Registry is he process and the result of registering (the act of observing something and taking notes or specifying information in a document). The concept is also used to name the system, instrument or paper where the data is stored. Trade, for its part, is what is linked to commercial activity and merchandise.
It is known as commercial register to institution through which contracts and commercial acts are registered. It is a public entity whose limits and scope are set by the law.
This administrative institution allows the dissemination of the legal status of registered merchants. The usual thing is that those who are engaged in commerce must report certain information with obligation and that the commercial register disseminates the information to contribute to general legal certainty.
What the commercial register does, in short, is to disclose data on those people, both legal and physical, involved in commercial operations. Thanks to this registry, potential investors, individuals who analyze the contracting of their products or services and the public offices that require the data, have access to the information.
The characteristics of the commercial register depend on each country. This record is generally considered to be the proof that certifies the legal existence of a merchant and his trade.
The data recorded for each business in the commercial register may include the commercial registration, the certificate of establishment of a society, accounting books, successions and liens, among others.
In Spain, a related concept is the Official Gazette of the Mercantile Registry, which is often referred to as BORME. Its about organ official in charge of the publicity of any legal act that is necessary to make known by the general public. It is published in digital and paper format, and this work, as well as the dissemination of the bulletin, is carried out by the State Agency Official State Gazette.
Functions of the Mercantile Registry of Spain
* legalize company books. Entrepreneurs must present those that are mandatory in the Mercantile Registry corresponding to their domicile, in order to carry out their legalization, which consists of the following two steps:
1) let constancy written on the first page of the book with the entrepreneur’s identifying data, the type of book (which can be inventories, diary or annual accounts), the content and the sealing system, the number of books belonging to the entrepreneur that are from the same class and number of sheets of the book in question;
two) seal all sheets through a process that proves the authenticity of the process, such as mechanical perforation, stamping or printing.
* appoint independent experts or experts to value contributions to the company that are not made in money. For example, if one of the partners contributes a real estate, the way to know its valuation is to go to the Mercantile Registry and request this calculation, which will be put in the hands of a specialist;
* the appointment of auditors or experts, as necessary, such as in the event of a spin-off or merger;
* act as the point at which the annual accounts are deposited that companies have the obligation to present within the first six months of the exercise following. In the Mercantile Registry, six years are kept from the publication in the Official bulletin (BORME);