YOU’VE completed your business registration requirements and your company is now legitimate! However, many business owners forget one additional thing: their Securities and Exchange Commission (SEC) Reportorial Requirements.
SEC Reportorial Requirements are reports that are required to be submitted to the SEC. Flip over your SEC certificate and you’ll see a list of these requirements and a schedule of submissions, similar to the BIR reports. While the list of requirements may vary slightly depending on the company, all corporations must submit GIS, AFS and an MC28 Form. Here is a brief guide for each:
The General Information Sheet (GIS) is a legal document that shows the company’s corporate profile, including the company’s date of registration, type of business, annual meeting dates, principal address, stockholder’s information, auditor information and other necessary information. Note that the latest deadline to file the GIS is within 30 calendar days from the date of the actual annual member’s meeting (for nonstock corporations), the anniversary date of the issuance of the SEC license (for foreign corporations) or the date of the annual stockholder’s meeting (for stock corporations).
The MC28 Form or the SEC Memorandum Circular 28 requires every corporation under the jurisdiction of the SEC to submit a valid and alternate email address and mobile number in the prescribed form.
The Annual Financial Statement (AFS) summarizes a company’s financial performance over a fiscal year.
The certified true copy can be copies of the SEC permits or any documents that are stamped “Certified” by the issuing government agency.
You may have heard of eFAST. eFast Registration is an electronic filing and submission tool all corporations must enroll in to access and submit reports. All corporations registered with the SEC must enroll in eFAST to access and submit reports.
The requirements and schedule to submit these depend on the type of corporation or nature of the business. Fortunately, these are all listed on the SEC website.
The SEC earlier issued guidelines for purging corporations under delinquent status through SEC Memorandum Circular 19, Series of 2023, as it strictly enforces the reportorial requirements of corporations provided under the laws, rules and regulations implemented by the commission.
Permitly helps businesses start. The registration process in the Philippines can be pretty tedious, which is why we started offering business registration services. Permitly aims to simplify the business registration process, allowing entrepreneurs to make their applications online through us. This allows entrepreneurs to avoid the difficulties of getting their permits, giving them more time to focus on the important stuff. Contact us at our website at Permitly.ph, or on social media for a free consultation.