The Securities and Exchange Commission (SEC) has expanded its One Day Submission and Electronic Registration of Companies (OneSEC) facility to cover foreign companies seeking to set up operations in the Philippines.
“This is a crucial component of our thrust to improve the ease of doing business in the country,” SEC Chairperson Francis Lim said. “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.”
As of end-June, 145 foreign entities have registered with the SEC.
Launched in 2021, OneSEC is part of the Electronic Simplified Processing of Application for Registration of Company (eSPARC). It allows businesses to complete registration in as fast as 1 minute and 14 seconds through pre-filled application forms.
Before this expansion, the platform was available only to 81 industry classifications.