Why we need a business name registration? A trade name plays significant role in establishing a new business venture. That’s why as soon as you plan to start a business you should also start thinking about an appealing and unique name that would attract the attention of your potential customers.
The name will be used when you register the business with different agencies and business forms such as invoices and official receipts.
Regardless of the type and nature of the business, it is required to register the business name with the Department of Trade and Industry. The function of DTI is not only to help the business owners but also ensures the welfare of the consumer.
Requirements for DTI business name registration
- Valid ID or any government-issued ID
- Duly accomplished application form
- Registration fee (varies on how and where the business name will be used)
- Barangay – Php200
- Municipality/City – Php500
- Regional – Php1000
- National – Php2000
- Documentary stamp
- Business name
After securing all the requirements, submit them to the DTI processor for evaluation or assessment. If there’s no similar business name, you will proceed to pay the registration and processing fee and you can get the business name certificate.
There are other requirements to register the business name if the owner is a foreign national including the following:
- Certificate of Authority to Engage Business in the Philippines
- Certificate of Authority to Engage in Retail Trader
In choosing the business name make sure to follow the guidelines set by the Department of Trade and Industry. The business name must convey the nature of the business and is composed only of letters or numerals.
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You can also register the business name online at www.bnrs.dti.gov.ph. The Business Name Certificate is valid within 5 years after the registration date.