How to register a business name

Attending business summits and conferences is a big help to those who belong to the quite "techy" (technological or technical) industry. Being a graduate of one, I had less knowledge in the field of entrepreneurship. Enrolling myself in business administration gave me quite the knowledge to be a part of the business world and thus improve my entrepreneurial skills. I now would like to share this information that I got familiar with (and I managed to get a copy of the entire process from the 6th Mindanao ICT Congress): How to Register a Business Name (in the Philippines)

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SINGLE PROPRIETORSHIP

Applicant must secure 2 copies of registration form and pay Php 300.00 (rate may change) for single proprietorship registration processing fee. The registration shall be valid for five (5) years. A surcharge of Php 100.00 is imposed if renewal is filed beyond the three (3) month grace period, counted from the date of expiration of certificate previously issued.

The duly accomplished application form must be filed with the Department of Trade and Industry (DTI) Provincial Office, where the business is located, or the DTI-NCR Office or its satellite offices in case of Metro Manila based businesses.

Requirements:
  1. The applicant must be of legal age(18 years or over)
  2. Two (2) passport size pictures taken not more than one (1) year upon filing of application
  3. If an alien, the applicant must submit the following:
    1. Php 5,000.00 payment for Registration fee
    2. Php 500.00 payment for filing fee
    3. Alien Certificate of Registration (if any)
    4. Accomplished DTI Form No. 16A for single proprietorship or 16B for juridical person. & No. 17 under R.A. No. 7042;
    5. A written appointment of Filipino Resident Agent;
    6. Authority to verify Bank Accounts
    7. Proof of inward remittance of foreign currency (with peso conversion) for non-resident alien and Bank Certificate of Deposit for Resident Alien
    8. Copy of valuation report from Central Bank if investment includes assets other than foreign exchange
    9. Clearance from other involved agencies as Department of Science and Technology, Philippine National Police, etc.
    10. In case of alien retailer, latest permit to engage in retail business per R.A. 1180 without the need to submit the requirements under number 3, except Alien Certificate of Registration
  4. If the applicant has acquired Filipino citizenship by naturalization, election or by any other means provided by law, he must submit proof of Filipino Citizenship
  5. Filipinos whose name are suggestive of alien nationality must submit proof of Filipino Citizenship (e.g. Birth Certificate, Voter's I.D., PRC, I.D.)(
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CORPORATION/PARTNERSHIP

A juridical person already registered with the concerned government agency (i.e. Securities and Exchange Commission - SEC or Cooperative Development Authority - CDA, etc), and using only such registered name may no longer register with DTI under the Business Name Law.

However, if the juridical person chooses to adopt business name in practice of its business other than its corporate/partnership name, the adopted Business Name shall be registered with DTI.

Requirements:
  1. Applicant must secure two (2) copies of registration form and pay Php 500.00 for the registration processing fee.
  2. Accomplished DTI Form No. 16B
  3. If the Corporation or Partnership is fully owned by an alien or the capital of which is more than 40% owned by aliens, the SEC Certificate must specify that it is in accordance with the Foreign Investment Act of 1991
  4. In case there is an increase of capital, submit certificate issued by the SEC
Corporation, partnership, cooperatives using only its registered corporate, partnership, or cooperative names may no longer register under the Business Name Law.

An applicant who maintains a business with branches must register the main business and every branch thereof.

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BUSINESS NAME RESERVATION

Businesses may reserve their business name online by accessing the Business Name Registration System (BNRS) site through http://www.business.gov.ph

  1. Register your Business Name by completing the business applicant profile registration
  2. When completing your application for registration online, there are certain items of information that are mandatory. If these items are left blank, you will receive an error message prompting you to complete them. Among these items are:
    1. Tax Identification Number (TIN)
    2. Email Address
    3. Zip Code
  3. In addition, if the business you are registering is a branch, a franchise or was acquired from a previous business, additional items such as exact business name of the franchise, main office and/or certificate number and date of registration of the acquired business are also required.
  4. After you submit this application, a DTI business Name examiner will review it for completeness. Registration is not complete until a signed copy of the Transaction Reference Number (TRN) acknowledgment form is returned to DTI.
  5. The completed application and correct fee can be paid at the DTI office indicated in your Transaction Reference Number (TRN) acknowledgment form.
Source: Department of Trade and Industry (DTI) Philippines

email: btrcp@dti.dti.gov.ph

Comments

6 Responses to "How to register a business name"

Carvista said... February 5, 2008 at 4:49 PM

Good day!!!

We (me and 2 of my friends) are planning to put up a car wash/cafe business soon and we are in the process of registering our business.

My question is:
What is the difference between a PARTNERSHIP and a CORPORATION?

more power,
Carvista

rixx said... February 5, 2008 at 8:44 PM

Good day carvista,

I hope you can read this reply as I don't know how to contact you.

In the Philippines, to be considered a corporation, you have to have at least 5 members (owners or shareholders), and you must register with Securities and Exchange Commission. In your case, since there are only 3 of you, your company may very well be considered a partnership. I hope this answers your question.

Carvista said... February 6, 2008 at 6:36 PM

thanks. this will get me started.

rixx said... February 6, 2008 at 6:41 PM

You're welcome. Glad I could help. :D

Dale said... April 19, 2008 at 3:49 PM

I am a returning resident. Upon my return I intend to open up a business involving selling chemicals and or feritlizer to our local farmers in my area, and to become a distributor of such products

What I need is a contact list of fertilizer manufacturers and their phone numbers so I an open up an inquiry.

rixx said... April 30, 2008 at 11:28 PM

@dale:

you might want to visit Chan Robles's Law Library at:
http://www.chanrobles.com/legal3fpa.html

it provides links to that contain relevant information from the
Fertilizer and Pesticide Authority (FPA), Department of Agriculture (DA).

I hope this helps.