Looking for a guide on how to close your business with SEC (Securities and Exchange Commission) in the Philippines?
We’ve prepared this for you.
You can also find our other guides on how to close a business in the Philippines.
Who Needs To Close Their Business With SEC?
Businesses that were registered with SEC need to formally close their SEC registration if they’re no longer in operation.
These businesses can include:
- Partnerships
- Corporations (stock)
- Corporations (non-stock), such as NGOs (Non-Governmental Organizations)
Requirements & Where To Apply For Closure
The requirements that you need to submit will depend on several factors, including how and when the business, partnership, or corporation is closing.
Voluntary Dissolution (no creditors are affected)
- Verified request for dissolution (must have a Certification Against Forum Shopping)
- Notarized board resolution authorizing the dissolution
- Publisher’s affidavit of publication (newspaper published in the corporation’s principal office’s location or in a newspaper of general circulation in the Philippines if no newspaper is published in that place)
- Latest due GIS (General Information Sheet)
- AFS (Audited Financial Statements) as of last fiscal year
- Tax Clearance Certificate
- Secretary’s Certificate of no pending intra-corporate dispute
- Affidavit under oath by the President and Treasurer
- Clearance or favorable recommendation from other regulators or other SEC departments, if applicable
For this type of business closure, your documents must be submitted to either of the following:
- SEC CRMD (Company Registration and Monitoring Department)
- SEC Extension Office
Dissolution by Shortening of the Corporate Term (at least one year from the application approval)
- Notarized directors’ certificate authorizing the shortened term
- Amended articles of incorporation
- Secretary’s Certificate of no pending intra-corporate dispute
- Monitoring clearance
- Clearance or favorable recommendation from other regulators or other SEC departments, if applicable
This type of business closure must be filed at either of the following:
- SEC Corporate and Partnership Registration Division
- SEC Extension Office
Dissolution by Shortening of the Corporate Term (less than one year from the application approval)
- Notarized directors’ certificate authorizing the shortened term
- Amended articles of incorporation
- AFS (Audited Financial Statements) as of last fiscal year
- Affidavit under oath by the President and the Treasurer
- Certificate of no pending intra-corporate dispute
- Tax Clearance Certificate
- Publisher’s affidavit of publication
- Clearance or favorable recommendation from other regulators or other SEC departments, if applicable
This type of business closure must be filed at either of the following:
- SEC Financial Analysis and Audit Division
- SEC Extension Office
Process: How To Close Your Business With SEC
Step 1. Be sure to prepare all the required documents and double-check that all the information or data provided is correct.
Step 2. Head to the SEC office where you need to process your business closure (see list above).
Step 3. Submit your documents and wait for approval.
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