SEC Tarlac company registrations achieve 11 % increase in 2023

The Securities and Exchange Commission-Tarlac Extension Office (SEC-TAREO) has reached a double-digit increase in the number of companies it registered throughout 2023.
SEC-Tarlac Director Richard R. Laus said the office recorded a total of 2,719 incorporated entities in 2023, 11 percent higher than the previous record of 2,449 registered firms for 2022.
“As the country’s corporate registrar, the SEC sought to institutionalize digital transformation to achieve efficiency and accessibility in the corporate sector. The success of this digital initiative through the launching of Electronic Simplified Processing of Application for Registration of Corporation (eSPARC) and its subsystem, the One Day Submission and Electronic Registration of Companies (OneSEC) in 2021, contributed to the higher number of registrations received by the Commission for the last two years,” Laus added.
The Commission also made payments easier, faster and more convenient through the Electronic System for Payments to the SEC (eSPAYSEC), where the public can now choose from over 90,000 online and offline payment options nationwide.
Moreover, the enactment of Republic Act 11232, or the Revised Corporation Code of the Philippines, in 2019 allowed for the formation of OPCs and corporations with less than five incorporators compared to the old Corporation Code requiring at least five incorporators.
The majority or 80 percent of newly incorporated firms registered at SEC-TAREO in 2023 were from the Central Luzon region. This was followed by the companies coming from Metro Manila, Cagayan Valley, and Ilocos regions with the remaining 20 percent.
With this recent development, the SEC issued Memorandum Circular (MC) 23 Series of 2023 which provides for the integration of newly registered corporations’ compliance with MC 28 Series of 2020 and MC 1 Series of 2021 with the eSPARC.
Starting December 18, new corporations will no longer have to submit separate reports for their official and altenate email addresses and mobile phone numbers required under MC 28, as well as information on their beneficial owners pursuant to MC 1. They shall be required to provide such information during the registration process either through eSPARC or through its subsystem, OneSEC. In addition, new corporations shall now be automatically enrolled in the Electronic Filing and Submission Tool (eFAST), the
SEC’s online system for submission of reportorial requirements.

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