MANILA, Philippines - Sole proprietors may now avail of the early renewal of their business name registration online as part of the government’s efforts to provide an environment conducive for businesses to grow.
According to the Department of Trade and Industry (DTI), it now offers the online early renewal of business name registration.
“With this initiative, we intend to lower cost of doing business, save time, and avoid the long queues in DTI offices nationwide. Likewise, we promote a paperless environment in government,” Trade Undersecretary Nora Terrado said.
The scheme supports the DTI’s aim of allowing businesses to flourish.
To avail of the scheme, sole proprietors may log on to the Business Name Registration System’s (BNRS) website at bnrs.dti.gov.ph, and renew their business name registration three months before its expiration.
Within the three-month period before the expiration of the business name registration, online updating of business profile would be allowed and free of charge. Businesses that file after the said three-month period would have to pay 50 percent of the selected territorial scope of the business.
The following fees apply based on the scope of business name being applied for renewal: barangay – P200; city or municipality – P500; regional P1,000; – national P2,000.
A business name is good for a period five years from the date of its original registration. Should an individual wish to continue business operations after expiration of registration, the business name would have to be renewed.
Failure to renew business name registration within six months after the expiration date would mean an automatic cancellation of the business name from the database. In the old manual scheme, change of business name information was done through DTI tellers.
“With this online early renewal scheme in place together with the electronic payment facility using BancNet debit card or GCash, renewal transactions may now be processed through computers or mobile phones through the Internet within 15 minutes, anytime, anywhere,” Terrado said.
For more information on the online early renewal of business name registration, interested individuals may call the DTI Call Center at 751.3330 and Business Name Registration System (BNRS) Helpdesk at 751.3142, 751.3259 and 751.3257 or send an email at bnrshelpdesk@dti.gov.ph.