Last Updated On September 2022
When a baby is born, or even way before that happens, the baby is given a name that he or she will be called for the rest of his or her life. The case is the same when opening a business. For entrepreneurs, a business is their “baby,” so it deserves a great name. However, did you know that you NEED to register your business name?
If the name you use for your business is not the same as your true name, you are required to register it with the Department of Trade and Industry (DTI). How do you do it? Let this guide help you.
The website of the Business Name Registration System defines “business name,” as:
“any name that is different from the true name of an individual which is used or signed in connection with her/his business on any written or printed receipts, including receipts for business taxes, duties and fees, and withdrawal or delivery receipts; any written or printed evidence of any agreement or business transaction; and any sign or billboard conspicuously exhibited in plain view in or at the place of her/his business or elsewhere, announcing his /her business.”
A great business name should be related to the product or services you are offering. It could also be something meaningful to you personally, like a name of a loved one or any of the favorite things you enjoy. However, DTI has limitations when it comes to registering business names.
Your business name is the first step for you to have a legitimate business, as it is a requirement under Republic Act 3883 or the Business Name Law. To get a business or mayor’s permit to operate your business, you need to have your business name registered first.
Also, you need to register it to prevent other individuals from using it. Through DTI, you can find out if your preferred business name is already being used by others. Note, however, that for trademark purposes, you still need to register your brand names with the Intellectual Property Office of the Philippines, and this will require your business name registration with DTI.
Any Filipino 18 years old or above can register a business name. It does not have to be the business owner himself doing the registration. It can also be done by a representative as long as there is an authorization letter, valid ID, and other requirements.
Non-Filipino citizens can also register a business name as long as they are at least 18 years old and authorized to do business in the country.
Note that business name registration with the DTI only applies to sole proprietors. That is why DTI also cannot accept names with the words “company,” “corporation,” “incorporated,” or “cooperative.”
You may wonder where to apply for DTI business name. DTI has embraced technology, and thus end-to-end registration for a
business name can be done online. With a laptop or a smartphone with an internet connection, anyone can register their business name without leaving their homes. Just visit https://bnrs.dti.gov.ph/.
If you are more traditional, you can also register your business name by visiting a DTI Regional or Provincial office near you. You can the locations here: https://www.dti.gov.ph/contact/.
What are the DTI Business Registration Requirements?
If you are registering through a regional or provincial office of the DTI, here are the requirements:
If registering online, you do not need to provide a valid ID or submit an application form because you will provide all the necessary details through the DTI Business Name Registration Portal.
2. On your web browser, go to https://bnrs.dti.gov.ph/. Then click “Register Now” on the website banner or choose “New Registration” under the Business Name Services Tab. Agree to the terms and conditions to proceed with the registration.
3. In the first section, you will be asked to provide information about the business owner. Click next once then and confirm the details you provided in the pop-up window that will appear.
4. In the next section, choose your territorial scope, which is “the extent of the geographical area within which the pertinent business may locate its offices, stores, shops, branches, manufacturing or processing plants, or other business structures, or where the pertinent business name may be used without prejudice to engaging in business elsewhere. It is not to be considered as the geographical limit in which to transact business.”
The scope also determines the fee:
5. Once you have chosen your business scope, provide your business’s dominant name, descriptor, and business name, whereas:
Dominant Name - the main identifying words or numerals or a combination of letters and numerals attached to your Business Name
Business Name Descriptor (per DTI) - describes the nature of your business based on the Philippine Standard Industrial Classification
A business name descriptor DTI sample is “Sari Sari Store” or “Electronic Junk Trading.”
In this part, you can check the availability of the business name and whether it passes the naming standards. Once you are OK with the name, click Next and then Yes on the pop-up window to continue.
6. A reference code will appear on the screen. Take note of this as it will be used in all your transactions.
7. In the next section, provide the following information and click Next once done.
8. You will be taken to a Summary page where you can review all the details you provided. Click Next once everything is in order. Then, click “Confirm and Proceed” in the pop-up window that will appear.
8. Read the Undertaking and click Proceed if you agree. You also have the option to download a copy of the undertaking.
9. In the next section, choose your preferred payment method. You may choose among the following:
Once you pay within seven (7) calendar days after completing the application, your business name is registered. Congratulations! Note that you have to repeat this process every 5 years to keep your business name registered.
How to get a DTI business name certificate? Once your name is registered, you may download your business registration certificate also through the website. You can use this certificate when applying for your Business or Mayor’s Permit. If you are looking for an SME loan in the Philippines, these documents are necessary for your loan application.
If you are interested in getting a business loan from Esquire Financing, just visit our loans application page and see for yourself how easy it is to get your loans approved. You may also check this link for the list of minimal documentation requirements. Start fueling your business dream today!
