The Securities and Exchange Commission (SEC) recorded an increase in company registrations in 2024, crediting its digital platform for making the process easier. The agency registered 52,304 new companies, a 6% increase from 49,506 in 2023, bringing the total number of active SEC-registered firms to 527,710.
“Digital transformation has always been one of the top priorities of the SEC to improve the efficiency of our services,” said SEC Chair Emilio Aquino. “Surpassing the 50,000-mark in company registration serves as a testament that we are on the right track encouraging entities to legitimize their operations through registration with the Commission.”
The SEC has introduced various digital initiatives since 2020 to simplify company registration. The SEC Electronic Simplified Processing of Application for Registration of Corporation (eSPARC) reduced the registration process from 34 days to three. Its One Day Submission and Electronic Registration of Companies (OneSEC) allowed applicants to complete registration in just over a minute.
In July 2024, the SEC launched a third wave of digital services, including the SEC Zuper Easy Registration Online (ZERO), the Electronic Submission Authentication Portal (eSAP), and the SEC Foreign Investments Registration Station (FIRST) Green Lane Unit. These initiatives allow applicants to register businesses remotely, eliminate paper-based submissions, and support foreign investment registrations.
Stock corporations made up the majority of new registrations, accounting for 75% or 39,146 companies. Non-stock corporations comprised 21% or 10,782, while partnerships accounted for 5% or 2,376. One-person corporations grew by 27% to 8,640 from 6,794 in 2023.
Most of the newly registered companies were in Metro Manila, which accounted for 40% or 20,231. Calabarzon followed with 8,226 (16%), and Central Luzon registered 6,141 (12%). The services sector dominated new registrations at 86%, with the wholesale and retail trade, and repair of motor vehicles and motorcycles segment recording 12,479 new businesses.