25 Sep 6 Easy Steps to Online Register a Sole Proprietor Business in the Philippines

To start, let us first understand what Sole Proprietorship is.

According to the Business Dictionary, Sole Proprietorship is the simplest, oldest, and most common form of business ownership in which only one individual acquires all the benefits and risks of running an enterprise. In a sole-proprietorship there is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups because of its ease of formation, least record keeping, minimal regulatory controls, and avoidance of double taxation.

Now that you have understood what Sole Proprietorship is, you’d probably have the idea of whether it is applicable for you or not. If yes, this article will help you determine the steps you should take on how to register your Business Name.

Department of Trade and Industries – Register your Business Name

The first step to becoming a sole proprietor is having the exclusive right to use the business name. To proceed, remember that your online application for a Business Name (BN) is subject to the Terms and Conditions set forth under the “The Business Name Law”.

To initially set-up your business registration, follow this instruction:

First, go to DTI Business Registration. Read all the Terms and Conditions for Business Name Registration and click “I Agree” so you will be directed to the complete process.

For you to easily go along the process, we list down the steps to complete:

1.   Choose your Scope of Business

Business name registration fee depends on the territorial scheme. Below are the amounts to pay:

Barangay – P200.00

City/Municipality – P500.00

Regional – P1,000.00

National – P2,000.00

2.   Prepare several business name alternatives then, check each Name Availability.

We suggest to list down as many as business names you want to go with. This is to make sure that once the initial business name cannot be registered, it will be easier once you have other options ready.

3.   If the proposed business name is available, proceed by filling out the Basic Information for Owner’s Details.

Make sure that all the required information marked with (*) are properly filled-up. Otherwise, you will receive an error message and will not be able to proceed to the succeeding pages and steps.

4.   Submit your Documentary Requirements.

The list of the needed requirements to submit to DTI Office are indicated in the Transaction Reference Number (TRN) Acknowledgement which can be seen on the last page of your online application form.

Payment fee for the application can be done through different options. You can pay through:

–  DTI Teller

–  GCash, or

–  Bancnet

5. Pay you application.

Payment fee for the application can be done through different options. You can directly to the DTI Office indicated in Transaction Reference Number (TRN) acknowledgment form or through GCash.

6.   It’s done! Just wait for the DTI Certification of Registration.

Once available, you can pickup the Business Name Registration Document at the DTI office or just download the document online.

Starting a new business is not that simple, you have to dedicate your time and efforts to get things done. With this guide, we hope that you understand the process of how you should start the process of getting your Business Name. This might just be the start but we are always available to help you as you go along with the complete process.

Need business advice? We have seasoned professionals always ready to help you.