Registering a business name? Pay online

MANILA, Philippines – No more hastening through traffic. No more waiting in long lines.

Entrepreneurs may now apply for business names and pay corresponding fees online.

In partnership with the Development Bank of the Philippines, Globe Xchange Inc. and Bancnet, the Department of Trade and Industry (DTI) launched on Monday, January 20 an electronic payment facility for business name registration, making it easier to set up shops in the Philippines.

“In assuring entrepreneurs of an enabling business environment, the government is gathering institutions and partners from the private sector to work on key reform areas in line with President Aquino’s policy thrust anchored on good governance and transparency,” DTI Secretary Gregory Domingo said.

“The e-payment facility for business name registration is one of the projects that the DTI is implementing to simplify the process of dealing with the government as entrepreneurs start and run their businesses,” Domingo added.

Those who want to apply for business names may use DTI’s Enhanced Business Name Registration System through its website bnrs.dti.gov.ph. They may choose a mode of payment – through GCash or Bancnet.

GCash is an internationally acclaimed micropayment service that transforms one’s mobile phone into a virtual wallet for secure, fast, and convenient money transfers at the speed and cost of a text message.

Bancnet is the country’s largest electronic banking consortium with 54 members and affiliates. Bancnet is also a multi-bank multi-channel electronic payment network enabling payments for its automated teller machine cardholders via ATM, point-of-sale terminal, Internet, and mobile.

Before the launch of the new service, businesses could be registered online, but payment for the transaction had to be made at DTI offices.

“With this e-payment facility in place, entrepreneurs can apply and renew their business name without going to the DTI offices, and enjoy the convenience of paying the applicable fees online through their computers or mobile phones,” noted DTI Undersecretary for Management Services Nora Terrado.

Terrado said in less than 15 minutes, proprietors may complete their registrations and opt to download and print their business name certificates.

Registration may also be done through the Philippine Business Registry System (PBRS) website business.gov.ph. This website also allows entrepreneurs to avail of other government services such as taxpayer identification number validation and application, and applications for Pag-IBIG Fund, PhilHealth and Social Security System numbers.

In 2013, the DTI registered 335,266 new and renewing business names. Of this, 41,658 were registered through the PBRS.

‘Doing Business’ survey

The e-payment facility is in line with the goal of government to fast-track the process of putting up a business in the Philippines.

The Aquino administration has been finding ways to further improve the country’s ranking in the World Bank’s and International Finance Corporation’s Doing Business report, which measures how much red tape the private sector encounters when dealing with government.

In the 2014 Doing Business report, the Philippines leapfrogged 30 places to rank 108th out of 189 countries.

This was the biggest improvement for the country in the survey’s 12-year history. The country ranked 6th highest in the ASEAN, and was ahead of Indonesia, which was at 120th place.

The Aquino administration aims to be in the top 60 when its term ends in 2016. – Rappler.com