THE Securities and Exchange Commission (SEC) has launched an online portal for the filing of amendments to companies' articles of incorporation (AoI) and by-laws as part of a push to streamline and automate the regulator's processes.
Starting today, February 23, submission of documents for AoI amendments should be done online via the electronic application for modification of entity data (eAMEND) portal, the SEC said.
"The eAMEND portal is the commission's newest innovation that will make filing documents faster, easier and more efficient for the transacting public," SEC Chairman Emilio Aquino said in a statement on Thursday.
"As the SEC continues its digital transformation journey, we will endeavor to provide more solutions that will push the corporate sector forward in the digital world while also reaching our targets on sustainability and good governance," he added.
SEC Memorandum Circular 3 issued on January 15 provides guidelines on the use of the eAMEND portal.
The new portal was launched in line with the SEC's shift to electronic filing in compliance with Republic Act 11232, or the "Revised Corporation Code of the Philippines."
Applications were classified into those subject to the issuance of digital certificates and those that will undergo regular processing through the eAMEND portal.
The first classification applies to changes in the principal office address, number of directors or trustees, fiscal year for one-person corporations (OPCs) and the deletion or addition of new provisions, among others.
Firms will receive a copy of their digital certificates of filing of amendments through the new portal or the applicant's email upon payment of the necessary transaction fees.
Applications subject to regular processing include those seeking amendments to a partnership, conversion of an OPC into an ordinary stock company, dissolution of partnership and an increase in an OPC's capital stock via cash infusion.
"Changes in provisions regarding purposes, capitalization and reclassification of shares of corporations, as well as other amendments to the AoI not covered in the first classification, shall likewise undergo regular processing," the SEC said.
The commission will issue the original certificate only upon the filing of hard copies of the application documents and the payment of fees. No digital certificates will be issued for applications under this category, it said.
"With the implementation of eAMEND starting February 23, all applications submitted through email may opt to proceed with their email application or apply through eAMEND. Those that have been filed and paid prior to the said date shall proceed through email for approval," the SEC added. BRIX LELIS
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