The government has made it faster for businesses to complete their registration requirements.
The Department of Information and Communications Technology (DICT) and the Anti-Red Tape Authority led the launch of the first national business one-stop shop (NBOSS) at the Securities and Exchange Commission (SEC) last week.
The one-stop shop allows the completion of business registration in nine steps within seven and a half days. The old process, which has 13 steps, usually takes 33 days to complete.
The NBOSS is the physical colocation where applicants can register their business and employees, submit documents and avail of online services.
Apart from the SEC, it also supports the Bureau of Internal Revenue, Social Security System, Philippine Health Insurance Corp. and the Home Development Mutual Fund (Pag-Ibig).
DICT Secretary Gregorio Honasan II said in a statement the NBOSS would save time and eliminate fixers.
The NBOSS is an initiative provided under Republic Act No. 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.
Moves to streamline business registration would help the country become more competitive versus its regional peers. The Philippines jumped 29 notches in the World Bank’s annual Doing Business Report as it ranked 95th in the 2020 edition.
The report noted the Philippines improved in the areas of starting a business, dealing with construction permits and protecting minority investors. The report also revealed the Philippines was among
42 economies that made it easier to do business in at least three of 10 areas being measured.