Manila: The Securities and Exchange Commission (SEC) has now extended its One Day Submission and Electronic Registration of Companies (OneSEC) Zuper Easy Registration Online facility to accommodate foreign companies aiming to incorporate in the domestic market.

According to Philippines News Agency, SEC Chairperson Francis Lim emphasized the significance of this development in a press release issued on Wednesday, describing it as a key element in enhancing the ease of doing business in the Philippines. Lim stated, "By expanding the coverage of OneSEC to foreign entities, we want to send a strong signal to the international business community that the Philippines is open for business, and hopefully encourage them to set up shop here."

As of the end of June, the SEC reported that 145 foreign entities have successfully registered with the commission. The OneSEC platform, introduced in 2021, forms part of the SEC's Electronic Simplified Processing of Application for Registration of Company (eSPARC). This initiative employs pre-filled application forms to expedite the registration process, which can be completed in as little as 1 minute and 14 seconds.

Prior to this expansion, only 81 industry classifications were eligible to utilize the online registration platform.