Are you thinking of going into business this year? Do you already have a great business name in mind?
Here’s good news!
The Department of Trade and Industry (DTI) has now made it easier for all of us Mindanaoans to engage in business. Now you can register your business name online (more on this after the jump!). However, DTI now has revised rates for business name applications.
Under Department Administrative Order No. 10-10 series of 2010, the Department of Trade and Industry will implement the revised rates for all Business Name (BN) applications effective today, January 3 (Monday).
DTI will implement what they call a “territorial scheme” based on geographical divisions.
Check out the corresponding payments below:
National – P2,000
Regional – P1,000
City/Municipal – P500
Barangay – P200
The fees above mean that if your business operates all throughout the country, the new business registration application fee is P2,000.
According to a DTI media advisory, registrants under this new business name application scheme are authorized to make use of the BN anywhere within their chosen territory regardless of the number of branches or outlets they may
open.
The revised order also lowered the age requirement to18 years old from 21 years old, and allowed borderless processing. Meaning, business owners can now apply for their BN online through www.dti.gov.ph, or at any DTI office that processes Business Name Registration.
Requirements to apply for a DTI business name: Applicants are advised to present an original copy of any of their valid Identification Documents, such as Passport, Driver’s License, NBI/Police Clearance, Postal ID, Voter’s ID, Senior Citizen Card, SSS ID, GSIS Unified Multi-purpose ID, and others upon registration.
Meanwhile, if you already have a DTI business name and you need to renew your permit, here’s how you can renew your DTI permit.
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The DTI is definitely becoming faster and more streamlined in the ways they handle business. Lately they have been more professional and efficient than many private businesses. I think it might have something to do with all of the foreign investment this year that has been allowing them a bigger budget.