) Provision of MC01 on the requirement for incorporators to disclose the person/s on whose behalf the registration was applied for; and
(iii) The registrant shall automatically be enrolled in the eFAST. Temporary credentials shall be forwarded to the email accounts submitted under MC28.
Following the issuance of this Memorandum, forms for incorporation are modified to reflect the integration as attached to the said Memorandum.
For the full text of MC23: https://www.sec.gov.ph/mc-2023/sec-mc-no-23-series-of-2023-integration-of-mc28-s-2020-and-mc1-s-2021-compliance-of-newly-registered-corporations-with-the-esparc-regular-and-onesec-portals-and-the-automatic-enrollment-to-the-efa
Photo credit to https://esparc.sec.gov.ph/
