The Department of Trade and Industry in Negros Occidental implemented starting yesterday the reduced fee for business name registration following an administrative order issued by Secretary Peter Favila.  

The DTI has slashed the fee to P150 from P300, plus P15 for documentary stamps.      A business name registration is good for five years.

Engiemar Tupas, acting chief of the DTI-Negros Occidental Business Development Division, said the reduced rate will be implemented for six months, based on Administrative Order 09-01.

The reduced registration fee can only be availed of businesses with single proprietor.

Tupas said business entities should take advantage of the registration fee cut because it is only temporary.

More than 20 business establishments filed their applications yesterday, he said.

About 10,000 businesses are currently registered with DTI- Negros Occidental.

Tupas said businesses establishments that have not registered with the DTI will be penalized when caught. The Business Name Law requires that all business whether sole proprietorship should register their business names with the DTI  before the business starts operating.   

In issuing AO 09-01, Favila said the DTI seeks to promote entrepreneurship amid the global financial crisis and encourage business activities and generate local employment.

He said the reduction in business name registration fee would benefit micro, small and medium as they  will incur less cost in starting and expanding their businesses.*NLG

back to top