Business registration across the Philippines is likely to be made a lot easier, with a country-wide epayment scheme being set up for business registration.
The state-owned Development Bank for the Philippines (DBP), Department of Trade and Industry (DTI) and BancNet have come together to implement the web-based solution, with the main aim being to make business name registration quicker and easier.
Alongside the obvious convenience this will bring, it's also hoped that the system - called the Enhanced Business Name Registration System (E-BNRS) – will provide added protection to any members of the public dealing with businesses. It's also likely to help businesses in the sense that it'll stop two companies from operating with names that could be construed as confusingly similar.
To use the system, new business owners simply have to register their name through the site, before their account is debited a business name registration fee, documentary stamp tax and a convenience fee after approval.
So what does this mean for Philippine business as a whole?
Well, it raises the trust factor that's tied to working with local small to medium sized enterprises. Given that the system discloses the identity and citizenship of any business owner, it greatly eliminates the risk of fraud and ensures that you know exactly who you're doing business with.
It also reduces the aforementioned risk of two companies setting up with familiar names. Snigger at the simplicity of it all you like, but picture finding out that people don't want to do business with you because they've confused you with someone else. Not a lot of fun!
And naturally, the more new businesses that are being set up in the Philippines the better the business climate as a whole. If reducing the hurdles associated with setting up a business encourages more would-be entrepreneurs to bite the bullet and set up their own company, then all the better.
Simply put, it's a small move, but one which is likely to make business across the country much easier.