ZAMBOANGA CITY -- The joint intensified campaign of the Department of Trade and Industry (DTI) and local government unit (LGU) has resulted in the increase in business name registration in this city.
Garry Micubo, business name processor of the DTI provincial office, on Thursday said they have already recorded 5,405 registration of business name since January up to July this year. He noted that the figure is bigger than the 3,374 total business name registrants in 2017.
“One reason there was an increase of business name registration is due to the intensive campaign of the DTI through the Negosyo Centers and the LGU,” Micuo said.
He also credited the local government's policy to make the registration of businesses a mandatory requirement before the issuance of business permit.
He said most of the businessmen who registered business names are into retail, followed by food and services.
The retail business included convenience and community stores, or commonly known as “sari-sari” store; food covers eateries, restaurants and catering; and, services included laundry, water refiling stations and others.
Micubo said one of the advantages in registering a business name is that they can avail of the assistance of the DTI in terms technology transfer and others.
He said the business name and the corresponding fee are as follows: Barangay level, PHP230 including documentary stamps; city level, PHP530 including documentary stamps; regional level, PHP1,060 with documentary stamps; and, national level, PHP2,060 including documentary stamps.
He explained that a business name registered in the barangay level can only be used in the village where the establishment is located; city level in the entire city; regional level in the region; and, national level, anywhere in the country. The validity period of the business name registered with the DTI is five years.
The registration of business name is pursuant to Republic Act 3883 otherwise known as the business name law. The penalty for violation range from PHP1,000 to PHP10,000, depending on the business capital. (PNA)
