Does Your Corporation Need to File a General Information Sheet (GIS)?
Registering your corporation is only the first step. To remain compliant with the Securities and Exchange Commission (SEC), corporations are generally required to comply with ongoing reportorial requirements, one of which is the submission of the General Information Sheet (GIS).
So, is GIS filing really required?
Yes. Most corporations registered with the SEC are required to submit a General Information Sheet (GIS) in accordance with the applicable SEC laws, rules, and regulations.
What Is a General Information Sheet (GIS)?
The General Information Sheet (GIS) is a reportorial document submitted to the SEC containing updated information about a corporation. Depending on the type of corporation, the GIS typically includes information such as:
Directors or Trustees
Corporate Officers
Principal Office Address
Stockholders or Members
Other information required under applicable SEC laws, rules, and regulations
The GIS helps maintain a corporation's official records with the SEC by ensuring that the information on file remains accurate and up to date. It also supports the SEC's regulatory oversight by keeping corporate information current in accordance with applicable laws and SEC regulations.
Who Is Required to Submit a GIS?
Depending on the applicable SEC laws, rules, regulations, and issuances, GIS filing generally applies to:
Stock Corporations
Non-Stock Corporations
Foreign Corporations licensed to do business in the Philippines
The SEC facilitates the electronic submission of the GIS through its Electronic Filing and Submission Tool (eFAST), subject to the applicable filing procedures and requirements.
If your corporation falls under one of these categories, submitting the GIS forms part of your ongoing corporate compliance and SEC reportorial requirements.
When Should the GIS Be Filed?
The filing schedule and deadline for the General Information Sheet (GIS) depend on the type of corporation and the applicable SEC rules, regulations, and issuances.
To avoid late filings and possible compliance deficiencies, corporations should monitor the filing schedule prescribed by the SEC and ensure that the required GIS is submitted within the applicable deadline.
Why Is GIS Filing Important?
Submitting the GIS helps ensure that your corporation's records with the SEC remain complete, accurate, and up to date.
Maintaining updated corporate information is important when processing requests for SEC certificates, complying with reportorial requirements, completing other corporate transactions, and demonstrating good corporate governance.
Addressing compliance requirements on time helps corporations avoid unnecessary delays and continue operating with greater confidence.
What May Happen If You Fail to Comply?
Failure to comply with GIS filing requirements may result in:
Monetary penalties
Possible compliance deficiencies
Delays in processing certain SEC transactions
Other administrative sanctions, when applicable, under existing SEC laws, rules, regulations, and issuances
These consequences may create additional challenges for the corporation, particularly when processing important corporate documents, regulatory filings, or business transactions.
Stay Ahead of Your Corporate Compliance Requirements
Corporate compliance is easier to manage when reportorial requirements are completed on time.
Rather than waiting for penalties, delays, or compliance concerns, ensure that your corporation's GIS and other SEC reportorial requirements are properly monitored and submitted within the prescribed deadlines.
Seeking professional guidance can also help make the compliance process more organized, efficient, and manageable.
Let IEN Business Consultancy Assist You
Need assistance with your General Information Sheet (GIS) or other SEC reportorial requirements?
At IEN Business Consultancy, we assist corporations with GIS preparation, review, filing, and other SEC reportorial requirements, helping businesses stay compliant with applicable SEC regulations.
Message IEN Business Consultancy today and let our team help you manage your corporate compliance requirements with confidence.
Disclaimer: GIS filing requirements, documentary requirements, filing schedules, and deadlines may vary depending on the type of corporation and the applicable SEC laws, rules, regulations, issuances, and future amendments. For guidance specific to your corporation, consult IEN Business Consultancy.
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