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A Business Register serves as a single source of legally valid information about businesses. Any official public register is operated strictly according to the laws that apply in the particular country. A typical act on the registration of businesses and other legal entities applies to sole proprietorships, partnerships, companies, charities and associations, non-governmental organizations, co-operatives and any other legal person at any time listed in subsidiary legislation.
The scope of business registration is:
- Registration of new businesses;
- Registration of amendments to registration made previously;
- Registration of annual accounts;
- Diisclosure of information.
To make the Business Register functional and in compliance with the legal framework, the register institution must be properly organized and staffed with qualified people, equipped with tools to record the information and execute transactions efficiently and securely as well as provide timely services to the register users according to international best practices.
The Business Register may be organized in one central institution, or decentralized by establishing regional offices in addition to the headquarters. The organizational model depends on the internet penetration, reliability of the postal services, the requirements for extending services to the users and the traditions in the country.
Particular concern must be placed on the transition from analogue to digital information management. Digitization of currently held paper files serves three objectives:
- Ssecure the documents from being destroyed by also keeping them as electronic images;
- Establish a database of currently registered businesses;
- Be a tool for the transition from analogue archives to the electronic register regime.
Efficient and trustworthy registration services are the key elements in the creation of a good business climate. The incorporation of business is beneficial for four reasons: the legal entities can outlive their founders, joint forces may establish the company's capital, limited liability reduces risks and legal entities gain access to services by public courts and private commercial banks that are not available to unregistered firms. A sustainable business environment comprises business registration, monitoring, termination, contract enforcement and credit instruments. Increased efficiency of administration of the regulations is also an essential objective.