SEC opens OneSEC online registration to foreign firms

The Securities and Exchange Commission (SEC) has expanded its One Day Submission and Electronic Registration of Companies (OneSEC) facility to cover foreign firms seeking to incorporate in the Philippines.

SEC Chairperson Francis Lim said the move is part of efforts to improve ease of doing business and attract more international investments.

“By expanding the coverage of OneSEC to foreign entities, we want to send a strong signal to the international business community that the Philippines is open for business, and hopefully encourage them to set up shop here,” Lim said in a statement Wednesday.

As of end-June, 145 foreign entities have registered with the SEC.

Launched in 2021, OneSEC is under the commission’s Electronic Simplified Processing of Application for Registration of Company (eSPARC), which uses pre-filled forms to complete company registration in as little as 1 minute and 14 seconds.

Prior to the expansion, only 81 industry classifications were eligible to register through the platform.