20 Jan 2022, 15:42 — 4 min read
When starting a business in the Philippines, one of the vital things that needs to be thought of is the business name. With all things considered, having a unique business name separates your business from the remainder of the pack. Other than that, a unique business name typically gives an initial impression to prospective clients and baits them in.
So, what is needed to apply for a business name? Is age a necessity? Indeed, in the Philippines, any individual who is of legal age—18 years old and above, may apply for a business name. Further, any individual who plans or proposes to carry on with work in the Philippines should keep up with the Business Name Law.
Here, Act No. 3883—also known as Business Name Law, has been recently updated by the Department of Trade and Industry (DTI) where the implementing rules and regulations have been revised, and to harmonize with the Ease of Doing Business (EoDB) Act of 2018 and other laws related to it.
To further discuss, the Business Name Law states that any business which will be set up—whether it's an organization, partnership, or even essentially in sole ownership, should enlist their business names with DTI before you may operate.
So, here is a rundown of things you really want to plan.
First, your chosen business name. It should one of a kind and distinguished from all the other registered businesses.
A tip is to submit no less than three business names in the event where one is turned down. Having a backup business name gets you rolling. To check it yourself, you may go online at DTI's website and verify if your chosen business name is now taken.
After your business name is settled, your next step is a business candidate profile enlistment structure at the closest DTI branch. You may likewise download it online to enlist your business name.
You will also need to present a Tax Identification Number (on the off chance that you don't have one, you may request at the Bureau of Internal Revenue), your email address, and zip code of your business area.
When you present all that while applying for a business name, you'll be given a transaction reference number structure. You shall take this report to an installment official and pay for the application of business name.
After all these, you will get an authentication recognizing the enrollment of your business name. This shall be reestablished after five years.
These are the means for applying a business name in the Philippines. Do note that there are extra prerequisites for setting up a company or an establishment, but a business name is your first step in setting the personality of your business and drawing up clients.
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Image source: Canva
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Posted byCarlos Payumo Garcia
I'm Carlos P. Garcia. A Landlord and Business Development and Leasing Administrator of a Mercantile Leasing (Private Market) Business. I am offering stalls for lease to...
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