Ah, the relief you feel after you completed all those forms, registrations, and payments! It surely feels good to finally start operating your business. You want to continue this business and develop it to the image of success for your kids and the future generations to come. What a beautiful vision.
Suddenly, you realize there’s something wrong with your trade name, address, tax type and you have to change them all ASAP! We know this situation is nearly impossible to happen. But still, what should you do in this case?
Luckily, we have a guide for that:
Updating Business Information
Business Names (BN) are valid until 5 years. You can only change your business name within this timeframe and only if you have not previously changed it. Here are the changes in your business information that must be advised:
- Registered business address
- Line of business – the additional line of business must be allied with an existing line or is related to the BN. Otherwise, you are required to apply for a new registration.
- Products and services
- Registered owner’s name due to marriage or judicial decree – must be supported with the original copy of marriage certificate, judicial decree, or submission of these copies.
To start, you have to acquire and fill-out BIR Form 1905 (Application for Registration Information Update) at the Revenue District Office (RDO) where you registered your Business Name (BN).
However, if you want to fill out the form without waiting in the line and sweating like a fire truck hose, you can simply download the form online. After this, complete the necessary materials:
– For single proprietorship:
- a) Amended SEC Registration/DTI Certificate; and
- b) Original Certificate of Registration (OCR)
- c) Necessary payment for fees
- d) For change of address: Copy of Contract of Lease executed for the new place of business.
- a) Board resolution requesting for additional line of business
- b) Certified true copy of the amended articles of incorporation
- c) Amended SEC Registration/DTI Certificate; and
- d) Original Certificate of Registration (OCR)
- e) Necessary payment for fees
- f) For change of address: Copy of Contract of Lease executed for the new place of business.
Next, the applicant must go the RDO office he registered with or to the Department Of Trade and Industry then submit the necessary forms and requirements. The teller will guide you while you proceed.
After that, you’re done! It’s that easy! Managing businesses is never without some obstacles. If you want to learn more tips and tricks to operate your business in a smooth way. Read more of PhilLife’s articles about business management here: http://phillife.com.ph/