At present, there are large number of Filipinos who are becoming entrepreneurs, from being an employee to being full-time business owner. This is a clear indication that Philippine economy is getting better; more competitive products and services will be available in the market and more jobs for the Filipino people. And the simplest and easiest way to register a business is by forming a Sole Proprietorship.
Sole Proprietorship is a business structure owned by an individual who has full control/authority of its own and owns all the assets, personally owes and answers all liabilities or suffers all losses but enjoys all the profits to the exclusion of others.
The Department of Trade and Industry (DTI) is the primary coordinative, promotive, facilitative, and regulatory arm of the Philippine Government with the country’s trade, industry, and investment activities. One of its principal front-line service is the Business Name (BN) Registration for sole proprietorship.
For your reference, the law governing the registration of business name is RA No. 3883, as amended by RA No. 41476 and RA No. 863, otherwise known as the Business Name Law.
What are the requirements in DTI registration?
- The applicant must be Filipino citizen and at least eighteen (18) years old.
- Accomplished Business Name Registration Form
- Printed Transaction Reference Number Acknowledgment found in the last page of online application form (if applied online)
- List of 3 proposed business names according to preference
- Any proof of citizenship such as Birth Certificate, PRC ID, Passport, Voter’s ID, etc. For naturalized Filipino citizen, any proof such as Naturalization Certificate and Oath of Allegiance.
How to register business name (a.k.a trade name) with DTI?
- Through online facility
- Go to Web-Enabled Business Name Registration System (WEBNRS) – https://bnrs.dti.gov.ph/.
- Go to online services then click New Application https://bnrs.dti.gov.ph/registration.
- Select for Business Scope: National (P2,000), Regional (P1,000), City/Municipality (P500), Barangay (200).
- Type your Proposed Business Name, then check name availability.
- If available, you can proceed with filling up all information required. If your proposed name is already taken, just continuously try other names until you succeed.
- Select method of payment: DTI Teller or GCash
- Select method of receiving Business Name Document from DTI: Pick-up at DTI Office or Download.
And it’s done. You will have the certificate already.
Note: There is P15.00 documentary stamp tax. Therefore, when you select national registration, the total fee should be P2,015 (P2,000 + P15).
- DTI office where your business will be located
- Fill-up BTRCP Form No. 16A (2 copies). You can download a copy here.
- Prepare your 3 proposed business names. To avoid delay, you can search online if your proposed name is already taken or not. http://www.bnrs.dti.gov.ph/web/guest/search
- Bring proof of citizenship specially if you have a foreign-sound name.
- Submit your application to the nearest DTI office in your area.
- If all are fine, pay the application fee and you will have the printed Certificate within 15-30 minutes
For more information, visit DTI website at www.dti.gov.ph and DTI Facebook page at https://www.facebook.com/DTI.Philippines/?fref=ts .
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Disclaimer: All content provided in this article is for informational and general discussion purposes only and may become outdated due to constant changes of the laws, rules and regulations over time. It does not substitute for an expert or legal advice. Contact your preferred professional for more detailed and accurate guidance based on your circumstances. For comments, suggestions and inquiries, please contact us at info@kgconsult-ph.com
