Tuesday, February 27, 2024

Business Name Registration In Central Luzon Rises In 2023

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Business Name Registration In Central Luzon Rises In 2023

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The Department of Trade and Industry (DTI) in Region 3 (Central Luzon) reported a significant increase in business name registrations last year.

The total number of Business Names (BN) registered with DTI-3 reached 128,498 in 2023. This is 8.17 percent higher than the 118,791 processed in 2022.

Emmanuel Caleon, DTI- Bulacan information officer, on Wednesday said the DTI–Bulacan office registered the highest number of BNs with 39,605 followed by Pampanga with 30,564 and Nueva Ecija, 20,907.

He said the province of Tarlac reported 13,659 BNs; Zambales –11,534; Bataan — 9,572; and Aurora — 2,657.

Around 87.87 percent or a total of 112,916 BNs processed were new registrations while 12.13 percent or 15,582 were renewals.

“BN registrations are regulated under the Business Name Law Act 3883 and have a validity of five (5) years but can be renewed as early as 180 days before its expiration,” Caleon said.

Starting August last year, the DTI has implemented a full online BN registration process. The move was intended to help accelerate the digital transformation of micro, small and medium enterprises (MSMEs) and is pursuant to Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

In her statement, DTI-3 Regional Director officer-in-charge Brigida Pili said the significant increase in new BN registration may be attributed to the full implementation of the online process.

“The increase indicates a positive response from our business owners in registering their business names. With the simplified online process, more businesses, particularly MSMEs, have conveniently legitimized their businesses by just using their electronic devices,” she said.

While walk-in applicants at Negosyo Centers and DTI offices are still welcome, they are directed to use either their devices or designated computer units to independently file and process BN registration applications through the BNRS website (https://bnrs.dti.gov.ph).

Pili said payments for the registration can also be made online through PayMaya, Landbank, credit/debit cards or over-the-counter 7-11 and Bayad Centers.

Business Name registration fees are as follows: barangay, PHP200; city/municipality, PHP500; regional, PHP1,000 and national, PHP2,000. A documentary stamp tax of PHP30 shall be added per application processed. (PNA)