SEC expands online registration to foreign firms to boost investment

The Philippines has expanded its one-day online business registration system to include companies with foreign equity, aiming to attract more foreign investment.

The Securities and Exchange Commission's (SEC) One Day Submission and Electronic Registration of Companies (OneSEC) facility now accepts applications from foreign-owned corporations.

SEC Chairperson Francis Lim stated that streamlining the company registration process for foreign entities is crucial for improving the ease of doing business in the country.

He added that by expanding OneSEC coverage, the Philippines aims to signal its openness to the international business community and encourage them to establish operations.

The SEC registered 145 foreign corporations in the first half of the year, a number expected to rise with the new faster registration process.

Launched in 2021 as part of the Electronic Simplified Processing of Application for Registration of Company (eSPARC), OneSEC uses pre-filled forms to cut red tape.

Registration through OneSEC can be completed in as little as one minute and 14 seconds, from application to receipt of a digital certificate of incorporation.