Friday, April 19, 2024

DTI hits new record for business name registrations in 2023

The Department of Trade and Industry (DTI) reported a record-breaking total of 984,332 business name registrations for 2023.

This marks a consecutive annual increase showcasing a 5% spike from the previously recorded 937,431 registrations in 2022.

According to data from the agency’s Business Name Registration Division (BNRD), all business name registrations, 88% (864,200) accounted for new business registrations, with the remaining 12% (120,132) representing BN renewals.

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

Earlier this month, the Securities and Exchange Commission (SEC) said it also registered a new record in terms of company registrations in 2023.

A record high of 46,445 firms registered using the SEC Electronic Simplified Processing of Application for Registration of Corporation (eSPARC) from January to November 2023, surpassing the previous record of 42,936 for the entire 2022.

Retail selling in sari-sari stores continues to lead as the BNR’s top business activity, having 172,905 total registrations.

Following closely are 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% of the total business names registered with 588,118, while 221,620 applications were under the city/municipality territorial scope. 

In a bid to streamline business processes and foster digitalization for small and medium enterprises (SMEs) nationwide, the DTI initiated the full-scale implementation of 100% 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.

Additionally, other initiatives of the DTI to promote business name registration include the system integration of BNRS with local government units (LGUs) that have their own business permit and licensing systems. 

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

According to the BNRD, they are also working with the regional and provincial offices to encourage the early renewal of business name and help boost registration.

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