DTI implements new business name registration fees

THE Department of Trade and Industry (DTI) now implements a more accessible and even faster registration methods for business name (BN) registration for original and renewal, based on the geographical jurisdiction of their businesses effective January 2011.

The amendments are in response to President Benigno Aquino’s marching order in his State of the Nation’s Address in July 2010 to streamline business registration processes to possibly take the processes within 15 minutes.

The new BN registration fees for both original and renewal applications shall now be as follows depending on the territorial scope covered in the application: Barangay - P200; City/Municipality - P500; Regional - P1,000; National - P2,000.

The upgrading of the BN procedures will allow the business sector to use its business name in all the branches or outlets established within the area where it is registered without additional cost.

For instance, if a businessman opts to register his business name that is nationwide in scope, there is no need for him to register each branch; thus, relieving entrepreneurs cut costs of doing business.

The enhanced system as specified in the administrative order is more advantageous to the applicants. It will further encourages businesses to expand or branch out since owners only have to apply and pay once, unlike before that for every branch he puts up, he has to apply and make another payment for the registration of business name which is really a burdensome to the business community.

Other stipulations of the new administrative order is that the system have been simplified such that the data fields required in the Business Name application have been significantly reduced to six from the previous 36 and the old eight- webpage application form had been summarized to just one page.

Another improvement of the new system of registration of business name is now borderless. Applicants can now apply in any DTI field office. The business owners can even apply on line all the way and pay over-the counter.

For further information, BNR applicants are advised to call or visit the DTI Regional Office – CAR or through their field offices nearest them.

Meanwhile, the Office of Councilor Karminn Dinney D. Yangot in cooperation with the CYEPSPI wishes to announce that due to the inavailability of the City Multipurpose Hall on September 18, 2011, the (Young Entrepreneurs Summit)…YES.... Baguio! is scheduled definitely on October 2, 2011, 8 a.m. to 5 p.m. with the same venue. You are cordially invited to join the event!