The SEC requires GIS filings to be submitted annually and to provide information regarding the beneficial ownership of the company to the Securities and Exchange Commission (SEC). A corporation’s ultimate effective control may include nationalities, names, and shares owned by individuals.
Instructors should give their students a template for creating fact sheets. This ensures all information is included and provides clarity for participants.
It is a legal document
It is a legal document that is submitted by all domestic and foreign companies registered with the Securities and Exchange Commission (SEC) in the Philippines every year called the General Information Sheet (GIS). Your company’s name, address, stockholders, and a declaration of beneficial ownership are included in this legal document.
The GIS is a public document and thus available to any individual who requests it. Therefore, it is imperative that it remains up-to-date so any change in ownership can be noted and recorded on it; failing to update will render the transfer incomplete and possibly irreparable.
GIS forms and related paper documents filed with the SEC include an inventory of assets and liabilities as well as the company’s tax identification number, which the SEC uses to validate the identities of incorporators, stockholders, directors, trustees and officers. Personal information gathered through submitted GIS forms or paper documents submitted may include full name, signature, citizenship status (citizenship status/sex status/nationality/residence address etc) nationality address roll number accreditation number roll of attorney number Taxpayer Information Number/ Taxpayer Information Number etc. By law the SEC must protect individuals’ personal data so it can only be used lawfully for legitimate purposes.
It is a financial document
The General Information Sheet (GIS) is an annual filing required by all corporations with the Securities and Exchange Commission, detailing important information about them such as date of registration, nature and type of business activity conducted, meeting dates and venues, stockholder details, external auditor information and any related details.
GISs must contain personal details on incorporators, stockholders, directors, trustees, officers and beneficial owners – such as full names, signatures, nationality and sex information as well as addresses for filing and identity verification purposes. This data serves to facilitate filing processes as well as validate their identities.
Update your GIS when there is a change in share ownership of the company, since failure to do so would render ownership transfer incomplete and invalidate the GIS. Therefore, when buying publicly traded shares it is necessary to file a GIS, as well as when transferring shares of privately held firms and non-listed subsidiaries.
It is a public document
General Information Sheet (GIS) is a document required by all domestic and foreign corporations registered with the Securities and Exchange Commission of the Philippines (SEC) each year. GIS includes information regarding name, nationality, shareholdings, residential addresses and total number of directors, trustees and officers for that company as well as any changes in capital, structure or ownership that occurred since their last submission to SEC.
GISs must provide information regarding the beneficial owners of the corporation. A beneficial owner is defined as any natural person who owns, controls or exercises ultimate effective control over a corporation. Recently, the SEC released Memorandum Circular No. 17, Series 2018 which provides guidance for registrants filing GIS.
A well-written fact sheet can be an ideal way of sharing key business information with your target audience. Before disseminating it widely, it’s wise to pretest your fact sheet with its intended recipient group in order to ensure it can be easily read and understood by all. Those new to fact sheet writing should keep this in mind: their document must be clear and succinct.
It is a record of ownership
General information sheets (GISs) provide essential corporate details. Filing them annually with the Securities and Exchange Commission of the Philippines is mandatory for every domestic and foreign corporation registered with SEC Philippines. Submitting this document is mandatory, and failure to do so will incur a penalty for the company. Any time the stockholders change, this document must also be updated accordingly. Recently, the Securities and Exchange Commission mandated that GIS filings include a beneficial ownership declaration in order to assist with anti-money laundering initiatives. Beneficial ownership refers to any individual or legal entity who ultimately owns or exerts effective control of a corporation.