One of the most tedious parts in starting a business is the registration of the business name. However, a new scheme implemented by the Department of Trade and Industry has made the process more entrepreneur friendly.
Under the new scheme, business name registration will be based on a territorial scheme with four geographic divisions, namely: Barangay, City or Municipality, Regional, and National. Once registered, the business name registrant can put up as many branches or outlets within the given territory.
“The new scheme will make it easier and eventually less costly for individual entrepreneurs to register their enterprises," Trade and Industry Secretary Gregory L. Domingo said.
In line with the new scheme, the DTI is also implementing new fees for the business name registration. The new fees, which covers both new and renewal, is dependent on the territorial jurisdiction covered in the application.
Business names for businesses in the barangay level will cost P200.00, while those that have the municipality or city as scope will cost P500.00, and regional and national territorial jurisdictions will cost P1,000.00 and P2,000.00, respectively.
Also, barangay-based entrepreneurs who constitute 95 percent of businesses registered with DTI will benefit from the shorter search time during the registration process.
Dubbed as the "BN-MADE-EASY" scheme, the program seeks to encourage prospective micro entrepreneurs to go into businesses and avail of many benefits that a legitimate enterprise is entitled to such as obtaining loans and other assistance from the government.
Department of Trade and Industry