DTI implements new scheme to ease business registration
MANILA – The Department of Trade and Industry will make it easier and eventually less costly for individual entrepreneurs to register their enterprises, Trade and Industry Secretary Gregory L. Domingo said on Sunday.
A territorial scheme for business name registration shall be established based on 4 geographic divisions namely: Barangay, City/Municipality, Regional, and National.
A business name registrant will be allowed to use its name within the territory he or she may choose, regardless of the number of branches/outlets said registrant may set up within the given territory.
The new registration scheme amends the Revised Implementing Rules and Regulation of Act No. 3883 as amended (The Business Name Law). Also, barangay-based entrepreneurs, who constitute 95 percent of businesses registered with DTI, will be benefited with the reduced search time for business name registration.
Individuals with multiple outlets in different locations will surely benefit from this new scheme by cutting down on manhours spent in registering their business. It allows firms resources to be allotted to more productive endeavors, Domingo said.
The “BN-MADE-EASY” scheme targets to encourage prospective micro entreprenuers to pursue the putting up of businesses and avail of many benefits that a legitimate enterprise is entitled to such as obtaining loans and other assistance from the government, Domingo said.*PNA
