The Securities and Exchange Commission (SEC) announced the deadlines for the submission of the 2021, 2022, and 2023 General Information Sheet (GIS) and the Audited Financial Statements (AFS) for corporations. The GIS is a statement signed and attested to by the Corporate Secretary, submitted annually, and applies to Domestic Corporations, Branch Offices, and Representatives Offices.

According to the SEC Memorandum Order No. 02, series of 2022, all business entities must file their GIS as follows:

• Stock corporations – Thirty (30) calendar days from the date of the actual annual stockholders’ meeting 
• Non-stock corporations – Thirty (30) calendar days from the date of the actual annual members’ meeting 
• Foreign corporations  – Thirty (30) calendar days from the anniversary date of the issuance of the SEC license 

Penalties for Late Filing and Non-Filing of GIS as of November 2013

The Commission has published the penalties for late filing or non-filing of GIS as seen in the table below:

STOCK CORPORATION	NON-STOCK CORPORATION
LATE FILING	LATE FILING
First offense: Based on the “Total Assets” indicated in the latest Financial statements :	First offense: Based on the “Total Assets” indicated in the latest Financial statements :
Up to PhP 100,000: P500	Up to PhP 100,000: P250
100,001 to 500,000: P1,500	100,001 to 500,000: P750
500,001 to 5,000,000: P2,500	500,001 to 5,000,000: P1,250
5,000,001 to 10,000,000: P3,500	5,000,001 to 10,000,000: P1,750
Above 10,000,000: P5,000	Above 10,000,000: P2,500
Second offense: Total fine, plus ten percent (10%) of the total fines computed	Second offense: Total fine, plus ten percent (10%) of the total fines computed
Third offense: Total fine, plus fifteen percent (15%) of the total fines computed	Third offense: Total fine, plus fifteen percent (15%) of the total fines computed

 

STOCK CORPORATION	NON-STOCK CORPORATION
NON-FILING	NON-FILING
First offense: Based on the “Total Assets” indicated in the latest Financial statements :	First offense: Based on the “Total Assets” indicated in the latest Financial statements :
Up to PhP 100,000: P1,000	Up to PhP 100,000: P500
100,001 to 500,000: P3,000	100,001 to 500,000: P1,500
500,001 to 5,000,000: P5,000	500,001 to 5,000,000: P2,500
5,000,001 to 10,000,000: P7,000	5,000,001 to 10,000,000: P3,500
Above 10,000,000: P10,000	Above 10,000,000: P5,000
Second offense: Total fine, plus ten percent (10%) of the total fines computed	Second offense: Total fine, plus ten percent (10%) of the total fines computed
Third offense: Total fine, plus fifteen percent (15%) of the total fines computed	Third offense: Total fine, plus fifteen percent (15%) of the total fines computed

Under the Revised Corporation Code, the SEC may place a corporation under a delinquent status in case of failure to submit the reportorial requirements three (3) times, consecutively or intermittently, within a period of five (5) years. The Commission shall coordinate with the appropriate regulatory agency and give reasonable notice before placing the company under delinquent status under their special regulatory jurisdiction.

How to file your GIS

All corporations are required to file their annual reportorial requirements (AFS and GIS) through eFAST following the schedule of submission posted by the SEC. To be able to submit your GIS, corporations and authorized representatives must enroll in the eFAST. 

Contact Triple i Consulting Inc. and ease the burdens of properly filing your GIS in the Philippines. 

As the first ISO 9001:2008 company in the Philippines to offer business registration to its clients, Triple i Consulting has a team of experts endowed with over 12 years worth of knowledge and skills in Philippine business incorporation, corporate laws, accounting and taxation, FDA licensing, product registration, and more. 

Want help accomplishing this? Contact us for help here, fill out the form below, call us at +63 (02) 8540-9623, or email us at info@tripleiconsulting.com to get an initial consultation with one of our business incorporation professionals.