People dreaming of opening their own business will find that it’s much easier to do so now, thanks to online tools set up by government agencies.
According to the Business Name Registration Division (BNRD) of the Department of Trade and Industry (DTI) it takes less than 10 minutes to register an online business. Making the process easier for would-be online entrepreneurs is perhaps one reason there has been a surge in the number online business registrations in the country.
The DTI says registration of online businesses surged from 1,753 between January to March 2020, to 75,876 as of September 2, an increase of 4,178 percent. The BNRD also said the total number of business names registered in the DTI (as of September 2) is 712,657, an increase of 12 percent compared to the 637,690 total business names registered for the entire 2019.
The DTI said this was an indication of citizens’ growing adoption of digital transactions in government. “We are pleased to know that our citizens are starting their businesses right by registering their business with appropriate government agencies, such as the DTI,” Secretary Ramon Lopez said.
“I think the end to end registration system is the reason for the increase,” he added. “With the online business name registration system (BNRS), I believe that our entrepreneurs find it easier to comply as they can finish the entire registration process within eight (8) minutes. This platform is readily available to the public in the comfort of their own homes.”
The DTI also saw a drastic increase of business name registrations during the height of the lockdown in most of Luzon and other parts of the country. Business name applications reached 9,692 in May, and further peaked in June when over 33,000 business names were registered.
“The silver lining in COVID-19 is the accelerated adoption of ecommerce,” Lopez saids. “Hence, the DTI is also increasing our efforts to promote ecommerce by building trust between consumers and merchants, and focusing on the digitalization of our micro, small and medium enterprises (MSMEs).”
In addition, the DTI reported a surge in people transacting payments online.
Reforms to make business name registration easier and more convenient started in 2018, when Lopez issued Department Administrative Order (DAO) 18-07 on the Revised Implementing Rules and Regulations of 2018 of Act 3883.
In 2019, the BNRS Next Gen was launched allowing the end-to-end online registration of business names. Sole proprietors may submit applications for BN registration (new and renewal), pay the registration fee via credit card, Gcash, Paymaya, and Landbank’s Link Biz portal and download their certificate of BN registration through the BNRS Next Gen anytime, anywhere using their mobile devices connected to the internet.
The DTI chief emphasized that the migration of business registration to the digital platform was part of the government’s ultimate push for ease of doing business.
If you want to start a new online business, you can get started by clicking here.
This story originally appeared on Esquiremag.ph.
* Minor edits have been made by the Preview.ph editors.