SEC Business Registration is now online! Is it as easy as 1,2,3?

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From downloading an electronic copy of incorporation documents, Securities and Exchange Commission leveled up its public service when it implemented its online business registration last November 2017 through the Company Registration System (crs.sec.gov.ph).

To access the site, the user must:

 

1. Create an Account and Login
Create an account using existing email address and use it to access and login.

 

2. Select Application Type 
Choose “register a new company” among other application types.

 

3. Verify Name
Select the company and industry type to verify the proposed company name.

 

4. Add Company Details 
Fill up the online application forms that will be displayed. Data, including full names, addresses, birth dates, and Tax Identification Numbers/passport number, entered in the form/s will be used to generate documents (PDF files) such as Cover Sheet, Articles of Incorporation, By-Laws, Treasurer’s Affidavit and other company registration documents. Download documents, notarize then upload them for the next step.

 

5. Upload Documents 
Upload all required documents listed and shown in the system. Choose “submit” for processing, review, and approval of SEC.

 

6. Wait for SEC 
email Wait for the email message of SEC stating payment of filing fees or notification of compliance findings. If there are findings, do the necessary revision, submit and upload the document.

 

7. Pay the filing fees and upload proof of payment in CRS 
Print the order of payment and pay the filing fees through the following options.

  •  Landbank Online Account
  • Debit Card payments (through Landbank Portal)
  • GCash Payment (through Landbank Portal)
  • Over-the-counter (Landbank and SEC Counter)

– If paying over the counter in SEC, give the order of payment to the assigned processor and have it signed before going to the cashier.
– Upload the proof of payment in the CRS to wait for the notification of submission of documents and completion of the process.

 

8. Submit the hard copies of the registration documents
Bring the hard copies of the registration in SEC and submit the documents and have it stamped received.

 

9. Pick-up the certificate of incorporation
Wait for the email of SEC for release of certificate of incorporation or follow-up SEC for the specific date for release of certificate.

 

   

It may seem to be easy at first sight, but many users end up having troubles due to the following reasons:

  • Bad Internet Connection
    The website of CRS requires strong internet connection which is not practicable for those who will be registering
    new business from remote areas or even provinces.

 

  • Error in Inputting Company Details
    Though we encode the information about the business set up, still the system encounters errors which affects
    the generation of the correct data, for example, number of shares.

 

  • Unavailable Company Name and Appeal System
    Upon verification of company name and it is not available, we have the option to use the appeal system. We can
    upload a document explaining the reason for using the company name. It will take three to five days before the
    response of SEC. This will determine if we can use the said company name or not.

 

  • System Error
    The CRS website usually displays system error and undergoes system maintenance which makes it unavailable to
    users during those times.

 

  • One Month Duration of Response
    The registration may be done online for a few minutes, but the processing of assessment will take a month or
    more before SEC sends an email message of the approval for payment or compliance findings. If there are
    findings, we need to edit the company details and wait again for the email message from SEC.

 

  • Compliance Findings
    SEC will send a message of compliance findings if there are incorrect data or vague details. However, these
    findings from the assigned processor may appear to general or unclear for the user to understand or figure out.
    If there is a misinterpretation of the findings, exchange of revised registration and email messages will take
    much time before approval for payment.

 

  • Undocumented Payment Method
    Given the abovementioned modes of payment of filing fees, some opted to use GCash but SEC find it hard to
    confirm the proof of payment through the copy of text message. There is a lot of explaining before SEC accepts
    the said proof.

 

  • Indefinite date of release of certificate
    It may take a lot of time for SEC to send an email message for the release of certificate of incorporation. The
    expected time of release may take two weeks or more from the date of uploading of proof of payment and
    submission of hard copies of registration documents.