The Covid-19 pandemic has reshaped the world and will change the way companies do business. As we adjust for life under the new normal many questions still remain.
Manila has been placed under a state of Enhanced Community Quarantine since March 16th and is currently under ECQ with the rest of the Luzon and many other parts of the Philippines. Several areas which have been able to demonstrate a low prevalence of the virus have already been shifted to a different standard which is the General Community Quarantine or GCQ.
The GCQ is the Philippines’ attempt to restart the country economically after almost 2 months of lockdown. During and currently under the ECQ almost all businesses are on a Work From Home basis and that includes the government agencies and offices. When the Philippines switches to a GCQ (a move expected to happen on May 15th) businesses will once again be allowed to operate under guidelines and it is presumed the Securities and Exchange Commission will be one of the agencies rebooted in the coming weeks.
So now that the country is gearing up for the new normal economy, one of the basic necessities for new businesses is incorporating with the SEC in the Philippines. Whether you will choose a Branch or Representative Office, Domestic Corporation or another entity, you will pass through the SEC.
How is the SEC expected to operate under GCQ?
I predict that it will become more efficient as a result of the digitization of many services.
During the ECQ SEC examiners were still receiving applications and reviewing documents via the web. Our lawyers were able to communicate and have documents “pre-approved” for registration. Once GCQ is implemented for those companies, our legal team will only need to file and pay.
This has become a more efficient means of registering than in the past. I imagine soon the SEC will be even better equipped to receive online payments and physical copies of documents through accredited courier services.
While more information becomes clear in the coming weeks, it is apparent the Philippines is gearing up for business under the GCQ.
If you have any questions regarding setting up a business in the Philippines or need some assistance with incorporation please email us at email@example.com to have one of our consultants speak with you.