THE Securities and Exchange Commission (SEC) on Wednesday signed a data-sharing deal with the Bureau of Internal Revenue (BIR) and also launched five new digital services enhancing company registration.
“We are harnessing digital technologies not only to improve the ease of doing business,” SEC Chairman Emilio Aquino said.
The agreement between the SEC and the BIR will provide access to documents needed to support the bureau’s mandate to make tax assessments and taxes, fees and charges.
The SEC will gain access to tax identification number verification for its online digital services.
The SEC wants to expand its data partnerships to other regulatory bodies, such as the Bureau of Customs and Bureau of Immigration, along with the Philippine Government Electronic Procurement System.
As for the digital initiatives, the SEC unveiled a third wave comprising the Zuper Easy Registration Online (ZERO), Electronic Submission Authentication Portal (eSAP), Foreign Investments Registration Station (First) Green Lane Unit, Electronic Application for Modification of Entity Name and Data (eAmend), and Swift Corporate and Other Records Exchange (Score) systems.
The digital services launched are part of the regulator’s zero-contact policy and paperless transactions.
SEC ZERO, under the Electronic Simplified Processing of Application for Registration of Company (eSPARC), allows applicants to authenticate system-generated forms digitally through the eSAP platform.
The platform is integrated to remove the need to affix wet signatures and submit hard copies to the commission. The service uses one-time passwords to proceed with the electronic authentication.
The SEC First Green Lane Unit, meanwhile, was developed to boost foreign investments. Foreign-owned applications will have a separate queueing lane in the online registry.
Next, eAmend will be the online portal for acceptance, processing, and approval of payments for amendment applications of corporations.
The platform will issue a digital copy of the Certificate of Amendment of Domestic Stock and Non-Stock Corporation almost instantly.
The Score Protocol, lastly, will handle requests from partner regulatory and enforcement agencies to supply them with information about a company’s articles of incorporation, general information sheet, and audited financial statements.
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