The Securities and Exchange Commission (SEC) has issued guidelines for submitting the General Information Sheet (GIS) for the year 2024 in the Philippines. The GIS, a crucial document for Domestic Corporations, Branch Offices, and Representative Offices, is an annual requirement that must be signed and attested to by the Corporate Secretary.
As per SEC Memorandum Order No. 02, series of 2022, the deadlines for GIS filing are as follows:
- For Stock Corporations: Submit your GIS within thirty (30) calendar days from the actual annual stockholders’ meeting date.
- For Non-stock Corporations: File your GIS within thirty (30) calendar days from the actual annual members’ meeting date.
- For Foreign Corporations: Submit your GIS within 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 : |
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Second offense:
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Second offense:
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Third offense:
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Third offense:
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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 : |
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Second offense:
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Second offense:
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Third offense:
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Third offense:
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According to the Revised Corporation Code, if a corporation fails to submit its reportorial requirements on three occasions, whether consecutively or intermittently, within five years, the SEC (Securities and Exchange Commission) has the authority to designate that corporation as delinquent. Before taking such action within its special regulatory jurisdiction, the Commission will liaise with the relevant regulatory agency and provide ample notice to the company.
How to file your GIS
Here’s a step-by-step guide on how to file your GIS:
- Use eFAST: All corporations are mandated to file their annual reportorial requirements, including AFS and GIS, through the electronic filing system known as eFAST. Ensure that you follow the submission schedule provided by the SEC.
- Enroll in eFAST: Corporations and authorized representatives must enroll in the eFAST system to facilitate GIS submission.
- Contact Triple i Consulting for assistance
If you require assistance with the GIS filing process in the Philippines, consider contacting us. We offer expert guidance and support to streamline your compliance efforts.
Triple i Consulting Inc., is the first ISO 9001:2008 certified company in the Philippines specializing in business registration, business permit renewals, and boasts a team of professionals with more than 15 years of expertise in various fields, including Philippine corporate laws, accounting, taxation, FDA licensing, product registration, and more.
For further assistance, you can contact us through the following channels:
- Fill out the provided form below
- Contact us here
- Call us at +63 (02) 8540-9623.
- Send an email to info@tripleiconsulting.com to initiate an initial consultation with one of their business incorporation professionals.
Let Triple i Consulting Inc. help simplify your GIS filing process and ensure compliance with regulatory requirements.