SEC, DTI set to launch online business registration system

The Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) will formally launch on April 27 the Online and harmonization of business and corporate name registration system that would simplify procedures of business and corporate name registration with government.

"The harmonization of the business name registration is aimed at cutting red-tape and speeding of the formation of business entities in the country," Purisima said.

He also urged the concerned groups under the SEC and the DTI to speed up the link and harmonization of business name registration.

Last March, the two government agencies signed an Agreement paving the way for a link-up of both agencies database.

Purisima said the online registration system would lift barriers to businesses thus creating opportunities for people to create wealth and generate jobs.

The SEC runs its SEC-I-Register while the trade department operates its WeBNRS, both electronic databases for corporate and business names.

Web-enabled business name registration system is a system designed and developed by the trade department allowing businessmen to register their business names online. The enhanced system provides for online payment and courier services for business name registration.

Online business name registration searches and screens existing business names against new applications. It then allows apply and reserve for a new business name and certification.

Registration of business names if not efficient and speedy could result in unnecessary delays in the operation of a new registrant. Likewise, fraud can be initiated from the use of existing business names.