SEC LAUNCHES ‘LEAP’ FOR ONE-DAY COMPANY REGISTRATION

The Securities and Exchange Commission (SEC) has launched a new special lane in its company registration system (CRS) to make one-day processing and approval of applications possible. The special lane called Lane For Express Application Processing (LEAP) allows for the registration of companies using pro-forma online application forms, where applicants simply need to tick off applicable items and input the required information. The use of the pro-forma online application forms saves applicants from crafting their own provisions or uploading documents, which a human processor will then have to review and, thus, will require more time to be processed. The Commission introduced LEAP as part of efforts to address the backlog of applications tagged as Still for Processing and For Compliance Stages during the transition to an automated CRS. Prior to the launch of LEAP, there was Regular Lane and Fast Track Lane of CRS. In Regular Lane, all types of corporations may register. In this lane, the entire incorporation process is via online which requires stable internet connection and reliable computer. The only time an applicant will have to come to the SEC is when the Certificate of Incorporation is claimed. Fast Track, on the other hand, is a hybrid-manual transition measure that facilitates faster resolution or approval of pending CRS applications. Applicants still need to encode/upload their application online but they should manually submit original copies of notarized documents for checking and processing prior to claiming their Certificates of Registration. Page 2 of 2 Office of the Commission Secretary S-309, 3F PICC Secretariat Building Philippine International Convention Center (PICC) Complex Pasay City 888-8141; 818-5478 Corporations which require secondary licenses and prior endorsements from other agencies (i.e. Lending Companies, Financing Companies, Broker/Dealers in Securities, etc) may be processed using the Fast Track. LEAP is just one of the proactive interventions and improvements made by SEC to improve the registration processing times and enhance the client experience. Currently, only Corporations which do not need to upload additional documentary requirements (i.e. general purpose/non-specialized corporations) may utilize LEAP. We will not cease to innovate and create new system upgrades in CRS to provide the optimum quality of service to our clients. We are confident that we could totally eliminate the Backlog in the system by using the Lane for Express Application Processing (LEAP) and eventually we can expand its coverage, said SEC Chairperson Emilio B. Aquino. The new streamlined steps of Lane for Express Application Processing are as follows: 1. Account Creation 2. Name Verification 3. Filling Up of CRS Pro-Forma Online Application Form 4. Payment 5. Submission of Proof of Payment 6. Submission of Signed and Notarized Articles of Incorporation and By-laws. 7. Issuance of Certificate of Incorporation. Nevertheless, new applicants may still choose from the Three Lanes of CRS in processing their company registration. However, their option must be based on the type of their corporation and the required documents they need to submit. For clarifications, applicants may call the following telephone numbers: Direct Lines: 818-5554; 818-8803 or Trunk Line: 818-0921 extension 279, 256, 284, 214. For assistance on LEAP and other registration related matters, they may visit the Company Registration and Monitoring Department, Ground Floor, Secretariat Building, PICC Complex, Roxas Boulevard, Pasay City and its SEC Satellite and Extension Offices.

Source: Securities and Exchange Commission

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