When starting a business in the Philippines, one of the very first things anyone needs to think about is the business name. After all, having a cool business name distinguishes your business from the rest of the pack. Other than that, a cool business name usually gives a great first impression to potential customers and lures them in. Usually out of curiosity, people would check out your business and sample what you have to offer.
So what do we need to apply for a business name? Is there an age requirement? Yes, in the Philippines anyone who is at least 18 years of age can apply for a business name. Anyone who plans or proposes to do business in the Philippines should follow the business name law.
In the Philippines the Business Name Law is also known as act Number 3883, as Amended by Act Number 41476 and Republic Act Number 863. Let’s discuss that law first.
The Business Name Law states that any business that’ll be established whether it’s a partnership, a corporation, or even simply a sole proprietorship (i.e. just one owner) should register their business names with the Department of Trade and Industry (a.k.a. DTI) before your business starts its operation.
Now the next question is what does the DTI require from us to get a business name? Here’s a list of stuff you need to prepare. First is your chosen business name. It should be unique and it will be compared with current registered business names.
A good tip would be to submit at least three business names just in case one gets disapproved you have a back up business name to get you going. If you want to check it yourself you can go online at DTI’s web site and check if your chosen business name is already taken.
After your business name is settled you need what is called a business applicant profile registration form at the nearest DTI branch. You can also download it online to register your business name.
You’ll be required to submit a Tax Identification Number (if you don’t have one you need to get one at the Bureau of Internal Revenue), your email address, and the Zip Code of your business location.
Once you submit all that when applying for a business name you’ll be given a Transaction Reference Number form. Take that document to a payment officer and pay for the application for a business name.
Now you get a certificate acknowledging the registration of your business name. Your business name registration should be renewed after five years.
These are the steps when applying for a business name in the Philippines. There are additional requirements if you’re putting up a corporation or a franchise. Remember that your business name establishes your identity in the market and helps lure in customers.
[Tags]Philippines Business, Legal Matters, Business Name, Philippines, DTI[/Tags]