The Department of Trade and Industry reported an 8-percent increase in business name registrations last year with the automation of its sign-up processes, leading to a faster and more efficient handling of transactions.
In a statement, the DTI said that there were 318,920 registered businesses last year, compared to 294,410 in 2010.
“The significant increase in registrations last year was attributed to the DTI’s Electronic Business Name Registration System or EBNRS which was launched in October 2010. The EBNRS is one of the department’s anti-red tape initiatives in line with the government’s policy of streamlining the bureaucratic processes and curbing corruption in the frontline agencies,” said Trade Secretary Gregory L. Domingo.
Domingo had emphasized the government’s effort to ease business processes by undertaking reforms such as automation of business registration processes to attract more investments in the country.
“We are continuously studying our processes to simplify business registration and license applications to improve the Philippine business environment. We are closely working with other government offices and the local government units or LGUs to make business easier in the country,” Domingo explained.
The EBNRS only takes 15 minutes, and requires a one-page application form and one signature compared to the previous scheme. This has drastically improved the process by cutting the length of time, number of documents and signatures required to register a business name.
With the EBNRS in place, entrepreneurs can get their DTI business name registration certificates in less than 30 minutes.
“The automated system not only made the transactions easier for businesses but also for the department,” Domingo added.
Registration of business name with DTI is the first step for an entrepreneur to start a business. Other regulatory agencies require businesses to register with them, while also obtaining permits and other licenses from LGUs before being allowed to operate.
This was why the DTI had initiated in January this year the Philippine Business Registry in order to link the EBNRS with the registration processes of other line agencies such as the Bureau of Internal Revenue, Social Security System, Home Mutual Development Fund, Philippine Health Insurance Corp. Securities and Exchange Commission and local governments such as Quezon City, to provide a seamless transaction for entrepreneurs. Amy R. Remo