DTI sets public hearing on biz name registration

The Department of Trade and Industry is set to hold a public hearing in Cebu on the proposed streamlining of business name registration.

The public consultation is scheduled on September 14 in Marco Polo Plaza Cebu.

The public hearing will discuss the revised rules and regulations implementing Republic Act 3883 as amended otherwise known as an act to regulate the use of in business transactions of names other than true names.

The agency's administrative order aims to further streamline and simplify procedures on business name registration to make it efficient and business-friendly.

"The main objective of these rules is to protect the public dealing with such business or owners through the disclosure of the names and real identity of the person operating the business as well as other information appearing in the records of the owner in this Department, subject to existing rules and regulations governing disclosure of information," DTI said in the order.

Processes are further streamlined to keep it aligned with the ease of doing business program of the government.

The rules shall apply only to natural persons either Filipino or a non-Philippine national authorized to engage in business pursuant to the Foreign Investment Act and/ or Philippine Immigration laws and other related laws doing business or proposing to do business in the Philippines using a business name.

On November 14, 1931, RA 3883 was issued to regulate the use in business transactions of names other than true names, wherein a person intending to engage in business is required to first register with the DTI a name other than its true name, before such name is used in any business transactions.

RA 3883 and Executive Order 292 otherwise known as the Administrative Code of 1987 empower the DTI to make such rules and regulations as it may deem necessary for the implementation of laws relevant to its functions.

The DTI deems it is high time to come up with a revised implementing rules and regulations to keep it aligned with the government’s ease of doing business program.

In the first half of 2017, the DTI in Cebu registered a total of 9,288 business names.

That is up by 18 percent from 7,878 in the same period last year.

Of the total registered in six months, 8,161 are new while 1,127 are renewed, which were seen to generate over 13,000 jobs.

In 2016, DTI registered a total of 15,588 business names in Cebu, up 4.5 percent from 14,920 registered in 2015.

A business name lasts for five years and has to be renewed if the enterprise is to be continued.