Last April 21, I wrote about the launch of the Securities and Exchange Commission (SEC)'s new Electronic Simplified Processing of Application for Registration of Company (eSPARC) facility. Following this is another significant milestone in the SEC's digital transformation initiative: a new eSPARC feature called One-Day Submission and Express Registration of Companies (OneSEC).

OneSEC - an online "pass-through" system with an embedded validation processes - held its soft launch last September 15 for applications involving the registration of domestic stock corporations and completion of the process in just one day. Initial performance statistics, from the start of name verification upon completion of data submission to the issuance of the digital copy of the interim certificate of incorporation (COI), showed that if the applicant only typed faster, the SEC registration certificate could be issued within a few minutes.

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