Personal Development, Finance, and Investing For Filipinos
An investment in knowledge always pays the best interest. Financial Education is your best investment.
So, you want to start your own business...
Are you an aspiring business owner and/or entrepreneur who want to make his/her business legit? There are several government agencies you have to register with depending on the type of your business. These agencies include among others the following: Department of Trade and Industry, Securities and Exchange Commission (SEC), Cooperative Development Authority (CDA), Local Government, Bureau of Internal Revenue (BIR), Social Security System (SSS), Department of Labor and Employment (DOLE), and Other Agencies.
But for now, what we will discuss is registration with the Department of Trade and Industry.
What is the purpose of DTI? What is the role of DTI in MSME?
The DTI is responsible for realizing the country’s goal of a globally competitive and innovative industry and services sector that contributes to inclusive growth and employment generation. It is also committed to protecting the rights and interests of consumers.
DTI promotes income opportunities through a comprehensive development and promotion program for micro, small, and medium enterprises (MSMEs).
What is a Business Name?
According to DTI, a Business Name (BN) shall refer to any name that is different from the true name of an individual which is used or signed in connection with her/his business on any written or printed receipts, including receipts for business taxes, duties, and fees and withdrawal or delivery receipts; any written or printed evidence of any agreement or business transaction; and any sign or billboard conspicuously exhibited in plain view in or at the place of her/his business or elsewhere, announcing his /her business.
How to register my Business Name with DTI?
There are two ways how you can register your business in DTI.
1. You may register at your nearest DTI Regional or Provincial office. Bring an accomplished business name registration sole proprietorship application form, and a valid government-issued ID. An authorized representative can also submit the BN application requirements as long as he/she also provides a valid ID, and an authorization letter signed by the business owner.
Additional Requirements from DTI
If Non-Philippine National
If Recognized Refugee or Recognized Stateless Person
Certificate of Authority to Engage in Business
CAEB Application Form
List of Government-Issued IDs
Appointment of Resident Agent
Proof of Inward Remittance of Foreign Currency with Peso Conversion
Bank Certificate of Deposit
Authority to Verify Bank Account Bank Certificate of Deposit
Certification from Resident Alien not seeking Remittance of Profits and Dividends Abroad
Memorandum Circular No. 22-06, Series of 2022
2. Register your business name online.
2.1. Visit https://bnrs.dti.gov.ph/registration, read the Terms and Conditions and then click the I Agree button to proceed.
2. Fill-out the Owner’s Information form, then click the Next button. A confirmation pop-up will appear and if correct, click the Proceed button.
3. Fill out the required fields about your Business Scope and Business Name. Click the Check Name Availability button to verify your desired business name. Make sure your details are correct. To proceed, click the Next button.
4. A confirmation pop-up will appear and if correct, click the Yes button.
5. You will be assigned a Reference Code. Take note of it, as this will be used in all your transactions with BNRS. Click the Continue button to proceed.
6. Fill-out the remaining blank fields in the following sections: Business Address, Personal Information, Residence Address, and Other Details.
7. Signify conformity to the Undertaking by clicking the Proceed button. You may download the Undertaking for your files.
8. The payment section will subsequently appear whereupon you should select the payment method prescribed by the system (e.g. DTI Teller, GCash, PayMaya, Landbank Link.Biz, Credit/Debit Card). Effect payment via the payment channel selected. Pay the fee within seven (7) calendar days from the date of request. Otherwise, the request will be deemed abandoned and subsequently nullified.
9. Once payment transaction is successful, the Certification related to the Certificate of BN Registration will be sent to your email.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.