Most people think that building their own business has the highest possible chance to be successful. This is the main reason why every year many businesses came out and are registered with the government’s agency in-charge. However, a trade name or business name is essential to the existence of your business.
The importance of a business name
Your business name is what you will always use when you are dealing with your consumers or clients. That is why you should make some effort not just to make it catchy but to make it unique as well. Thus, you take a lot of time brainstorming to come up with a name that is both appealing to the market and the same time original.
Factors to consider when registering a business name for your proposed business
The first thing to do before you register with the Department of Trade and Industry (DTI) is to be ready with your unique name. However, being unique is not enough and you should also consider the following guidelines for it to be acceptable:
- The nature of business should be clearly described
- The punctuations are part of the English or Filipino language
- It must only contain alphabets and numerical digits
- It should not be scandalous or offensive
- The name should not be misleading, deceptive or misrepresent the business’ nature
- It should not already been registered with the government agencies such as the Intellectual Property Office (IPO) and the Securities and Exchange Commission (SEC)
- The name should not be composed of generic words
- It should not use abbreviation of any nation and other international organizations
- Your business name should not include the word “industry” unless when the business is engaged in farming, manufacturing and processing.
Steps in registering a business name
After deciding with a business or trading name that is accepted by DTI, the following are the next steps to follow:
1. Getting the certificate of registration – the type of the business’s construction basically determines which among the following agencies should you get your business’ certificate of registration:
- Securities and Exchange Commission ( SEC) if your business is a corporation or a partnership
- Department of Trade and Industry (DTI) if your business is a sole proprietorship
- Cooperative Development Authority (CDA) if your business is a cooperative
2. DTI-BTRCP registration – the next step on registering a business name is to register it to the Department of Trade and Industry (DTI) and Bureau of Trade Regulation and Consumer Protection (BTRCP) for your business to legally recognize by these agencies.
3. Barangay and municipal government registration – all businesses are required to register to the Barangay and municipal it is located or based for the purpose of permit and licenses for requirements and standards qualification of your business.
Registering a business name is exhausting but at the same time exciting. It is like giving your baby a name. So if you already have a name for your business, just use this article as your guide, and good luck with your new business!