Full-year sign-ups with SEC reach new high
The registration of new companies with the Securities and Exchange Commission (SEC) reached an all-time high in 2024, with the regulator attributing this achievement to online portals that make doing business more convenient.
In a statement on Tuesday, the corporate watchdog said it enlisted 52,304 new companies last year, up 6 percent from 49,506 in 2023.
This brings the total number of SEC-registered companies to 527,710 as of the end of 2024.
Three in every four or 75 percent of the newly registered companies comprised stock corporations while some 21 percent were nonstock corporations. The remainder consisted of partnerships.
The SEC registered 8,640 one-person corporations last year, which was 27 percent more than the 6,794 in 2023.
Two in every five or 40 percent of the companies were based in Metro Manila. Some 16 percent came from Calabarzon and 12 percent were from Central Luzon.
In terms of industries, the services sector led the new registrations at 86 percent. The remaining companies were involved in wholesale and retail trade and repair of motor vehicles and motorcycles.
“Digital transformation has always been one of the top priorities of the SEC to improve the efficiency of our services,” SEC chair Emilio Aquino said.
“Surpassing the 50,000-mark in company registrations serves as a testament that we are on the right track in encouraging entities to legitimize their operations through registration with the Commission,” he added.
In 2021, the SEC launched the Electronic Simplified Processing of Application for Registration of Corporation to shorten the process from 34 days to just three days.
