Special InTAX: April 2021 Issue 2 | Volume 1

 

Securities and Exchange Commission

 

The Securities and Exchange Commission (SEC) issued the following:

SEC Memorandum Circular No. 5, Series of 2021, 08 April 2021, extending the deadline for the submission of 2020 Annual Reports/Audited Financial Statements (AFS) for calendar year ended 31 December 2020. The deadline is extended from 15 April 2021 to 17 May 2021. The extended deadline is without prejudice to the schedule of filing of the AFS as may be required by the Bureau of Internal Revenue (BIR). The deadline shall automatically conform with the BIR should the BIR move its own deadline to a date later than 17 May 2021.

Notice, 16 April 2021, to implement the Electronic Simplified Processing of Application for Registration of Company (eSPARC).

The Notice stated that starting 19 April 2021, all applications for registration of domestic corporations must be filed with and processed by the SEC under the eSPARC. The new system shall cover the following:

• One person corporations (OPCs); and
• Domestic corporations, both stock and nonstock, with at least two but not more than 15 incorporators who may either be natural persons, partnerships, associations or corporations.

The system can be accessed at https://secwebapps.sec.gov.ph/application.

Applications for partnerships and foreign corporations will continue to be accepted and processed under the Company Registration System (CRS).

Applications for registration submitted under the CRS prior to 19 April 2021 will be processed therein, unless the applicant is notified by the SEC Processing Officer to resubmit the application using the eSPARC.

The notice contains the link to the user guide for the step by step procedures and a list of email contacts for further inquiries and assistance.

 

Attached are the full text of the issuances.

SEC Memorandum Circular No. 5 Series of 2021

2021Notice_ESPARCImplementation