MENDOZA, JURIS RENIER C.

LAW 4 JUNE 15, 2019

MR. MIGUEL P. BOLO JR. ENGLISH 20 SAT 8:00AM-
5:00PM

The ABCs of the Company Registration System

(A Process Essay)

In line with the ease-of-doing-business policy of the government, the Securities

and Exchange Commission Philippines(SEC) has implemented the Company
Registration System(CRS). This web application aims to provide an easier and more
convenient manner of applying for a new company - whether it is a corporation or
partnership.
Long ago, before CRS was introduced to the world, the process for new company
registration would entail a lot of costs and expenses. Most of the clients were from out
of town and they have to spend a lot of money on meals and transportation. Hence, due
to public demand, SEC made this system in order to help clients anywhere in the world.
The system was made available to the public on the 17th day of November 2017. It can
be accessed online and on any gadget such as personal computers, laptops, tablets,
and mobile phones.
There are several steps in the registration of a new company under the CRS. It is
as easy as counting one, two, three but you have to be patient enough due to the
intermittent connection that you might encounter during the process.
The first thing you have to access the CRS website(crs.sec.gov.ph) through a
compatible browser. Once you are in the interface of the site, just below the log-in field,
you can see a sign-up button. You click it and it will lead you to an interface wherein you
will create an account. All you have to do is that you have to fill in all the required fields.
You have to use an existing email where your account will be validated.
Secondly, once your account is validated, you may now begin with the
registration proper. On the left side of the screen, there is a panel with several buttons.
You look for the button which indicates “Register New Company” and you click it.
Thirdly, after reading the terms and conditions of the CRS, you will have to select
the type of corporation, the industry classification, and its sub-classification. You also
have to verify your company name. You have to make sure that your proposed company
name should not be confusingly or deceptively similar to a name that is already
registered or reserved for the use of another corporation or partnership.
Fourthly, once the proposed company name is verified, you will be required to
supply the rest of the company details such as the purpose of the company, the
principal office address, the names, nationalities, and residences of the incorporators
and directors, the capital structure of the corporation, the board’s annual meeting, and
the fiscal year. Those are the few details required to be furnished.
Fifthly, after supplementing all the required details in the system, you will be
directed to an interface that contains the summary details of your application. It will also
show the estimated amount of the filing fee that you will have to pay. However, it is only
after the review of the processor where you can pay your filing fee. He will send in your
account the order of payment and the system will give you two options on how to pay
the said fee - it could either be through online or over-the-counter. The CRS will also
provide system-generated forms containing all the details being encoded in the system.
These forms should be signed by the incorporators and should be uploaded in the
system. Afterward, you have to wait for the comment from the processor if the
documents submitted are free from error or not.
Lastly, once your documents are approved, a certificate will be issued by the
SEC.