The Department of Trade and Industry (DTI) in Palawan called on business owners to renew their business names early this year.

DTI specialist Welson Paz said business owners who registered their names in 2014 should already renew them now because this year is their expiration.

“Depende rin kung anong buwan sila nag-register, pwede silang early renewal. Kung March 2014 sila nag-register, ngayon January hanggang February, pwede na siya magrenew,” Paz said Tuesday.

They have to register this year to keep their business names in the DTI system.

He said owners are also required to classify their business names’ territorial scopes, which is about where they intend to operate or continue operation.

This is classified into Barangay with P200 registration fee; City/Municipality with P500; Regional with P1,000, and National with P2,000 registration payment.

He said that the DTI will only implement a six-month grace period for owners to renew their business names if they fail to meet the deadline.

Paz said there will be no penalty during the first three months of compliance to renewal.

However, on the fourth to the sixth month, the owner will pay a 50 percent surcharge on his or her business name territorial scope registration fee.

The DTI will not accept similar business names in one territorial scope but when the owner fails to renew after the six months grace period, his or her business name will be removed immediately in the system and other applicants may avail it.

“Kapag lumagpas doon sa 6th month na hindi ka pa nakapag-renew, ibig sabihin nakalimutan mo talaga, nag-o-operate ka pa rin, mawawala na ‘yon sa system. Ibig sabihin pwede na apply-an, kapag sinearch pwede na siya apply-an na iba kung may ganoong pangalan,” he said.