Enrollment and Submission of Reports Using the Electronic Filing and Submission Tool: Ultimate Guide

Your guide to working around the eFAST system.

Registering with the Securities and Exchange Commission (SEC) grants a corporation its legal existence as a separate entity, allowing it to enter into contracts, own property, and conduct business activities. However, maintaining and enjoying a corporation’s power and privileges provided by law doesn’t end with registering with the SEC. They must also submit reports to avoid penalties, fines, or revocation of SEC registration.

The Revised Corporation Code provides that corporations should comply with the reportorial requirements set by the SEC to maintain good standing. These reports allow the commission to monitor and ensure good corporate practices, protecting consumers, investors, and other stakeholders. 

Below, we guide you through the enrollment and submission procedures for submitting reports using the SEC’s Electronic Filing and Submission Tool (eFAST). We also go through the primary reportorial requirements. 

What is eFAST?

In 2021, the SEC launched eFAST as part of the Department of Finance’s modernization initiatives. The online tool allows stock and non-stock corporations to submit annual reports, including Audited Financial Statements (AFS), General Information Sheet (GIS), and other reportorial requirements. 

How to Enroll and Submit on the Electronic Filing and Submission Tool (eFAST) 

All corporations, both domestic and foreign, are required to use eFAST to submit their reportorial requirements. The SEC no longer accepts submissions over the counter or through couriers. Corporations registered starting December 18, 2023 are automatically enrolled on eFAST upon registering through the SEC Electronic Simplified Processing of Application for Registration of Company (eSPARC).

Steps for eFAST Enrollment 

There are two types of accounts enrolled on eFAST:

  • Company Account

  • Authorised Filer Account

Step 1:

Here are the steps for enrolling a company account:

  • Go to https://efast.sec.gov.ph/user/login and click “Enrol as Company”

  • Input the corporation name or SEC registration number and click “Search”

  • Choose the corporation from the dropdown list and click “Verify”

If you can’t find the company name from the list, there may be deficiencies or inefficiencies in the current company records with the SEC. In such cases, you will need to fill up a form with all the necessary information, which will be vetted and approved by the eFAST team before you’re allowed to proceed with enrolment. 

Step 2:

  • On the Verify Company search box, input the company name, including the words “Corporation,” “Corp.,” “Incorporated,” “Inc.,” or “OPC.” Click “Search,” then click on the message that comes up. 

  • Nominate a username, email address, and password for the company account and click “Submit.”

  • Open the official company email to access the confirmation link. If you can’t find the confirmation email, check the Spam or Promotions folders. 

  • Click the confirmation link and log in.

Step 3:

  • Accomplish the required fields to complete the company profile on eFAST. Remember, the email address and contact information should match the information on the submitted MC 28 form. Pay close attention to the required fields and input formats provided. Once all the necessary information is provided, click “Submit.”

  • Wait for the enrolment approval email from the SEC. Once the enrollment is approved, and the account status is verified, the corporation can use its eFAST account to submit reports. 

If the information or submitted documents are incomplete or incorrect, the SEC will send an email stating what needs to be submitted to complete eFAST enrollment. 

Step 4:

  • Go to the eFAST dashboard and click “Add Authorised Filers.” Provide the name of the authorised filer, including their contact details. The authorised filer will use the email provided here to log in to the company’s eFAST account. 

  • Upload the Notarised Secretary’s Certificate or Board Resolution and click “Submit.” Make sure the uploaded documents adhere to the SEC-approved templates. The company must also fill out the online form, located in their company settings dashboard, with the data of the authorised filer.

  • Once submitted, the authorised filer will receive an email from the SEC confirming the filer’s registration on eFAST. 

Once the confirmation email is received, go to the eFAST login page and click “Enrol as Filer.”

Step 5:

Here are the steps to enroll an authorised filer account:

  • Fill in all the necessary information and nominate a password for the authorised filer account. Pay close attention to the required fields and input formats provided. Use the email address provided by the corporation. Once done, click “Submit.”

  • Once submitted, the authorised filer will receive an email with a confirmation link. 

  • Click the confirmation link. The username and password used for enrolment will also be used to log in and submit reports using eFAST. 

Here are a few things to keep in mind:

  • While corporations only need to register to eFAST once, they may add authorised filers by repeating the steps above. However, only one authorised filer may be active. Corporations may choose who the active filer is at any time. 

  • A single authorised filer can be nominated by several, different corporations. This shows that the company outsources its filing to a firm. Accordingly, law, consultancy, and other firms providing related services may also be enrolled as authorised filers.  

Once the accounts have been enrolled and verified, the company may submit its reports through eFAST. 

Submitting Reports on eFAST

Corporations may submit reports using the Company Account and the Authorised Filer Account. When submitting reports using the Company Account, there should be no active filer. To deactivate filer status, click Authorised Filers and click the deactivate icon next to the name of the active filer. 

Steps for submitting reports on eFAST:

  • Prepare the annual financial statements, GIS, and other reports that will be submitted. Remember, there are formats to be followed, depending on the report. You can find these on your eFAST account. 

  • Log in to eFAST

  • On the menu tab, click “Forms” and select “Upload New Form.” 

  • From the pop-up modal window, select the form type from the drop-down options and upload the relevant files. Once completed, you should see them on the Uploaded forms tab. 

  • From there, click “Edit/Submit.” This allows you to view and change the uploaded file, if necessary. When you’re ready to submit, select the appropriate Form information from the drop-down options, and click “Submit.” The reports should appear on the Submitted forms tab. 

The SEC will send an automated reply to the corporation’s registered email address as initial confirmation for the submitted report. Once the report image quality is approved, the SEC will send a QR code via email. This serves as proof that the SEC has approved the submitted report. You may attach this as the front or cover page of the report when other agencies (such as the Bureau of Internal Revenue) or banks request a copy of the report or proof of submission. 

Should there be issues with the submitted documents, the SEC will send an email stating the required corrections or revisions. This will also show up on the Reverted forms tab. Once amended, repeat the steps for submitting forms. 

The report submission date and time will be based on when it was initially submitted via eFAST. Reverted or rejected reports will not be considered as filed. 

What are the SEC’s reportorial requirements for corporations?

The reportorial requirements for corporations registered with the SEC will depend on a few factors, including the type of corporation and its size. These reports provide snapshots of critical information about the corporation, such as the beneficial owners and financial performance over time. 

Below, we discuss the general reportorial requirements for corporations.

General Information Sheet (GIS)

The GIS is a yearly document filed with the SEC. It acts as a company profile, providing essential details about the corporation to the SEC and the public, including:

  • Corporate name

  • Type of corporation

  • Date of registration

  • Date of annual meeting

  • Principal office address

  • Members of the board of directors for stock corporations or trustees for non-stock corporations

  • Corporate officers

  • Stockholder information

Filing the GIS is mandatory under Philippine law (Republic Act No. 11232 or the Revised Corporation Code). It ensures corporations comply with SEC regulations regarding information disclosure. The SEC can use GIS information to verify which personalities can conduct business using the corporate name (opening a bank account, for instance). For investors, this gives them information for vetting the credibility and trustworthiness of a company.  

Who should submit the GIS?

All corporations registered with the SEC, including stock, non-stock, domestic and foreign, must submit the GIS. However, this excludes one person corporations (OPC), which have to submit a different form.  

When is the deadline for submitting GIS?

Domestic corporations must submit their GIS 30 days after the annual meeting date stated in their bylaws. Remember, the deadline depends on the date stated in the corporate bylaws. Meanwhile, foreign corporations and multinational companies must submit their GIS 30 days from the date and anniversary of their SEC licence issuance. This applies to branch or representative offices as well as regional operating headquarters and regional headquarters. 

Where can I download the GIS form?

Each type of corporation has its own GIS form (stock, non-stock, branch or representative office of foreign corps, regional headquarters (RHQ), regional office headquarters (ROHQ) of multinational companies). You can download GIS forms on the SEC website. Visit www.sec.gov.ph, click the “Reportorial Requirements” tab on the navigation bar, and choose the appropriate document for your corporation.  

Audited Financial Statements (AFS)

AFS shows a company's financial activities and performance, providing critical information about its capital, investment, expenses, revenues, and cash flow. The SEC uses this information to monitor the financial health of corporations and ensure compliance with relevant regulations. 

Corporations must submit financial statements to the Bureau of Internal Revenue (BIR) or authorised banks before submitting them to the SEC. Here are some guidelines:

  • Ordinary stock and non-stock corporations with P600,000+ total assets or liabilities must have their financial statements audited by an independent certified public accountant (CPA). If the total assets or liabilities are less than P600,000, financial statements only need to be certified under oath (notarised) by the corporation’s Treasurer and President. 

  • Branch and representative offices of foreign corporations with P1,000,000+ total assets or liabilities must have their financial statements audited. A notarised treasurer’s certification will suffice if the total assets or liabilities are below P1,000,000. 

  • An audit report is required for ROHQs of multinational corporations with P1,000,000+ revenue. Otherwise, a notarized treasurer’s certification will suffice. 

For non-stock and foreign corporations, the AFS must include the following information:

  • AFS cover sheet (downloadable on the SEC website)

  • Original Bureau of Internal Revenue (BIR) or bank stamp showing that the Auditor’s Report, Balance Sheet/Statement of Financial Position, and Income Statement were “RECEIVED” by the BIR or an accredited bank

  • BOA registration number of external auditor with expiration date (if applicable) 

  • Statement of Management’s Responsibility (SMR), over the Financial Statement signed by the President, Chairman of the Board, and Treasurer

  • Originally signed Auditor’s Report; if not required, notarised Treasurer’s Certification

  • Statement of Receipts and Disbursements

  • Cash Flow Statement

  • Statement of Fund Balance

  • Notes to Financial Statements

For domestic and foreign stock corporations, the AFS must include the following information:

  • AFS Cover Sheet

  • Original BIR or bank stamp showing that the Auditor’s Report, Balance Sheet/Statement of Financial Position, and Income Statement were “RECEIVED” by the BIR or an accredited bank

  • BOA registration number of external auditor with expiration date (if applicable)

  • Statement of Management’s Responsibility (SMR), over the Financial Statement signed by the President, Chairman of the Board, and Treasurer

  • Originally signed Auditor’s Report; if not required, notarised Treasurer’s Certification

  • Balance Sheet or Statement of Financial Position

  • Income Statement

  • Cash Flow Statement

  • Statement of Changes in Equity

  • Notes to Financial Statement

  • Supplemental written statement of External Auditor on the number of stockholders (if applicable)

All corporations must submit these requirements every year, regardless if they’re still in operation or not. The same is true for new corporations, regardless if they’ve only been registered for days.  

When is the deadline for submitting AFS?

Generally, financial statements have to be submitted within 120 calendar days after the end of the fiscal year for all corporations. The fiscal year-end of a corporation can be found in its previous financial statements and bylaws. 

However, the SEC releases a memorandum circular every year, indicating the AFS submission schedule based on the last digit of a corporation’s SEC registration or licence number. For 2024, you can find the schedule on SEC Memorandum Circular 2, Series of 2024. 

MC 28 Form

In addition to the GIS and the AFS, the SEC requires all corporations to designate and report their valid official email addresses and mobile numbers under MC 28. The SEC released MC 28 to enhance the speed and efficiency of official communications between the commission and companies. The MC 28 form is one of the requirements for enrolling in eFAST and submitting reportorial requirements. 

Who needs to comply with MC 28?

All corporations, associations, partnerships, and other entities registered with the SEC are required to submit their MC 28 compliance. MC 28 indicates the respective forms different types of companies must submit. 

  • ANNEX D for corporations

  • ANNEX E for partnerships

  • ANNEX F for individuals

The following individuals must ensure their company’s MC 28 compliance:

  • Corporate secretary (for ordinary stock and nonstock corporations)

  • Resident agent for foreign corporations

  • Person in charge of the administration and management of the corporation (for corporation sole)

  • Managing partners (for partnerships)

  • Other individuals or their authorised representatives

For newly registered corporations, starting December 18, 2023, this information was already provided during their registration process on eSPARC. This means they no longer need to submit a separate MC 28 compliance. MC 28 compliance only applies to existing registered corporations. 

What information do corporations need to submit to comply with MC 28?

Corporations must submit the following information to comply with MC 28:

  • Valid official email address

  • Valid official mobile number

  • Valid alternate email address and mobile number

In addition to these, corporations must submit a Special Power of Attorney or Secretary’s Certificate proving that the authorised representative has access to the corporation’s official email address and mobile number. This serves as proof that the authorised representative can file and sign documents on behalf of the corporation. 

When is the deadline for MC 28?

When MC 28 was issued on August 27, 2020, covered entities were given 60 days to comply with its provisions. However, given the business disruptions brought by the pandemic, the SEC extended the final deadline to November 11, 2021. After the deadline, covered entities who did not comply with MC28 were considered non-compliant and were subjected to penalties. 

Companies registered before December 18, 2023 must submit the MC28 form within 30 days from the issuance date of their Certificate of Registration, Licence, or Authority. Submitting beyond the 30-day deadline will subject a newly registered entity to a penalty of P10,000. 

How do I submit an MC 28 form?

Here are the steps:

  • Visit the MC 28 submission portal at www.apps010.sec.gov.ph 

  • On the right side of the screen, you’ll find a large green tab for new submissions. Click to download the applicable ANNEX form. 

  • On the ANNEX D form, you will see two paragraphs: Authorised Representative and Certificate of Authorisation. Select the applicable paragraph, delete the other, and fill in the necessary information. 

Remember, authorised representatives will need to attach notarized Secretary’s Certificates stating that the signatory is authorised to submit the MC 28 on behalf of the corporation. For corporate secretaries, no additional attachments are required. 

  • Scan the signed form and save it as PDF. 

  • Go to the submission portal, click the New Submission button, and provide the required information. Ensure the information on the online form and the printed form match. 

  • Upload the scanned form (notarised, if necessary). Don’t forget to click “Submit” once the scanned form is uploaded. 

Once submitted, the company will receive a confirmation email on the registered email address. Wait for feedback from the SEC regarding the submission.

Can I change the company email or contact number?

To change the company email or contact number, submit a Notice to Change Email Address or Cellular Phone Number within five days after the change. Here are the steps:

  • Go to the MC 28 submission portal at www.apps010.sec.gov.ph

  • Click the blue Amendment tab and download the ANNEX G and Certificate of no Intra Corporate Dispute forms. 

  • Fill in the necessary details. 

  • Once signed and notarized, scan and upload the PDF version of the files to the Amendment tab of the MC 28 submission portal. Ensure the provided contact information is active and updated, as these are where you’ll get important notices, advisories, and correspondences from the SEC. 

For newly registered corporations, starting December 18, 2023, this information was already provided during their registration process on eSPARC. This means they no longer need to submit a separate MC28 compliance. MC28 compliance only applies to existing registered corporations. 

Additional Reportorial Requirements

Domestic stock corporations are required to submit their Stock and Transfer Book (STB). Meanwhile, non-stock corporations are required to submit their Membership Book (MB). 

For reference, here’s what these two are for:

  • The STB is a document used to record the corporation’s stock transactions, including relevant details when corporate shares are issued, sold, or transferred. 

  • The MB is where non-stock corporations record the names and other details of all members of the organisation, including when new members join and existing ones leave.

Technically, the STB and MB are not considered reports corporations must submit to the SEC. They are presented for registration purposes before the SEC Company Registration and Monitoring Department. These must be submitted 30 days from the issuance of the corporation’s articles of incorporation.

Once the STB and MB are registered, these will be in the care of the corporate secretary at the corporation’s principal office. The SEC reserves the right to inspect these documents.

Reportorial Requirements Specific to One Person Corporations (OPC)

OPCs have different reportorial requirements. These include the following:

  • Form for Appointment of Officers, including the Treasurer, Corporate Secretary, and other officers. This is the GIS counterpart for OPCs. This must be submitted within five days following the officer’s appointment. 

  • Report containing explanations or comments made by the president on every qualification, reservation, or adverse remark or disclaimer made by the auditor in their report. 

  • Disclosure of all self-dealings and related party transactions entered into between the OPC and the single stockholder

In addition to these, the SEC may require other pertinent reports.

Where can I download these reports?

The Appointment of Officers form is the only form with a specific template. You can download the Appointment of Officers form at www.sec.gov.ph. Here are the steps:

  • Click “Reportorial Requirements” on the navigation bar and go to “Corporations with Primary Licences.”

  • Under the “Domestic Stock or Non-Stock Corporations” section, download the template Appointment of Officers form. 

The Appointment of Officers form must be submitted 15 days from the issuance date of the OPC’s Certificate of Incorporation. If there are changes to the information, OPCs must submit a new form within five days.

Additional Reports for Foreign Corporations

The Notification Update Form (NUF) is another requirement for Branch and Representative Offices of Foreign Corporations, RHQs and ROHQs of Multinational Companies. The NUF is a report containing all information on any changes to the following:

  • Principal office address

  • Accounting period

  • List of directories

  • Subsidiaries

  • Affidavits

  • Other notifications to the SEC

You can download this form on the SEC website. Here’s how:

  • Click “Forms and Fees” on the navigation bar and select “Primary Registration”

  • Scroll down to “Other Forms” and click “Notification Update Form” to download

The NUF must be submitted within 30 days from the implementation of the changes in any covered subjects.  

Consequences for non-submission or late filing of reports

Failure to submit or late filing of reports may subject the corporation to penalties, fines, or a delinquent status from the SEC. A corporation that fails to submit its reportorial requirements three times, consecutively or intermittently, may be declared delinquent by the SEC, under the Revised Corporation Code (RCC). The declaration will be subject to the requirements of due process after the SEC has given reasonable notice and coordinated with the appropriate regulatory agency. 

The SEC also has the power to revoke or suspend the corporation’s licence, depending on the violation. The RCC also considers the Certificate of Incorporation revoked should companies fail to start a formal business within five years from its registration date. Similarly, a corporation may be placed under delinquent status if it has become inoperative for at least five years, following due notice and hearing. 

If the company does not resume operations and comply with requirements, the SEC will revoke the company’s Certificate of Incorporation.