MANILA, Philippines - There are over 10,000 non-stock corporations registered with the Securities and Exchange Commission (SEC), data from the corporate regulators’ Investor Protection and Surveillance Department showed, and the requirements are so simple they can be registered within one day.
The public can check records of every company registered with the SEC through the corporate regulators’ online service (http://www.sec.gov.ph/onlinetransactions/seciview.html) for a fee.
Available records include articles of incorporation and amendments in the documents, financial statements and general information sheet, among others.
Before operations, non-stock corporations like NGOs, non-profit organizations, foundations and associations are required to register with the SEC.
“The registration is conducted here in the SEC. But the accreditation is conducted by the Department of Social Welfare and Development because NGOs have to comply with certain requirements,†Gerard Lukban, SEC commission secretary, said in a phone interview.
Non-stock entities with complete documents can register in the SEC in three to five days, Lukban said.
Non-stock corporations are required to submit documents like name verification slip, articles of incorporation and bylaws, and list of members as certified by the corporate secretary.
Lukban said registrants could avail themselves of the green lane, which allows them to secure their registration certificate on the same day of their application.
Non-stock entities are tasked to submit reports annually.
“Every year, they have reportorial requirements,†Lukban said, adding that registered entities should submit financial statements and general information sheet.
Foundations which enjoy tax perks are subject to more stringent reportorial requirements, Lukban said.
They should submit a statement of their willingness to be audited, list of projects and beneficiaries, source of funds, among others.