The Securities and Exchange Commission (SEC) has released directives concerning submitting the General Information Sheet (GIS) for the fiscal year 2024 in the Philippines. The GIS, a pivotal document for Domestic Corporations, Branch Offices, and Representative Offices, constitutes an annual obligation necessitating endorsement and attestation by the Corporate Secretary.
By SEC Memorandum Order No. 02, issued in 2022, the deadlines for GIS filing are outlined as follows:
- For Stock Corporations: GIS submission is required within thirty (30) calendar days from the actual annual stockholders’ meeting date.
- For Non-stock Corporations: GIS must be filed within thirty (30) calendar days from the annual members’ meeting date.
- For Foreign Corporations: GIS submission is due 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
The Commission has delineated penalties for late submission or non-submission of GIS as outlined 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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As stipulated in the Revised Corporation Code, failure to fulfill reportorial obligations thrice within a span of five years, whether consecutively or intermittently, empowers the SEC to classify the corporation as delinquent. Before initiating such action within its specialized regulatory purview, the Commission will engage with pertinent regulatory bodies and provide adequate notice to the concerned entity.
Filing Procedures for GIS
Below is a comprehensive guide on how to effectively file your GIS:
- Utilize eFAST: All corporations are mandated to submit their annual reportorial requirements, encompassing AFS and GIS, via the electronic filing system known as eFAST. It is imperative to adhere to the submission timetable stipulated by the SEC.
- Enrollment in eFAST: To facilitate seamless GIS submission, corporations and authorized representatives must enroll in the eFAST system.
- Contact Us (Triple i Consulting): Schedule an initial consultation for assistance.
Is Assistance Available?
For professional assistance with the GIS filing process in the Philippines, BusinessRegistrationPhilippines (Triple i Consulting) stands ready to serve. We provide expert guidance and support to streamline your corporate compliance obligations.
Triple i Consulting Inc. is proud to be the first ISO 9001:2008 certified company in the Philippines, specializing in business registration and business permit renewals, and boasting a team of seasoned professionals with over 15 years of experience across various domains, including Philippine corporate laws, accounting, taxation, FDA licensing, product registration, and more.
Contact us through any of the following channels to schedule an initial 30-minute consultation:
- Fill out the provided form below
- Contact us here
- Call us at +63 (02) 8540-9623.
- Email info@tripleiconsulting.com
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