Pursuant to streamlined and automated processes, the Securities and Exchange Commission promulgated Memorandum Circular No. 23 s. 2023 (\u201cMC23\u201d)- integrating compliances of newly registered corporations in the Electronic Simplified Processing of Application for Registration of Company (\u201ceSPARC\u201d) and its sub-system, One-day Submission and E-registration of Companies (\u201cOneSEC\u201d).<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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).<\/p>\n\n\n\n
Now, upon registering to the Commission\u2019s online facilities, registrants shall be deemed to have complied to:<\/p>\n\n\n\n
(i) Provisions of MC28, on the creation and\/or designation of email accounts and mobile numbers for transactions with the Commission;<\/p>\n\n\n\n
(ii) Provision of MC01 on the requirement for incorporators to disclose the person\/s on whose behalf the registration was applied for; and<\/p>\n\n\n\n
(iii) The registrant shall automatically be enrolled in the eFAST. Temporary credentials shall be forwarded to the email accounts submitted under MC28.<\/p>\n\n\n\n
Following the issuance of this Memorandum, forms for incorporation are modified to reflect the integration as attached to the said Memorandum.<\/p>\n\n\n\n
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<\/a> \u00a0<\/a><\/p>\n\n\n\n