LAST September 21 to 24, the particular Securities and Exchange Commission (SEC) was given the privilege in order to showcase electronic transformation milestones as part of its ease of doing business endeavours during the 2022 Corporate Registers Forum (CRF) Annual Conference in the Maldives, where representatives from 26 jurisdictions were in attendance.
The CRF is an association of international corporate registries with government agencies from the United States, the United Kingdom, the particular United Arab Emirates plus Singapore as members. Along with counterpart registries, the SECURITIES AND EXCHANGE COMMISSION’S highlighted the digitalization efforts and how it helped the Philippine corporate sector, especially during the Covid-19 pandemic.
During the forum, Chairman Emilio Aquino mentioned that “the shift to digital transactions was envisioned to make doing business easier than ever as the SEC Philippines strives for a more empowered business field considered among the best in Southeast Asia. ”
He noted that will “the SEC Philippines accelerated its electronic transformation throughout the pandemic to efficiently address the demands of the new normal. Guided by its Digital Transformation and Technology Modernization Roadmap, the particular SEC Philippines turned the pandemic into an opportunity to modernize its policies and processes, and to promote the particular use associated with technological innovations for more secure and easier transactions. inch
During the conference, the particular SEC discussed the importance of its digital transformation efforts in encouraging company formation.
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Launched in 2021, the Electronic Simplified Processing of Application for Registration of Company (eSPARC), the web-based system that streamlines the application process, led to a sharp jump in the particular number of newly registered domestic corporations plus partnerships within 2021, rising by 50. 5 percent and 33. 4 percent, respectively, despite the outbreak.
eSPARC now allows for the online registration of one-person corporations plus both stock and nonstock domestic corporations with at least two but not more than 15 incorporators who may either be natural persons, partnerships, associations or companies.
Under eSPARC is a subsystem called the One Day Submission and E-registration of Companies (OneSEC), which allows applicants to complete the sign up process within one day, with the shortest processing time recorded at under two minutes.
During the conference, Commissioner Javey Paul Francisco highlighted that “the eSPARC is a testament to the SECURITIES AND EXCHANGE COMMISSION’S Philippines’ agile approach to the vastly changing times. ”
The system is integrated with the particular SEC Cashiering System and online payment portal called the Digital System with regard to Payments in order to SEC (eSPAYSEC), which provides the public along with a faster, seamless plus convenient means to pay enrollment fees.
eSPARC is likewise linked to the Philippine Business Hub, the national government’s centralized platform that links all authorities agencies whose processes involve business registration, streamlining redundant processes and effectively reducing the processing time regarding applicants.
By the way, both the particular eSPARC plus eSPAYSEC are homegrown systems created through the attempts of director Oliver Chato, along with assistant movie director Archivald Navarro, from the Information and Communications Technology Department, of which I am the supervising commissioner.
Meanwhile, our very own Chairman Aquino has been named Chief Executive Officer associated with the Year in International Data Corporation’s (IDC) Future of Enterprise Awards 2022 Philippines intended for steering the particular SEC toward a digital-first world. Winners of the Future Business Awards distinguished themselves through 1, 071 entries received from 707 unique end-user organizations across Asia-Pacific. They were chosen after displaying exceptional planning and implementation of digital change initiatives according to IDC’s Future Enterprise benchmark categories. Kudos, SEC!
On the separate note, I would like to invite everyone to check out one of the particular most awaited events within the Philippine art scene, the upcoming Mindanao Art 2022 to become held from October 15 to Nov. 5, 2022 at the Club at Northtown by Lawig Diwa Inc., in cooperation using the National Commission to get Culture plus the Arts, National Committee on Art Galleries and Alsons Development and Investment Corp., and sponsored by several media partners.
Mindanao Art will showcase a carefully selected roster of exhibitors from the particular five administrative regions of Mindanao, one of which is AHON Mindanao Watercolor Group, to which my wife, Dot Bangayan Lee, has been invited to send her artwork. You may also visit the event online at https://mindanaoart.org/.
Kelvin Lester K. Lee is really a commissioner of the Securities plus Exchange Commission. The views and opinions stated herein are his own. You might email your comments and questions in order to [email protected]