The company registration procedure of a Filipino company implies several steps. If the first step is related to choosing the type of structure, the second most important one is choosing a company or a trade name for the business. The Company Law in the Philippines is very strict when it comes to the choosing, reserving and registering a trade name for a local business.
Our Philippines company formation agents can assist foreign investors who want to open companies in this country.
Characteristics of company names in the Philippines
The Company Act defines the trade name of a company as any name other than the business owner’s name. Both local and foreign citizens of companies are allowed to register companies in the Philippines, therefore they are also allowed to reserve and register business names with the Department of Trade and Industry.
Those who want to set up companies in the Philippines must know that there are several types of business names which are represented by initials that will define the type of company to be registered. These initials are:
– the DTI which will be used for registering a sole proprietorship;
– the CDA which will be used when registered a cooperative;
– the SEC which is used for setting up a partnership or corporation.
Our company registration consultants in the Philippines can explain how to choose and reserve a company name in this country.
Reserving and registering a trade name in the Philippines
There are a few guidelines for choosing and reserving a trade name for a company in the Philippines. First of all, the person reserving the company name must be at least 18 years old; then, the name must be unique.
The Filipino company name must be reserved with the Trade Register based on the following documents:
– a valid identification paper, such as ID or passport;
– receipts of the payment fee and documentary stamp tax;
– a certified copy of the Certificate of Authority for foreign companies seeking to open branch offices in the Philippines;
– 2 copies of the application form issued by the Trade Register.
If you want to open a company in the Philippines and need assistance in reserving and registering a business name, please feel free to contact our local advisors.