One of the very first step in venturing to any type of business is to register the business name. It will vary depending on the form of organization. For sole proprietors or individuals wanting to start a business, that individual shall register the business with the Department of Trade and Industry, while partnerships and corporations register with the Securities and Exchange Commission. On this post, I will be talking about sole proprietors and the process of registering the business and its name with the Department of Trade and Industry. Other than the statutory requirement of registering a business name is to have exclusive ownership of such name. A business name distinguishes the products and services of the business from those of the competitors, and to establish identity in the marketplace. Registration with the Department of Trade and Industry are even requirements of grants for small business.
A business has two options in doing business name registrations, 1 – By going to the nearest DTI Office and manually fill-out the forms required or 2 – by accessing the online Business Name reservation through DTI.Gov.Ph. Normally, a sole proprietor is asked to at least give 3 business name choices, ranked according to preference, to be registered.
For applications initiated at the DTI Office, an applicant has to fill-out the business applicant profile registration form. Once this is done, the application fee is to be paid. The application may take to at least a week before the issuance of a certificate of registration of business name as the nominated business names will have to be checked of it’s availability by DTI.
For applications done online, a print-out of the business applicant profile registration form shall be submitted to the DTI together with the payment of the application fee refering to the Transaction Reference Number (TRN) indicated in the acknowledgement form produced during the online registration. The difference between the manual versus the online application is that on the latter, the business name nominated will be made known by the applicant during the process of reserving the business name online. Thus, once the businessman-applicant pays for the application fee, he is assured already that the reserved business name shall be the allocated business name for his business. He may only have to wait for about 30 minutes for the certificate of business name right after payment of the fees.
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[...] Original post by cyril [...]
Business Registration includes the registration of the name of the business. You should think of the appropriate name for your business. A name that would urge people to read and know your business. It is not really that hard. All you have to do is acquire some certifications that would assure that you are a legal business owner and that your business is legal.