Business owners may have one less task to worry about to become government compliant.
Early this month, the Securities and Exchange Commission launched a simplified online application process for those registering non-specialized corporations, allowing their applications to be approved in one day.
The Lane for Express Application Processing (LEAP) is the newest feature in the SEC’s online company registration system (CRS). With the new lane, applicants no longer need to write their own corporate provisions, as they only have to fill the pre-uploaded application forms available in SEC’s online registration platform.
With the pre-crafted application forms, SEC is stripped off the need to manually check and verify documents that may take days and even weeks. This way, applications may be processed and approved in just one day.
“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,” SEC Chairperson Emilio B. Aquino said in a statement.
Currently, corporations that do no need to submit additional documentary requirements like secondary licenses and prior endorsements from other agencies are the only ones allowed to use LEAP. Financing companies and lending corporations are usually the ones that need such requirements.Â
Prior to the launch of LEAP, the SECÂonly had two available application lanes: regular and fast track. Regular lane is similar to LEAP in a way that the entire process is done through an online platform. However, processing may take days, as this registration lane still demands manual verification of the customized corporate provisions submitted by the applicant to the SEC.
Meanwhile, the fast track lane requires applicants to manually submit original copies of additional documentary requirements in addition to the completion of the application form.
With LEAP, the entire application process is simplified to seven steps, which includes the issuance of the certificate of incorporation.
This story originally appeared on Esquiremag.ph.
* Minor edits have been made by the Entrepreneur.com.ph editors.