The Ministry of Trade and Industry (DTI) has updated the implementation rules and regulations of the company name (BN) Act to include a benchmarking system for the industry and at the same time to harmonize it with the EoDB Act of 2018, among other laws.
Department Administration Order No. 08-07, published in one of the country's daily newspapers over the weekend, said the review hopes "to provide streamlined requirements for processing BN applications and to promote the convenience of doing business."
After revising the 2010 revisions to the IRR of the BN31 Act of 1931 or the Republic Act 3883, the newly issued guidelines are also intended to amend disclosure rules in accordance with the 2012 Data Privacy Act or Republic Act 10173 and the Freedom of Information rule signed under 2016 executive decision no. 2.
"With the new DAO we can now switch from our old system to a stronger and more stable system that we now call BN NEXT GEN," said trade secretary Ramon M. Lopez yesterday in a mobile message.
He added that the DTI changes make the "first" to adopt PSIC. A benchmark system, PSIC provides a detailed classification of industries.
Under the EoDB Act, the new guidelines remove the requirement for a signed application form for online registrants. Meanwhile, filers of rejected online requests can request reconsideration at any DTI office.
The new law also extended the filing period for early renewal for certificates that have almost expired, to 180 days from just 90.
The standard information included in the registration of company registration has also been reduced in accordance with the Data Privacy Act. In the meantime, it has added provisions to request the authenticated or certified authentic copy of the CBN.
It also included refugees and stateless persons as eligible BN applicants.
M. Lopez added that the amendment would make the system more transparent by including a QR code that is accessible to the public.
The law on the company name makes it illegal for a person to use or sign a written or printed receipt, contract or business transaction, any name used in connection with his business, other than his real name, or to exhibit in clear view in the place of his company any sign that announces his company name or company name, without first registering his other name, company name or company name with the DTI.
Violators can get a fine between P50 and P200, or caught between 20 days and three months. – Janina C. Lim