AS an entrepreneur, one of the most essential steps in formalizing your business venture is registering your business name with the Department of Trade and Industry (DTI). With a DTI-registered business name, you'll have a unique identifier to use for all business documents and transactions. DTI registration will also give you exclusive rights to your business name within your coverage area — preventing confusion among your clients.

With DTI's online portal, the Business Name Registration System (BNRS), DTI registration online has become simpler for any business owner with an internet connection.

Before proceeding, take note that the DTI business name registration is not the same as a business permit registration. Business name registration is done under DTI's BNRS to give your business its legal name. A business permit, also known as a mayor's permit, is obtained from your local government unit and gives you permission to operate your business.

Requirements for DTI registration

Business name. Your business name must be unique, memorable and in line with DTI's guidelines on business names. DTI requires a business name to have two portions: a dominant name and a descriptor.

A dominant name refers to the main identifying words or numerals attached to your business name. It can consist of a word, group of words, or a combination of letters and numbers. A few examples are "Zen" in Zen Hotel or "North Park" in North Park Noodles. A descriptor is a word or group of words describing the nature of your business, i.e., "café," "laundry" or "trading."

Territorial scope of your business. This is whether your business covers a barangay, city/municipality, regional or national scope, as well as your business address.

DTI registration fee and documentary stamp tax (DST). The registration fee depends on the territorial scope of your business, plus a P30 charge for DST. For barangay, the fee is P200, P500 for city/municipality, P1,000 for regional and P2,000 for national scope. Since you will be paying online, prepare to pay with a credit/debit card or e-wallet. You must pay within seven calendar days from your date of application; otherwise, your application will be nullified.

Valid ID. Ensure you have a valid government-issued ID, such as your passport, driver's license, TIN, SSS or postal ID, for verification purposes. If you are a foreign national, refugee or stateless person, you must first submit supporting documents at any physical DTI office before proceeding to online registration.

How to complete your DTI registration online

Go to the DTI BNRS portal (https://bnrs.dti.gov.ph/) and click on the "Register Now" button. You will be redirected to the New Registration page. After reading the terms and conditions, click "I Agree" to proceed.

If you are the business owner, fill out the online application form with your personal information and click "Next."

Nominate your business scope and business name. Select the territorial scope of your business then enter the dominant name of your business. This is the main identifier of your business name. Under "Business Name Descriptor," type keywords that describe the nature of your business until a match appears in the suggestions.

Your proposed business name will appear on the bottom section of the form. Click "Check Name Availability" to verify if your proposed business name is available. If it is, click "Proceed" to claim your business name. Otherwise, nominate another dominant name or business name descriptor until the system confirms its availability.

From here, a reference code will be assigned to you. Make sure to save it since the BNRS portal will request it for all your future transactions. After saving, click "Continue" and complete the rest of the online form with your business information. You will be asked to review your accomplished form as this is how you'll receive your Certificate of Business Name Registration (CNBR).

After the payment option appears, review the DTI registration fee and choose your preferred payment method.

After your payment is confirmed by the portal, don't forget to click "Register New Business." From here, DTI will begin to process your registration.

Once your application is approved by DTI, a CNBR will then be sent to your email. This may take a few business days from the date of your payment. Upon receiving your CNBR, make sure to print a copy and display it prominently in your business premises. Your DTI business name registration is valid for five years from the date of registration.

Aside from DTI online registration and DTI name renewal, the BNRS portal also provides other business services like business name search and request for certification of another business.

Completing your DTI Registration and DTI Renewal via the BNRS is a crucial step toward establishing your venture in the Philippines and ensuring that your business is recognized and protected. Remember to keep your registration up-to-date through regular renewals to maintain compliance and enjoy the benefits of being a registered business owner.

Jess Jacutan is an SEO and content marketing consultant for First Circle, a SEC-registered financial technology company that has been empowering SMEs through funding and free growth tools since 2016.