How to Register for a Business Name in the Philippines?
Prior to starting your very own business, an aspiring business owner should mark a unique and notable business name. Assuming that you have already discovered what enterprise you’ll follow then this would be your very first step in legalizing your very own business. Whether it's going to be sole proprietorship, a corporation, an alliance, or perhaps a cooperative. You'll find several organizations in the Philippines that are liable in the authorization connected with business names which is dependent upon your preferred business design. You need to go to Department of Trade and Industry or DTI if you will run a singular proprietorship. On the other hand, you need to proceed to Securities and Exchange Commission or SEC for corporations or partnerships. Lastly, for cooperatives, you will be headed to CDA or Cooperative Development Authority.
In any way, it is still necessary to have a business name. For sole proprietorships, this is now considered as the starting off point to start the registration process of your planned business for it to be labeled as legal. As mentioned, this is done at the local Department of Trade and Industry (DTI) office where you plan to locate and operate your business. Now, if a business name is in mind, an application form is needed to be filled up. There are two options to acquire this application form:
Either way, it is nonetheless required to undertake a business brand. Intended for singular proprietorships, this can be right now be regarded as the step which commences the actual registration process of your planned business for it being called legitimate. As stated, this can be done at the local Department of Trade and Industry (DTI) office where you plan to perform your business. At this point, if the business brand is at intellect, a filled out application form is needed after. You'll find a couple alternatives to acquire this kind of application:
Manually top off the application form at the DTi office or perhaps
An online registration which is basically advised to your comfort.
In the event you pick option 1 which is to sign-up personally at the DTI office, you need to have at least three business names prepared. This is a prerequisite to ensure and give you other options in case that your brand of choice is already taken. If so, you need to fill out the application form again until your chosen business name is approved. Once cleared, you can proceed to the payment of the registration fee. A claim stub will be given to you afterwards. You would be needing this claim stub to your certificate of registration.
If you have opted for the online registration, you may pay a visit to http: //www. dti. gov. ph/splash. php. Check out the icon for business name registration and renewal which is located at the upper left portion of the webpage then click on it and furnish the online application form. A transaction number will be generated upon completion and this will be utilized when you pay your registration fee. For the payment, you can possibly send it directly to the actual DTI office or perhaps you may visit almost any Bancnet branches. The certificate of registration may be downloaded from the website and be printed or you can grab the actual document right through DTI.
This registration payment may differ with respect to the business extent which are the following:
National: P2, 000. 00
Local/ Regional: P1, 000. 00
City/Municipality: P500. 00
Barangay: P200. 00.
A documentary stamp worth P15. 00 is also to be paid. The registration payment should be settled within five days from submission of the filled out application form since DTI reserves the company brand intended for only five (5) business days. Soon after payment of the registration fee, running time period for the issuance of the certificate of registration is around 1 to 3 working days.
DTI offers a number of rules in assisting you choose your online business names. These kinds of business names should not in any way.
For starters, being useful for business that's illegal, bad, and scandalous or perhaps contradicting to propriety. Which means that the actual brand from the business is not implying illegal services. In other words, your business brand must be good and suitable.
Second, become equivalent or copycat of existing business names that are already registered in the government such as Mang Donald’s which is clearly sounding like Mc Donald’s as one example.
Next, be made with universal text.
Then, certainly be a brand by which for legal reasons or perhaps regulations are not appropriated.
Fifth, provide to specify or distinguish or advocate the product’s quality of any class of goods, posts, products or service.
Sixth, become an abbreviation connected with names of any region, inter-governmental or perhaps overseas business
And lastly, be deceptive or misleading which would misrepresent the character or perhaps the business.
When it comes to the applicant, these needs must be satisfied so as to make sure a sleek transaction before you go to DTI to sign up your business.
Business location must be correct and will take specifics such as the name, street number, block, road and etc.
You need to provide a Tax Identification Number (TIN) which is usually released by the BIR as evidence of person as a taxpayer.
Intended for Philippine candidates, it is best to carry one particular (1) government issued ID such as birth document, a passport, PRC ID, Voter’s ID, SSS ID among others.
Intended for foreign candidates, it is advisable to present a Certificate of Authority to Engage Business in the Philippines or a Certificate of Authority to Engage in Retail Trade if applicable.
Have to be at least 18 years old by the time of your application.
You are off to seeing good results in your business once you are done with the given steps above.