Why You Should Register Your Online Business Name with DTI?

Why You Should Register Your Online Business Name with DTI?

We’re slowly turning all government transactions digitally and for an aspiring startup here in the Philippines, our hopes are high since now, you can register your business name online. In this article, we will learn the benefits and why you should register your business name with DTI (Department of Trade and Industry).

1. The benefit to limit your personal liability.

If you categorize yourself as traders or partners, you are legally responsible for aspects of your business including debts or losses. And because of that, selling a defective product gives you a liability. Running a business is too risky, your personal assets are also in the line. An easy way to protect your personal assets is to separate the legal entity from your personal. Ain’t clear yet? Scroll down for more.

2. The benefit of minimizing your tax liability and avoid future conflict

Depending on how much revenue your business brings in, you will likely pay less tax. When you get registered, you will have a clear understanding about paying taxes and of course it helps you to avoid legal problems.

3. Have the ability to invest more for your business capital

Your ability to attract and raise money for your business will be easier. It gives you the ability to borrow a capital but more importantly, sell shapes and raise equity capital.

Registering your business enhances the reputation and perception of your business. Becoming a registered is also important for any future dealing with third parties as many businesses will only hire or engage with registered companies.

In summary, the DTI benefits on registering a business can be one of the best ways you can expand your business and help you to ensure its goals. Not only will you be free but lower tax rates will mean that you can focus on turning your business into the best adventure you want it to be.

Watch our live stream discussion on the importance of registering  local products and business ⬇️ or check out this article on how you can register your business name online.

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