As part of its efforts to promote sustainability through digitalization, the commission is launching the new digital services during SEC Sustainability Week in 2024.
Five new digital services are being introduced by the Securities and Exchange Commission (SEC) to facilitate company registration and encourage data sharing for improved tax administration. The SEC Zuper Easy Registration Online (ZERO), Electronic Submission Authentication Portal (eSAP), SEC Foreign Investments Registration Station (FIRST) Green Lane Unit, Electronic Application For Modification Of Entity Name And Data (eAMEND), and Swift Corporate and Other Records Exchange (SCORE) Protocol are among the digital initiatives that the commission unveiled on July 17.
The new digital platforms follow Finance Secretary Ralph Recto’s marching orders to the SEC to work with the Bureau of Internal Revenue (BIR) to increase tax collection efficiency while also building on the commission’s zero-contact policy and paperless transactions. Through the eSAP platform, applicants can digitally validate system-generated forms with SEC ZERO, a service offered under the Electronic Simplified Processing of Application for Registration of Company (eSPARC). SEC ZERO and eSAP are combined to digitally authenticate documents, doing away with the necessity for hard copy registration procedures and wet signatures. To continue with the electronic authentication of the papers, one-time passwords are used.
In keeping with its goal of pursuing sustainability through digitalization, the commission is launching the new digital services as part of its commemoration of SEC Sustainability Week in 2024. In his introductory remarks at the new service launch at the SEC Headquarters in Makati, SEC Chairperson Emilio Aquino stated, “We are harnessing digital technologies not only to improve the ease of doing business.” In the end, he continued, “The SEC is utilizing digital technologies to promote sustainability and aid in hastening the achievement of the Sustainable Development Goals.”
The registration papers do not need to be physically signed and notarized because digitally authenticated forms are just as legitimate as the original certificate. SEC ZERO and eSAP applicants can register their enterprises from anywhere at any time, even overseas, thanks to digital authentication. The commission established the SEC FIRST Green Lane Unit, which will serve international and multinational corporations as well as businesses covered by the International Investment Act, in an effort to increase foreign investments in the nation. The SEC FIRST Green Lane Unit will handle, among other things, entity amendments, licenses, and registrations.
The registration papers do not need to be physically signed and notarized because digitally authenticated forms are just as legitimate as the original certificate. SEC ZERO and eSAP applicants can register their enterprises from anywhere at any time, even overseas, thanks to digital authentication. The commission established the SEC FIRST Green Lane Unit, which will serve international and multinational corporations as well as businesses covered by the International Investment Act, in an effort to increase foreign investments in the nation. The SEC FIRST Green Lane Unit will handle, among other things, entity amendments, licenses, and registrations.
Applications owned by foreign entities will be routed to a dedicated lane within the SEC FIRST unit, eliminating the need for them to be queued alongside all other applications in the online registry. This will result in a more efficient processing time. In the interim, eAMEND will act as the corporate amendment applications’ online portal, facilitating the receipt, processing, and approval of payments. For some transactions, the platform makes it possible to practically quickly issue a digital copy of the Certificate of Amendment of Domestic Stock and Non-stock Corporation. The commission also created the SCORE Protocol, which will respond to partner regulatory and enforcement authorities’ requests for firm data, including audited financial statements, articles of incorporation, and general information sheets.
Information exchange for tax management To formally start working together on the SCORE Protocol, the SEC and BIR signed a Memorandum of Agreement and Data Sharing Agreement concurrently with the debut of the digital services. As part of the agreement, the SEC will grant the BIR access to the records it needs to carry out its duties of assessing taxes, collecting fees and charges from the national internal revenue system, and conducting enforcement actions. In the meantime, the BIR will supply the SEC with Tax Identification Number Verification for the Commission’s online digital services, assisting in the enhancement of its identity validation and capital market and corporate sector surveillance.
The collaboration will help carry out the government’s 2024 National Tax Campaign, which intends to raise money by collecting and paying taxes on time in order to promote economic growth and recovery. The Commission hopes to grow the partnership with additional government entities after the first cooperation for the SCORE Protocol. It is currently in discussions with the Bureau of Customs to better collect excise, customs charges, and other taxes by utilizing company data. In order to monitor foreign nationals conducting business in the nation, the SEC is also considering collaborating with the Bureau of Immigration. Additionally, in order to verify the authenticity of companies taking part in government procurement, the SEC is also considering establishing a partnership with the Philippine Government Electronic Procurement System.
Philippines’ Securities and Exchange Commission introduces new digital platforms as part of its efforts to promote sustainability through digitalization, the commission is launching the new digital services during SEC Sustainability Week in 2024.
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