Business name registration IN CEBU
A local trade official expects business name registration in Cebu to grow further this year as the government is poised to reach out to the informal sector.
Zaide Bation, chief of the consumer welfare division at the Department of Trade and Industry (DTI) Cebu, said they are helping local government units to identify “informal” businesses and encourage them to register with the trade agency.
“We are slowly helping the local governments to have the informal sector join the formal sector. If they are into business, they should be proud of that and be registered,” Bation told Cebu Daily News in a phone interview.
Among those that she mentioned were owners of small sari-sari (neighborhood convenience) stores and businesses operated at home.
These kinds of ventures are prevalent in rural areas and even in cities, but most of the businesses are operating informally.
Bation said she believes this is because they have not been informed that they are required to register their businesses.
She said that registration is necessary so the DTI and other regulatory bodies can protect their enterprises.
“It’s always different when you’re registered with the DTI. You’ll be informed about bazaars and it’s also for the protection so they can have SSS and Philhealth. It’s for the future,” she added.
Business name registration in Cebu province grew by 22 percent in the first quarter of 2017 at 4,781 from 3,919 during the same period in 2016, latest data from the DTI showed.
Of this figure, 4,170 were new registrants while 611 were renewals.
In terms of employment, these businesses were seen to generate a total of 7,461 jobs.
Aggregate capitalization for these businesses amounted to P5.31 million.
Food continues to dominate the type of business Cebuano entrepreneurs set up, followed by general merchandise, and transportation.
Based on capitalization, real estate, transportation, and construction make up the top three types of business registered during the period covered.
Bation attributed this expansion to the presence of Negosyo Centers all over Cebu province, helping entrepreneurs register their business names in as fast as 15 minutes.
Business name registration is among DTI’s frontline services, which aims to maintain a nationwide registry of enterprises under sole proprietorship.
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