11/11/2024
PUBLIC EDUCATION ON THE FUNCTIONALITY OF THE OBRS
We wish to provide the following information to educate our clients, stakeholders and the general public on the functionality of the Online Business Registration System (OBRS).
1. C**A (and its employees) does not change or alter information on any company. All changes on the OBRS such as removal or addition of shareholders or directors are done by the company directors or their appointed company secretaries. All changes made will have a trail of when the changes were made and by who.
2. The information held on the register is what is deemed to be the current and true record about that particular company until its directors/secretaries update the information.
3. Our turnaround time for the approval of changes to directors/shareholders is 24 hours.
4. It is the responsibility of company directors and their appointed company secretaries to ensure that the information held on the register is correct and up-to-date. All changes should be notified to the Registrar within the stipulated timelines in the Companies Act. Failure to notify the Registrar of the changes within the prescribed times attracts penalties.
5. Companies that fail to update the register or that provide false information may face an administrative penalty of up to P500,000.00.
6. C**A may from time-to-time conduct spot checks at certain companies to verify records against what is held on the register. Such verification will include inspection of company records.
