CAGAYAN DE ORO CITY (PIA)--With jurisdiction over Regions 10 and 13, the Securities and Exchange Commission (SEC) Cagayan de Oro Extension Office (CDOEO) has recorded a total of 1,639 incorporations in 2022 after transitioning into digital services and opening the Electronic Simplified Processing of Application for Registration of Company (eSPARC) in April 2021.
With this new idea, the SEC has been able to do its job of making it easier to do business in the country, especially for people who want to start their own corporation.
Out of 1,639 incorporations, 326 are regular stock corporations; 361 are stock corporations with fewer than five incorporators; 137 are one-person corporations; 73 are partnerships; 612 are non-stock corporations; 69 are less than five non-stock corporations; and 61 are corporation soles. Such incorporation has a relatively small 1.08% increase from that of 2021, which was at 1,505.
The CDOEO collected P27,985,924.54 in the same year, which is slightly higher than the 2021 collection. This collection is made up of things like new company registrations, fines, and applications for existing companies to get more capital, among other things.
"These digital innovations have really improved the delivery of our services. Our clients from distant areas like Surigao del Sur and Lanao del Norte can maximize their time by completing their applications first using the online portal, which we call eSPARC, before coming here to the office to submit the approved documents," said Lawyer Frederick A. Enopia, Director of SEC-CDOEO.
The said portal can be accessed through this link: esparc.sec.gov.ph.
Through the eSPARC, an auto-generated form of the articles of incorporation and by-laws will be released to the prospective incorporators, making every application more efficient and faster.
Meanwhile, should the incorporators want to create their own version of articles of incorporation and by-laws, the Commission still allows it; however, it shall go through several reviews by the attending securities counsel.
The SEC-CDOEO is also conducting a mandatory orientation for its newly-registered corporations, which includes a thorough discussion of the reportorial requirements that are submitted annually. This is in response to the Commission's increased information drive campaign aimed at raising registered corporations' awareness of their reporting obligations. (SEC CDOEO/PIA-10)
