The business community can expect smoother and easier registrations in the third quarter after the Securities and Exchange Commission (SEC) integrates the tax bureau’s fee payments with its digital system for a one-time convenient transaction, according to the Department of Finance (DOF).
In a statement on Wednesday, June 22, the DOF announced that the SEC, an attached agency, is updating its electronic payment tool to include businesses’ registration fee payments to the Bureau of Internal Revenue (BIR).
The SEC’s Electronic Simplified Processing of Application for Registration of Company (eSPARC) which was launched in April 2021, allows online payment of SEC fees.
“This online payment feature will further be enhanced to facilitate one-time payment of both SEC and BIR registration fees by the third quarter of 2022,” said the DOF.
SEC Commissioner Javey Paul Francisco has reported to the DOF that the SEC has already processed 69,350 online applications for business registrations via eSPARC since its launch, of which 25,685 were for 2022 only.
DOF Secretary Carlos Dominguez III has previously directed the SEC and other DOF-attached agencies to fast-track their respective digitalization programs to ensure the continued delivery of services to the public during the pandemic and to prepare them for the transition to the new economy, said the DOF.
“SEC Chairman Emilio Aquino said the fastest time recorded for processing an eSPARC application after the payment of the registration fee has been made was 1 minute, 14 seconds, while the longest time was 2 hours and 37 minutes,” noted the DOF, referring to the SECs One-day Submission and E-registration of Companies (OneSEC) which is a subsystem of eSPARC.
The DOF said since most of the company information is pre-filed under OneSEC, the application of companies applying for registrations requires minimal encoding of data online.
In 2021, SEC launched its Electronic System for Payments to SEC or eSPAYSEC to facilitate the payment of registration charges, penalties, and other transaction fees with the SEC online using debit and credit cards, digital wallets, and other cashless payment options.
The SEC’s digital processing systems also include its Electronic Filing and Submission System or eFAST for the easier submission of Audited Financial Statements, General Information Sheets, Sworn Statement for Foundations, General Form for Financial Statements, Special Form for Financial Statement, and other reportorial requirements.