The Securities and Exchange Commission (SEC) recorded an all-time high in company registration in 2024, driven by its continuous digital transformation efforts that simplify business registration in the Philippines.
A total of 52,304 new companies were registered with the SEC in 2024, marking a 6% increase from 49,506 in 2023. This brought the total number of active SEC-registered companies to 527,710 by the end of the year.
“Digital transformation has been one of our top priorities to enhance service efficiency. Surpassing the 50,000 mark in company registrations proves that we are successfully encouraging entities to legitimize their operations through SEC registration,” said SEC Chairperson Emilio B. Aquino.
Metro Manila led with the highest number of new registrations at 20,231 (40%), followed by Region IV-A (CALABARZON) with 8,226 (16%) and Region III (Central Luzon) with 6,141 (12%).
SEC- Tarlac Extension Office which oversees corporations in Central Luzon, credited the growth to the Commission’s streamlined online processes. “The SEC’s digital innovations have made business registration more convenient, encouraging more entrepreneurs and business owners in Central Luzon to formalize their businesses,” said Director Richard R. Laus of SEC-Tarlac.
Stock corporations made up the majority of new registrations in the country at 39,146 (75%), followed by non-stock corporations at 10,782 (21%) and partnerships at 2,376 (5%). One-person corporations (OPCs) also saw a significant 27% increase, reaching 8,640 registrations in 2024 from 6,794 in 2023.
The services sector dominated registrations, accounting for 44,872 new companies (86%), with the wholesale and retail trade, and the repair of motor vehicles and motorcycles sector recording 12,479 new registrants.
Since launching its digital transformation in 2020, the SEC has continuously improved the registration process. The introduction of SEC Electronic Simplified Processing of Application for Registration of Corporation (eSPARC) in 2021 reduced the processing time from 34 days to just three days. The One Day Submission and Electronic Registration of Companies (OneSEC) system further expedited the process, allowing company registration in as fast as one minute and 14 seconds.
In July 2024, the SEC introduced its third wave of digital initiatives, including SEC Zuper Easy Registration Online (ZERO), allowing applicants to digitally authenticate system-generated forms. The Electronic Submission Authentication Portal (eSAP) eliminates the need for wet signatures and physical submission of registration documents. The SEC Foreign Investments Registration Station (FIRST) Green Lane Unit was also launched to handle registrations, licensing, and amendments for foreign investors under the Foreign Investment Act.
Additional innovations like the Electronic Application for Modification of Entity Name and Data (eAMEND) and Swift Corporate and Other Records Exchange (SCORE) Protocol further improved inter-agency data sharing, enhancing regulatory efficiency.
With these advancements, the SEC aims to further streamline business registration this 2025 and attract more local and foreign investments.
