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The Department of Trade and Industry (DTI) reported a noteworthy accomplishment with a total of 984,332 business name registrations for 2023. This marks a consecutive annual increase showcasing a 5% spike from the previously recorded 937,431 registrations in 2022.
According to data from the Department’s Business Name Registration Division (BNRD), all business name registrations, 88% (864,200) accounted for new business registrations, with the remaining 12% (120,132) representing BN renewals. The majority of the applicants processed and completed their applications online based on the payment collections received.
Retail selling in sari-sari stores continues to lead as the BNR’s top business activity, having 172,905 total registrations. Following closely are Other Restaurants and Mobile Food Services Activities with 78,174 registrations, and Real Estate Buying, Selling, Renting, Leasing, and Operating of Self-Owned/Leased Apartment Buildings, Non-Residential and Dwellings with 41,165 registrations.
Meanwhile, Barangay-level territorial scope registrations constituted 60% of the total business names registered with 588,118, while 221,620 applications were under the City/Municipality territorial scope.
In a bid to streamline business processes and foster digitalization for small and medium enterprises (SMEs) nationwide, the DTI initiated the full-scale implementation of 100% online business name registration in August 2023. Walk-in applicants at Negosyo Centers are directed to use either their devices or designated computer units at the DTI offices to independently file and process BN registration applications through the BNRS website (https://bnrs.dti.gov.ph).
Additionally, other initiatives of the DTI to promote business name registration include the system integration of BNRS with local government units (LGUs) that have their own business permit and licensing systems.
Trade Secretary Fred Pascual expressed the Department’s unwavering commitment to sustain its partnership with the LGUs. He said, “We at the DTI recognize the significant role of our collaborative partnership with the LGUs in simplifying registration procedures and requirements for the benefit of Filipino entrepreneurs, particularly micro, small, and medium enterprises (MSMEs).”
According to the BNRD, they are also working with the Regional and Provincial Offices to encourage the early renewal of business name and help boost registration.
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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.