If you’re planning to close your business in the Philippines, you can’t just stop operations and forget about everything. You must also legally close your business with the DTI (Department of Trade and Industry) and the other government agencies you had applied to for permits when you started your business.
This ensures that you won’t incur any extra fees, fines, or surcharges.
Be sure to keep the following ready:
- Date of application
- Name of the business owner / partner / corporate president (if applicable)
- Registered business name
- Date of business name registration
- Certificate of Registration Number
- Reason/s for business closure
- Proposed date of closure
- Fully filled out “Other BN-Related Application Form” signed by the registered business owner
- Declaration under oath that the business cancellation (1) isn’t intended to defraud creditors and (2) that the business owner doesn’t have any outstanding and pending business-related financial obligations or that they have notified all the creditors of the business cancellation (depending on the case/situation)
- One (1) valid government-issued ID of the business owner / partner / corporate president
- Authorization Letter and valid IDs (of business owner and authorized representative) if filed by a representative
- Certified true copy of SEC certificate of dissolution of the partnership or corporation (whichever is applicable)
- Payment of the business cancelation fee
How to Close Your Business Records with the DTI
There are two ways to close your business name records with the DTI:
- Go to the nearest DTI office to process your application
- Use the DTI’s online business name registration system (BNRS)
However, the online option is only available for those who know their reference code (not the business name number), whether the TRN (Transaction Reference Number) or PBN (Proposed Business Name).
If it’s too complicated for you to use, it’s best to head to the nearest DTI office to get this done and over with.
The cancellation fees are only Php30, based on the DTI’s ANNEX E.
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