SEC-Tarlac reports 5.68% increase in company registrations
The Securities and Exchange Commission- Tarlac Extension Office (SEC-TAREO) has announced a notable increase in company registrations for the first half of 2024. Compared to the same period in 2023, there has been a 5.68% increase, signaling robust business activity and investor confidence in the region.
The latest data from SEC-TAREO reveals that a total of 1,508 newly incorporated entities were registered in the first half of 2024, up from 1,427 in the first semester of 2023. This growth spans various sectors including 329 regular stock corporations, 488 non-stock corporations, 70 partnerships, 138 one-person corporations (OPC) and 483 companies with less than five incorporators.
The majority or 77 percent of newly incorporated firms registered at SEC-TAREO in the first half of 2024 were from the Central Luzon region, followed by Metro Manila, Cagayan Valley, and Ilocos regions.
SEC-TAREO attributes this rise to the success of its digital initiatives, starting with the launch of Electronic Simplified Processing of Application for Registration of Company (eSPARC) in April 2021 and its subsystem, the One Day Submission and Electronic Registration of Companies (OneSEC) in September 2021. Recently, the Commission launched the third wave of its digital initiatives, which includes the SEC Zuper Easy Registration Online (ZERO) and Electronic Submission Authentication Portal (eSAP).
These new digital platforms were built on the Commission’s zero-contact policy and paperless transactions. SEC ZERO is a service under the eSPARC that allows applicants to authenticate system-generated forms through the eSAP platform digitally.eSAP is integrated with SEC ZERO for the digital authentication of documents, removing the need to affix wet signatures and submit hard copies of registration requirements. It uses one-time passwords to proceed with the electronic authentication of the documents.
“The increase in company registrations is a positive indicator of economic vitality. We are committed to maintaining a regulatory environment that supports innovation and growth while ensuring investor protection,” SEC-TAREO Director Richard R. Laus said.
“This growth aligns with broader economic trends, where an emphasis on sustainability and technological advancement are driving new business formations. The SEC’s efforts to streamline registration processes and reduce bureaucratic hurdles have also contributed to this surge,” he added.
As the economy continues to evolve, the SEC remains vigilant in its role to oversee and facilitate a dynamic and transparent business landscape in the country. With continued support and strategic initiatives, this momentum on new company registrations is expected to be sustained in the coming months of the year.
