2014 Filing Dates of Annual Financial Statement SEC Philippines

2014 Audited Financial StatementAll corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations must file their Annual Financial Statements with the Securities and Exchange Commission depending on the last numerical digit of their SEC registration or license number, as follows:

Filing Dates

Filing DateLast Digit of SEC Registration/License
April 14, 15, 16, 17, 18“1” , “2”
April 21, 22, 23, 24, 25“3” , “4”
April 28, 29, 30, May 2“5” , “6”
May 5, 6, 7, 8, 9“7” , “8”
May 12, 13, 14, 15, 16“9” , “0”

The above filing schedule does not apply to the following:

a) Those whose fiscal years on a date other than December 31, 2013. These entities shall file their AFS within 120 calendar days from the end of their fiscal year;

b) Those whose securities are listed on the Philippines Stock Exchange. These entities shall continue to observe the due date of filing of their AFS as attachment to their Annual Reports;

c) Those whose AFS are currently being audited by the Commission on Audit (COA).

d) Prior to April 14, 2014 all corporation may file their AFS regardless of the last numerical digit of their registration or license number.

The SEC will only accept AFS, other than consolidated financial statements which have been stamped “received” by the Bureau of Internal Revenue or its authorized banks.

Late filings will be accepted starting May 19, 2014 and shall be subject to the prescribed penalties calculated from the last date of the filing schedule.

SEC Amends GIS Requirements

Every business registered with the Philippines SEC is required to submit a General Information Sheet (GIS) every year to the Securities and Exchange Commission.

The amended GIS requirements can be found in SEC Memorandum Circular 10 Series of 2013.

The changes are:

1. Number of copies to be submitted reduced to 4 from 5
2. Tax Identification Number (TIN) for all foreign nationals who are directors/trustees, officers, stockholders/members and resident agents of both domestic and foreign corporations
3. Inclusion of Gender in the page for directors, trustees and officers
4. Inclusion of page I-A pursuant to Anti-Money Laundering Act, as amended

There are four different GIS forms that may be submitted according to the kind of legal entity:

A. Domestic Corporation to be submitted within thirty (30) calendar days from the date of the annual stockholders’ meeting.
B. Non-Stock Corporation to be submitted within thirty (30) calendar days from the date of the annual members’ meeting as stated in the by-laws.
C. Foreign Corporation (Branch Office, Representative Office) to be submitted within thirty (30) calendar days from the anniversary date of the issuance of the sec license
D. Regional Operating Headquarters (ROHQ), Regional Headquarters (RHQ) to be submitted: i.) within thirty (30) days after the issuance of the sec certificate of registration and license and ii.) within thirty (30) days from the anniversary date of the issuance of the sec certificate of registration.

The GIS should also be submitted to the SEC any time there have been changes in shareholders, board of directors/officers, resident agent and contact address of a company,  whether it is a corporation 100% Foreign owned, 60% Filipino owned – 40 % Foreign owned, Branch Office, Representative office.

How to open a business in the Philippines.