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Introduction
The Securities and Exchange Commission (SEC) in the Philippines plays a vital role in regulating various business entities and ensuring compliance with corporate laws. One of the key requirements imposed by the SEC is the submission of the General Information Sheet (GIS) by all corporations registered in the country. In this article, we will provide a comprehensive overview of the SEC General Information Sheet, its purpose, and the important details it entails.
What is the SEC General Information Sheet (GIS)?
The General Information Sheet (GIS) is a document required by the SEC in the Philippines. It serves as an annual report submitted by corporations to provide up-to-date and accurate information about their corporate structure, ownership, officers, and other relevant details. The GIS ensures transparency, safeguarding the interests of shareholders, investors, and the general public.
Key Details Included in the GIS
1. Corporate Information:
- Company Name: The legal name of the corporation as registered with the SEC.
- Company Registration Number: The unique identification number assigned by the SEC upon registration.
- Principal Office Address: The physical address where the corporation's main office is located.
2. Directors and Officers:
- Names: The names of directors, including executive and independent directors, and their position in the company.
- Nationalities: The nationality of each director and officer.
- Residential Address: The residential addresses of directors and officers.
- Tax Identification Numbers (TIN): The TIN of each director and officer.
- Date of Birth: The birthdate of each director and officer.
3. Ownership Structure:
- Shareholders: The names and nationalities of shareholders owning more than five percent of the corporation's capital stock.
- Number of Shares: The number of shares held by each shareholder.
- Percentage of Shareholding: The percentage of shares held by each shareholder.
- Nationalities of Shareholders: The nationalities of each shareholder.
4. Authorized and Issued Capital Stock:
- Authorized Capital Stock: The maximum amount of capital that the corporation is authorized to issue.
- Issued Capital Stock: The actual amount of capital that has been issued to shareholders.
5. Auditors and Consultants:
- External Auditors: The name and address of the external audit firm responsible for conducting the audit of the corporation's financial statements.
- Legal Consultants: The name and address of the legal firm providing counsel to the corporation.
Filing and Compliance
Corporations are required to submit the GIS annually within 30 days after the date of the annual stockholders' or members' meeting. The submission process is typically done online through the SEC's online filing system.
To ensure compliance with the GIS requirements, corporations should:
1. Maintain Accurate Records: Maintain accurate and up-to-date records of directors, officers, shareholders, and other pertinent information required for the GIS.
2. Timely Submission: Ensure the GIS is submitted within the prescribed timeframe to avoid penalties or non-compliance issues.
3. Review for Accuracy: Conduct a thorough review of the GIS to ensure all information provided is accurate, complete, and aligned with the actual corporate structure.
4. Engagement of Professionals: Seek assistance from professionals, such as DV Consulting to ensure appropriate compliance with the GIS requirements.
Conclusion
The SEC General Information Sheet (GIS) is an essential report that corporations in the Philippines must submit annually. It provides crucial information about the company's structure, directors, officers, shareholders, and other relevant details to ensure transparency, compliance, and accountability. By understanding the importance of the GIS and fulfilling its requirements accurately and promptly, corporations can maintain good standing with the SEC and foster a culture of transparency and good corporate governance.