Recently, the corporate regulator rolled out new digital tools to streamline registration and enhance tax compliance.
Take, for instance, SEC Zuper Easy Registration Online (ZERO).
Part of its Electronic Simplified Processing of Application for Registration of Company (eSPARC), ZERO allows applicants to digitally authenticate forms, eliminating the need for physical signatures and paper documents.
More useful acronyms
In a statement on Wednesday, the SEC said this was part of its “third wave” digital initiatives.
“We are harnessing digital technologies not only to improve the ease of doing business,” said SEC chair Emilio B. Aquino.
Other new initiatives include their first “green lane” unit to expedite registration and licensing for foreign and multinational companies, while Electronic Application For Modification Of Entity Name And Data, or eAMEND, facilitates quick processing of amendment applications.
There’s also SCORE Protocol, a middleman of sorts for partner regulatory and enforcement agencies for company information such as their incorporation papers and financial statements.
Wait, there’s more
For the SCORE Protocol, the SEC announced an agreement with the Bureau of Internal Revenue.
This partnership allows the SEC to provide the BIR access to documents needed to support tax assessments, collections and other charges.
At the same time, the BIR shall provide the SEC with Tax Identification Number verification for the Commission’s online digital services.This aids its validation and monitoring of the corporate sector and the capital markets.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
