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Step-by-Step Guide How to Register a Business in the Philippines

Step-by-Step Guide How to Register a Business in the Philippines

Getting government issued IDs or registering a business in the Philippines may be one of the most dreaded activities of business owners. Before the dawn of the internet, entrepreneurs have endured long lines and monotonous processes (perhaps under-the-table arrangements) just to be registered. 
Some business owners may then be asking, why do I need to get registered? I have loyal clients, consistent cashflows and a good product to sell.Why bother?

http://bnrs.dti.gov.ph/

Here are some advantages why you need to make your business official:
  • It adds credibility to your business. There come receipts, official documents and pride to show off you’re legal and can be trusted.
  • For home-based, freelance businesses, being registered makes you trusted more. As your clientele grows, you need to tap markets skeptical over underground businesses.
  • Registration now requires you to pay taxes to the government. Though we doubt where proceeds go after we pay our taxes, it is our responsibility to the country.
  • Our employees are secured and treated fairly with benefits such as SSS and Pag-ibig. They deserve to get access to these social benefits, and registration allows them to do so.
I suggest that you keep the link or bookmark this post for easy reference. 
I also suggest that you do schedule these activities so as not to interfere with your business operations. 

Let us now look at the steps how to register business in the Philippines:

How to Register a Business Name
Single Proprietorship
  • Think of 3-5 business names – this will save you time in case your chosen name is already taken.
  • Create an account at the Business Name Registration System (BNRS) of the Department of Trade and Industry: visit website here.(http://bnrs.dti.gov.ph/)
  • On the Online Services tab, click New Application. Read through the Terms and Conditions and select “I Agree.”
  • Submit the online application and if approved, receive a Transaction Reference Number Acknowledgment Form (TRNAF) via email. 
  • Print this email notification, sign and submit to a satellite DTI office. I am seeing an office along EDSA at a certain Highway 54 building.
  • DTI will only reserve the name for 3 days. Hence, you need to be able to submit the documents within 3 days. DTI will then notify you if you can go back to receive the business name document.
  • Prepare the following documents before going to the DTI office:
  1. Signed two (2) copies of the TRNAF form
  2. Original and photocopy of acceptable government issued IDs
  3. Passport sized pictures (2) copies
  4. Php165 processing fee and Php15 documentary stamps (Total of Php180)
Partnership or Corporation
  • Visit the Securities and Exchange Commission for the full details. Please visit website here

Now, what permits do you need to obtain?
Please read related post here

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