Business Registration and Financing

What are the qualifications of applicants for business registration?

• Must be at least 18 years old.

• Filipino citizens or foreign nationals with proper documentation.

• Stateless individuals recognized by relevant authorities can also apply.

What are the steps for renewing business name registration?

• Access the BNRS portal and agree to the renewal terms.

• Input the Reference Code to search for the existing business name.

• Review business details; choose to renew/update or change scope.

• Confirm the updated details.

• Pay the required renewal fee within 7 calendar days to avoid abandonment of the application.

What is the definition of human capital?

• The skills, knowledge, experience, and talents that individuals bring to the production process.

• Financial and manufactured capital.

• The networks, relationships, and connections among individuals and organizations.

What is the importance of human capital?

• Enhances productivity and innovation, driving business success.

• Facilitates cooperation and resource exchange.

• Refers to physical assets like factories and equipment.

What are the components of economic capital?

• Finance Capital

• Manufacturing Capital

What is the definition of social capital?

What is the definition of Manufactured Capital?

• The tangible and physical means of production, such as tools, machinery, infrastructure, and technology.

• The stock of natural resources and ecosystems that provide goods and services.

• The financial resources required to support business activities.

• The long-term investments needed to purchase fixed assets.

What is the significance of Natural Capital?

• It acknowledges the importance of sustainable practices and the relationship between environmental resources and business operations.

• It refers to the sources of money required to support business activities.

• It is the financial backing for startup and growth phases.

• It is the funds required for day-to-day operational activities.

What are the challenges for new businesses in securing financing?

• Limited customer bases, high competition, and perceived risks of failure by lenders.

• High operational costs and lack of market research.

• Insufficient legal documentation and compliance.

• Inadequate marketing strategies.

What are startup expenses?

• One-time costs incurred before the business starts operating.

• Recurring costs necessary to keep the business running.

• Long-term investments needed to purchase fixed assets.

• Funds required for day-to-day operational activities.