DTI: More businesses registered in 2023
CITY OF SAN FERNANDO --- The Department of Trade and Industry (DTI) in Central Luzon on Tuesday said that more businesses in the region registered with the agency last year.
The increase in the number of registered businesses was mainly attributed to the simplified online registration process under Republic Act 11032 or the Ease of Doing Business Act.
In 2023, DTI said that the total number of business name registrants totaled 128,498, up by 8.17 percent from 118,791 in 2022.
Of the 2023 figure, 87.87 percent or a total of 112,916 business names processed were new registrations while 12.13 percent or 15,582 were r en ew al s.
The agency said that Bulacan had the highest business name registrants with 39,605, followed by Pampanga with 30,564 and Nueva Ecija with 20,907. Tarlac reported 13,659 while Zambales had 11,534., Bataan registered 9,572 and Aurora posted 2,657.
"The significant increase of new business name registration may be attributed to the full implementation of the online process. The increase indicates a positive response from our business owners in registering their business names. With the simplified online process, more businesses, particularly MSMEs (micro, small and medium enterprises), have conveniently legitimized their businesses by just using their electronic devices,” the DTI said.
Business name registrations are regulated under the Business Name Law Act 3883 and have a validity of five years but can be renewed as early as 180 days before its expiration.
Payments for the registration can also be made online through GCash, PayMaya, Landbank, Credit/ Debit Cards or over-the-counter 7-11 and Bayad Centers.
Business Name registration fees are as follows: barangay, P200; city/ municipality, P500; regional, P1,000 and national, P2,000. A documentary stamp tax of P30 shall be added per application processed.
DTI urged applicants to use either their devices or designated computer units to independently file and process business name registration applications through the BNRS website (https:/ / bnrs.dti.gov.ph).