Business name registration reaches all time high in 2022
MANILA --- The Department of Trade and Industry (DTI) announced recently that a total of 932,097 business names (BNs) were registered this year, surpassing the highest record reported in 2020.
“The rising number of sole proprietors registering their business names is indeed a positive sign that the Filipino entrepreneurial spirit is alive and recovering from the pandemic. We are pleased that more sole proprietors have undertaken the necessary first step of registering their businesses, starting with their business names”, said DTI Secretary Fred Pascual.
According to the DTI, new BNs registered (827,491) accounted for 88.8% of overall registrations. Meanwhile, the remaining 104,606 were renewal of BN registrations. The business activity of most of the BN registrations, based on the Philippine Standard Industrial Classification (PSIC), is into retail selling in sari-sari stores with 180,406 processed applications. This is followed by other restaurants and mobile food services activities and real estate buying, selling, renting, leasing, and operating of self-owned/leased apartment buildings, non-residential and dwellings with 75,391 and 32,764 registrations respectively.
In 2020, DTI reported total business names reaching 916,164, followed by 867,647 in 2021. In 2022, total number of business names was 7.4% higher as compared to last year, and is considered a record-breaking year as the BNRS registered the highest annual number of registrations for the past 10 years.
“DTI wants to make business registration less complicated and seamless. As we constantly integrate technology in the improvement of our services, the Department is working closely with the DICT to fully implement an end-to end registration, in support of e-governance measures to achieve a more efficient public service delivery and better experience for our citizens”, Secretary Pascual added.
Since the development and launching of the BNRS Next Gen in 2019, BN applications registered and processed online grew from 35% to 75% based on the payment collections received. Further, BN Applicants no longer need to visit DTI Offices and Negosyo Centers to register their business names, they can simply register using their computers or mobile phones with internet connections within 8 minutes, anytime, anywhere. Likewise, applicants may avail of various digital payment options such as Gcash, Maya, Credit Cards, and LandBank LinkBiz portal for fund transfers. This year, however, 25% of registrants paid via DTI teller.