Biz name registration up 5% in 2023 — DTI

Nearly a million individuals have registered their business in 2023; this is a five percent spike from previously recorded business name registrants in 2022, the Department of Trade and Industry reported on Saturday.

Based on records of DTI’s Business Name Registration Division, a total of 984,332 business name registrations were logged in 2023, or an increase of five percent versus the 937,431 registrations in 2022.

The DTI said of all business name registrations, 88 percent or 864,200 accounted for new business registrations, with the remaining 12 percent or 120,132 representing business name renewals.

Applications online

The majority of applicants processed and completed their applications online based on the payment collections received.

Retail selling in sari-sari stores continues to lead as the BNR’s top business activity, with 172,905 total registrations, trailed closely by Other Restaurants and Mobile Food Services Activities with 78,174 registrations, and Real Estate Buying, Selling, Renting, Leasing, and Operating of Self-Owned/Leased Apartment Buildings, Non-Residential and Dwellings with 41,165 registrations.

Meanwhile, barangay-level territorial scope registrations constituted 60 percent or 588,118 of total business names registered while 221,620 applications were under the City/Municipality territorial scope.

Digitalization among MSMEs

In a bid to streamline business processes and foster digitalization among small and medium enterprises nationwide, the DTI initiated the full-scale implementation of 100 percent online business name registration in August 2023.

“Walk-in applicants at Negosyo Centers are directed to use either their devices or designated computer units at the DTI offices to independently file and process BN registration applications through the BNRS website (https://bnrs.dti.gov.ph),” the DTI said in its statement.

Other initiatives of the DTI to promote business name registration include the system integration of BNRS with local government units that have their own business permit and licensing systems.

Trade and Industry Secretary Alfredo Pascual expressed the DTI’s “unwavering” commitment to sustain its partnership with the LGUs.

Significant role

Said Pascual, “We at the DTI recognize the significant role of our collaborative partnership with LGUs in simplifying registration procedures and requirements for the benefit of Filipino entrepreneurs, particularly micro, small, and medium enterprises.”

The BNRD said it is also working with its Regional and Provincial Offices to encourage the early renewal of business names and help boost registration.