How to Register a Business Name Change with the SEC or DTI

Changing your business name in the Philippines requires adherence to specific procedures set by the appropriate regulatory bodies: the Department of Trade and Industry (DTI) for sole proprietorships and the Securities and Exchange Commission (SEC) for corporations and partnerships. Here’s a comprehensive guide to navigate the process:

For Sole Proprietorships: Department of Trade and Industry (DTI)

1. Verify the New Business Name:

• Ensure your desired business name complies with DTI’s naming guidelines and is not already registered.
• Use the DTI Business Name Search facility to check name availability.

2. Prepare Necessary Documentation:

• Valid Government-Issued ID: Present a valid ID for identity verification.
• Affidavit of Business Name Change: Some DTI offices may require this notarized document detailing the reason for the change.

3. Submit the Application:

• Visit the nearest DTI office or Negosyo Center to file your application.
• Complete the Business Name Registration Form with the new name and other required details.
• Pay the applicable fees, which vary based on the business’s territorial scope.

4. Await Approval and Release:

• Upon approval, DTI will issue a new Certificate of Business Name Registration reflecting the updated name.

5. Update Other Agencies:

• Notify the Bureau of Internal Revenue (BIR) by filing BIR Form 1905 to update your business name in their records.
• Inform other relevant agencies, such as the Social Security System (SSS), PhilHealth, and Pag-IBIG Fund, to ensure all records are consistent.

For Corporations and Partnerships: Securities and Exchange Commission (SEC)

1. Secure Board Approval:

• Convene a Board of Directors meeting to pass a resolution approving the proposed name change.
• Document the resolution in the meeting minutes.

2. Conduct Name Verification:

• Use the SEC’s online facility to verify the availability of the new corporate name.
• Ensure the name adheres to SEC naming conventions and guidelines.

3. Prepare and File Required Documents:

• Amended Articles of Incorporation: Reflect the new corporate name.
• Directors’ Certificate: A notarized document signed by a majority of the directors and the corporate secretary, certifying the amendment and the board’s approval.
• Name Verification Slip: Proof of the new name’s availability.
• Submit these documents through the SEC’s Company Registration System.

4. Pay Applicable Fees:

• The SEC will assess filing fees based on the authorized capital stock and the nature of the amendment.

5. Await SEC Approval:

• The SEC will review the submitted documents.
• Upon approval, the SEC will issue a Certificate of Amended Registration reflecting the new corporate name.

6. Update Other Agencies and Stakeholders:

• Notify the BIR by filing BIR Form 1905 to update your corporate name in their records.
• Inform other regulatory bodies, such as the SSS, PhilHealth, and Pag-IBIG Fund.
• Update bank accounts, contracts, business permits, and inform clients and suppliers about the name change.

Important Considerations:

• Timeliness: Ensure all filings are done promptly to avoid penalties or legal complications.
• Consistency: Update all business documents, marketing materials, and online platforms to reflect the new name.
• Professional Assistance: Consulting with legal professionals can facilitate a smoother transition and ensure compliance with all regulatory requirements.

By meticulously following these steps, you can effectively manage a business name change, ensuring all legal obligations are met and maintaining seamless business operations.

Navigating the business landscape in the Philippines can be both rewarding and intricate. Whether you’re embarking on a new venture or scaling up, ensuring that your corporate endeavors are in line with local regulations is paramount.

At CBOS Business Solutions Inc., we pride ourselves on simplifying these processes for our clients. As a seasoned professional services company, we offer comprehensive assistance with SEC Registration, Visa processing, and a myriad of other essential business requirements. Our team of experts is dedicated to ensuring that your business is compliant, well-established, and ready to thrive in the Philippine market.

Why venture into the complexities of business registration and compliance alone? Allow our team to guide you every step of the way. After all, your success is our commitment.

Get in touch today and let us be your partner in achieving your business goals in the Philippines.

Email Address: gerald.bernardo@cbos.com.ph

Mobile No.: +639270032851

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