CEBU, Philippines - Online business name registration with the Department of Industry (DTI) will just take 15 minutes as soon as the agency issues the Department Administrative Order (DAO), which will contain further amendments to DAO series of 2010, entitled “Revised Implementing Rules and regulations Act of 3883, as amended, otherwise known as the Business Name (BN) Law”
Lawyer Ruth Tan of the DTI’s Bureau of Trade Regulation and Consumer Protection (BTRCP) said the department aims to issue this DAO on October 1, 2010, after conducting public hearings nationwide on the proposed amendments, which will include changes on business name registration that will lead to reduce processing time of BN online applications to 15 minutes from an average of 45 minutes.
“This is our marching order from P.Noy (President Noynoy). During his SONA (state of the nation address,) he (exposed) the recurring problem of (longer time) for businessmen just to get a business name. (So) this is our commitment in response to P. Noy’s mandate to create in the country an abling business environment for both local and foreign investors,” she said on the sidelines of the Cebu-leg of the public hearing last Friday at the Sacred Heart Center .
All concerns and inputs gathered from the nationwide public consultation will be considered for inclusion in the final DAO. BTRCP has already conducted public hearings in Luzon .
Tan said the online BN application and processing will be reduced since the DTI has rationalized the information asked in the online application form from 36 data to just six—name of applicant, residence, business address, citizenship, date of birth and taxpayer’s identification number (TIN.)
When asked if this reduction of required information will not encourage fly-by-night operations, she said that the BN is just the initial step to operate a business, as a business permit must be secured from the local government of the area where the business will operate.
“The same is true with the SEC (Securities and Exchange Commission) certificate. These are not permit to operate by themselves,” she said.
This is why there is a possibility that two businesses will have the same BN, especially if their scope of business is just within a barangay.
Proprietary businesses or those owned by one person register their BN with the DTI while business owned by a corporation or partnership will be registered by the SEC.
Tan advised investors who want to solely own or protect their business names to register these with the Intellectual Property Office (IPO.)
Meanwhile, DTI is encouraging prospective business proprietors to register their BNs online to save time and cost. DTI’s online payment system currently accepts only G-cash but Tan said DTI has been talking with various credit card companies for other payment options.