MSMEs Boom Online: 60,000 Businesses Registered at DTI From March to July
Quarantine may have caused a number of businesses to close, but it’s also pushed the door wide open to e-commerce and online services. According to a report by Inquirer.net, the Department of Trade and Industry registered over 60,000 business names under their office from March to July.
This is a notably higher number of applicants than the previous period of January to March, which only recorded 1,700 newly registered business names. To put this into perspective, the number of new businesses from March to July is 35 times greater than the number of businesses that registered from January to March.
Securing a DTI business name certificate is the first step entrepreneurs must take in order to officially set up their enterprise. And it looks like a lot of entrepreneurs are ready to grow their small businesses as lockdown is forcing people to seek out business solutions at home.
Earlier this year, the Bureau of Internal Revenue announced online businesses would have until August 31 to register their enterprises.