The Australian Business Register (ABR) is a comprehensive database that contains information about businesses and organizations operating in Australia.
The ABR serves as a central repository for business information, primarily used to:
1. Issue and manage Australian Business Numbers (ABNs)[1]
2. Provide a public lookup service for business information[4]
3. Facilitate business interactions with government agencies and other businesses[1]
The ABR is responsible for issuing ABNs, which are unique 11-digit identifiers for businesses[1]. These numbers are crucial for various business operations, including:
- Verifying business identity when ordering and invoicing
- Avoiding pay as you go (PAYG) tax on payments
- Claiming goods and services tax (GST) credits
- Obtaining an Australian (.au) domain name[1]
Through ABN Lookup, the ABR provides free public access to certain business information[4]. This service allows anyone to:
- Verify a business's ABN
- Check supplier details
- Access publicly available information provided by businesses during registration[4]
The ABR is integrated with other government services, allowing businesses to:
- Register for various tax obligations (e.g., GST, PAYG withholding)
- Apply for tax file numbers (TFNs)
- Update business details across multiple government agencies[3]
Businesses can register for an ABN and manage their details through:
1. The Business Registration Service, which offers a streamlined process for new businesses[2]
2. The Australian Taxation Office (ATO) website, which manages the ABR[1]
The ABR is evolving to meet changing business needs. For instance, trading names will no longer be displayed on ABN Lookup after October 31, 2025, encouraging businesses to register formal business names with the Australian Securities and Investments Commission[4].
https://www.abr.gov.au/
Citations:
[1] https://business.gov.au/registrations/register-for-an-australian-business-number-abn
[2] https://register.business.gov.au
[3] https://www.ato.gov.au/tax-and-super-professionals/digital-services/australian-business-register
[4] https://abr.business.gov.au
[5] https://www.abrs.gov.au
The Australian Business Registry Services (ABRS) is a government initiative designed to streamline and consolidate business registration and management processes in Australia.
ABRS aims to bring together multiple business registries into a single, comprehensive platform[3]. Specifically, it will integrate:
- The Australian Business Register (ABR)
- More than 30 Australian Securities and Investments Commission (ASIC) registers
This consolidation is intended to simplify business interactions with government agencies and improve overall efficiency.
Director Identification Numbers
One of the primary functions of ABRS is administering director identification numbers (director IDs)[4]. These unique identifiers are:
- Mandatory for all company directors
- Applied for once and kept for life
- Designed to prevent the use of false or fraudulent director identities
Directors must apply for their ID before appointment or, if already serving, as soon as possible[5].
ABRS also plays a crucial role in business registration processes:
- It combines several key government business and tax registration forms in one place[2]
- Businesses can apply for various registrations simultaneously, including:
- Australian Business Number (ABN)
- Tax registrations (GST, PAYG withholding, etc.)
- Business names
- Company registrations
https://www.abrs.gov.au/ Citations:
[1]
https://www.abr.gov.au/who-we-are [2]
https://register.business.gov.au [3]
https://architecture.digital.gov.au/australian-business-registry-services-abrs [4]
https://www.abrs.gov.au [5]
https://asic.gov.au/for-business/running-a-company/company-officeholder-duties/director-identification-number/
The quality of being easy to access, use, or understand, particularly in reference to digital systems or public records.
Accounting and Corporate Regulatory Authority - The Accounting and Corporate Regulatory Authority is a statutory board under the Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers.
https://www.acra.gov.sg/
The Association of Company Registration Agents is a professional organization in the United Kingdom dedicated to promoting high standards among company registration agents. It serves as an open forum for those involved in the company registration industry and works closely with various government departments, including Companies House, HM Treasury, the Department for Trade & Industry, and HMRC.
https://acra-uk.org/
An Active Gatekeeper proactively monitors and controls access to registry information. This includes ensuring that only authorized individuals or organizations can access, modify, or register data, thus safeguarding the integrity and accuracy of the registry.
The Asian Development Bank (ADB) is a regional development bank established in 1966 with the primary mission of fostering economic growth and cooperation among countries in the Asia-Pacific region[1][3]. Here are some key points about the ADB:
- Headquartered in Manila, Philippines
- Owned by 68 members, including 49 from the Asia-Pacific region
- The United States and Japan are the largest shareholders, each holding 15.6% of total shares[3][4]
- Promote social and economic development in Asia and the Pacific
- Eradicate extreme poverty in the region
- Support inclusive, resilient, and sustainable growth
The ADB provides various forms of assistance to its member countries and partners:
- Loans for development projects
- Technical assistance
- Grants
- Equity investments
- Policy dialogues and advisory services
- As of 2021, ADB's sovereign financing portfolio stood at $104 billion
- The private financing portfolio was $14.2 billion
- In 2017, ADB lent $19.1 billion, with $3.2 billion going to private enterprises[3]
- Founded in 1966 with 31 member countries
- Initially focused on food production and rural development in the 1960s
- Expanded into education, health, infrastructure, and industry in the 1970s
- Increased support for energy projects following oil price shocks
- Began working with the private sector in the 1980s
- Adopted poverty reduction as its overarching goal in 1999[1]
Citations:
[1]
https://www.adb.org/who-we-are/about [2]
https://www.esper.io/blog/what-is-adb-on-android-and-what-can-you-do-with-it [3]
https://www.investopedia.com/terms/a/asian-development-bank.asp [4]
https://en.wikipedia.org/wiki/Asian_Development_Bank
Abu Dhabi Global Market (ADGM) is an international financial center located in Abu Dhabi, the capital of the United Arab Emirates. Established in 2015, ADGM serves as a catalyst for economic growth and diversification in Abu Dhabi[1][3].
- ADGM operates as a financial free zone with its own set of civil and commercial laws based on English common law[1][4].
- It covers an area of 14.38 million square meters across Al Maryah Island and Al Reem Island, making it one of the largest financial districts in the world[3].
- ADGM has three independent authorities: the Registration Authority, the Financial Services Regulatory Authority (FSRA), and the ADGM Courts[4].
- ADGM provides a robust regulatory environment through its Financial Services Regulatory Authority (FSRA)[1].
- It offers various types of licenses including Financial Services, Professional Services, and Commercial Licenses[1].
- The regulatory framework includes regulations on companies, financial services, employment, data protection, and real property[1].
https://www.adgm.com
Citations:
[1] https://wired.me/business/abu-dhabi-global-market/
[2] https://waifc.finance/profiles/abu-dhabi-global-market/
[3] https://www.adgm.com/about/overview
[4] https://www.adgm.com/legal-framework
An official who resolves disputes or makes judgments, often in cases of company name conflicts or regulatory compliance issues.
Automatic Exchange of Information (AEOI) is a system that allows tax authorities in different countries to automatically share information about financial accounts held by taxpayers. Here are the key points about AEOI:
AEOI agreements are made between countries to help combat tax evasion and avoidance by sharing financial account information across borders[1]. The system requires financial institutions like banks, insurance companies, and investment firms to report information on accounts held by non-residents to their local tax authorities, who then share that data with the relevant foreign tax authorities[1][2].
There are two main regimes under AEOI:
1. Foreign Account Tax Compliance Act (FATCA)**: An agreement between the US and other countries that requires financial institutions to report on US account holders[1].
2. Common Reporting Standard (CRS)**: Developed by the OECD, this is a global standard for automatic exchange of financial account information between participating countries[1][2].
The types of information shared through AEOI typically include:
- Account balances
- Interest earned
- Dividends
- Sales proceeds from financial assets
- Personal information of account holders (name, address, tax identification number, date of birth, etc.)[3][6]
The main goals of AEOI are to:
- Combat tax evasion and offshore tax avoidance
- Increase tax transparency globally
- Help tax authorities ensure proper taxation of income received abroad by their residents[4]
Over 100 jurisdictions have committed to implementing the CRS[3]. Financial institutions in participating countries are required to:
- Identify reportable accounts
- Collect necessary information from account holders
- Report this information annually to their local tax authorities
- The local tax authorities then exchange this data with partner jurisdictions[2][4]
Citations:
[1]
https://www.gov.uk/guidance/automatic-exchange-of-information-introduction [2]
https://mof.gov.ae/fatca-and-crs/ [3]
https://kpmg.com/ie/en/home/industries/financial-services/aeoi-automatic-exchange-information.html [4]
https://www.caceis.com/regulatory-environment/regulatory-watch/aeoi/ [5]
https://www.swissquote.com/en-row/private/help/legal-tax/tax-compliance/aeoi [6]
https://web-archive.oecd.org/temp/2015-08-25/69329-automaticexchange.htm
The Alliance francophone des registres du commerce (AFREC), or Francophone Alliance of Business Registers in English, is an international organization that brings together legal publicity register keepers across the French-speaking world. Created in 2022 during the Francophonie Summit in Tunisia, AFREC's main objective is to promote cooperation between business registers of French-speaking countries.
AFREC positions itself as a space for reflection and sharing of information, expertise, and experiences. Its main missions include:
- Harmonizing registry practices to strengthen legal security
- Promoting economic transparency at the international level
- Providing mutual support among members, particularly in terms of training and sharing of IT tools
- Assisting in drafting proposals for amendments to legislative or regulatory texts
Members and Expansion
Initially founded by eight signatory countries, AFREC has experienced rapid and significant growth. Today, it has about 20 member countries, representing various continents:
- Europe: France, Belgium, Luxembourg
- North America: Quebec
- Africa: Tunisia, Senegal, Morocco, Gabon, Guinea, Guinea-Bissau, Madagascar, Chad, Togo, Mauritania, Central African Republic, Cameroon, Republic of Congo, Comoros, Burkina Faso, Benin
AFREC regularly organizes meetings and forums for its members. For example, the 2nd Forum of Francophone Business Register Keepers was recently held on the sidelines of the 136th Congress of Commercial Court Clerks in France.
The alliance also encourages bilateral partnerships between member countries. For instance, the National Council of Clerks of France has signed partnership agreements with Tunisia and Quebec.
www.registre-afrec.org
The Australian Financial Security Authority (AFSA) is an executive agency within the Attorney-General's portfolio of the Australian government[1][2]. Established in 1999 under the Public Service Act 1999, AFSA succeeded the former Insolvency & Trustee Service Australia[3].
AFSA's primary responsibilities include:
1. Personal Insolvency Administration: AFSA manages and regulates the personal insolvency system in Australia, operating under the Bankruptcy Act 1966 and related legislation[2].
2. Personal Property Securities Register (PPSR): The agency maintains the PPSR, an online government notice board for security interests in personal property[1][2].
3. Statutory Roles: AFSA fulfills four important statutory positions:
- Inspector-General in Bankruptcy: Responsible for the general administration of the Bankruptcy Act, regulating bankruptcy trustees and debt agreement administrators[2].
- Official Receiver: Operates a public bankruptcy registry service and assists bankruptcy trustees[2].
- Official Trustee in Bankruptcy: Administers bankruptcies and other personal insolvency arrangements when a private trustee is not appointed[2].
- Registrar of Personal Property Securities: Maintains the PPSR in compliance with relevant legislation[2].
AFSA is headquartered in Barton, Australian Capital Territory[3]. As an executive agency, it operates with a degree of autonomy while remaining under the broader umbrella of the Attorney-General's Department[2][3].
AFSA regularly publishes reports and statistics on personal insolvencies in Australia. For instance, they reported a decrease in provisional personal insolvencies in September 2024[1]. The agency also engages in public outreach, such as seeking feedback on their website improvements and participating in industry conferences[1].
Citations:
[1]
https://www.afsa.gov.au [2]
https://www.insolvencyreg.org/about-us/member-organisation-profiles/australian-financial-security-authority-afsa [3]
https://en.wikipedia.org/wiki/Australian_Financial_Security_Authority
Agentic AI is a type of artificial intelligence (AI) that can make decisions and take actions independently, without requiring constant human intervention. Agentic AI systems can adapt to new information, learn from their environment, and solve complex problems based on their goals and the current situation.
Here are some characteristics of agentic AI:
- Autonomous: Agentic AI systems can operate independently and make decisions without needing constant human supervision.
- Proactive: Agentic AI systems don't just react to commands, they anticipate needs and act proactively to achieve their goals.
- Adaptable: Agentic AI systems can adapt to new information and changing environments.
Agentic AI differs from traditional AI, which requires predefined instructions. It's also different from generative AI, which creates new content based on existing data.
A person or entity authorized to act on behalf of another, particularly in legal or financial transactions.
AISBL (Association Internationale Sans But Lucratif) is a legal form for international non-profit organizations under Belgian law.
An AISBL is an international non-profit association that:
- Pursues a disinterested aim with an international purpose or utility[1][4]
- Has its own legal personality, independent of its members[2]
- Cannot distribute profits or provide direct pecuniary advantages to its founders, members, or directors[4]
- Recognized by Royal Decree, which strengthens its image and credibility[1]
- Requires at least two founding members (compared to three for an ASBL)[1]
- Has more flexibility in defining statutes and organizational structure compared to ASBLs[1]
- Can engage in limited commercial activities to support its non-profit purpose[2]
An AISBL typically consists of:
1. General Assembly (general management body)
2. Administrative Body (board of directors)[2]
The statutes determine the specific composition and operation of these bodies, with more flexibility compared to ASBLs[1].
- Must be incorporated by notarial deed[1]
- Requires approval from the Ministry of Justice[1]
- Legal personality is granted on the day of the Royal Decree[1]
- Subject to certain accounting obligations and potential auditing requirements depending on size[2][4]
Brussels is the second-largest center for international associations globally, after Washington, D.C. AISBLs employ an estimated 20,000 to 30,000 people in Belgium, contributing significantly to the country's non-profit sector[3].
Citations:
[1]
https://demixgroupblog.altervista.org/en-gb/asbl-vs-aisbl-the-differnces/ [2]
https://fpa.freecad.org/handbook/corporate/AISBL/rationale.html [3]
https://en.wikipedia.org/wiki/Nonprofit_organization_laws_by_jurisdiction [4]
https://esra.website/fileadmin/bylaws_2024/20240112_Memo_ESRA.pdf [5]
https://www.aspire2050.eu/sites/default/files/pressoffice/publication/a.spire_statutes_2021_en_0.pdf [6]
https://www.isdc.ch/media/1677/e-2018-17-18-107-non-profit-legal-entities.pdf
The Agency of the Republic of Slovenia for Public Legal Records and Related Services, commonly known as AJPES (Agencija Republike Slovenije za javnopravne evidence in storitve), is a key government agency in Slovenia responsible for managing various public records and providing related services. Here are some important details about AJPES:
AJPES was established in 2002 and is headquartered in Ljubljana, Slovenia[4]. The agency consists of 13 organizational units, with a branched network that serves both information providers and users[5]. It is led by a director, currently Tomaž Klemenc, and overseen by a council with five members[4].
AJPES has several crucial functions in the Slovenian business and administrative landscape:
1. Slovenian Business Register: AJPES manages the central public database of all business entities in Slovenia, including companies, sole traders, legal entities, and subsidiaries of foreign businesses[1][3].
2. Annual Reports: The agency publishes annual reports of companies, cooperatives, and sole proprietors through its JOLP (Public posting of annual reports) system[2][3].
3. European Business Register: AJPES provides access to the European Business Register, facilitating access to data on business entities from other EBR member countries[3].
4. Credit Rating Reports: The agency offers credit rating reports (eS.BON) for a nominal fee[2].
https://www.ajpes.si/?language=english
Citations:
[1] https://e-justice.europa.eu/106/EN/business_registers_in_eu_countries?member=1
[2] https://chwmeg.org/asp/financial/slovenia.pdf
[3] https://www.ajpes.si/?language=english
[4] https://www.ajpes.eu/About_AJPES/Info
[5] https://www.ajpes.eu/About_AJPES
An Authoritative Legal Entity Identifier (ALEI) is a unique identifier issued by a government register when a company is legally formed[4]. Here are the key aspects of ALEIs:
- ALEIs are used to verify a company's legal name, status, and formation date[4].
- They are issued by government registers at the time of company formation[4].
- The ALEI is typically the registration or file number (or a combination of letters and numbers) on a company's registration certificate[4].
- ALEIs are recorded in government registers along with the legal name and date of incorporation[4].
- They are considered authoritative because they are issued by the government entity that creates the legal entity[4].
- ALEIs are distinct from proxy identifiers, which are issued by other organizations[4].
- ISO 8000-116 is the international standard for representing ALEIs[2].
- The standard adds a jurisdiction prefix to the local ALEI, turning it into a globally unique identifier[2].
- The format typically includes:
- Country code
- State/province code (if applicable)
- Register code
- Local identifier
For example: US-DE.BER:3031657 (ALEI issued by the State of Delaware in the USA, where BER stands for Business Entity Register)[2].
Using ALEIs formatted according to ISO 8000-116 offers several advantages:
1. Positive identification of trading partners through authoritative data sources[4].
2. Easy access to secure, trustworthy, and up-to-date government data[4].
3. Faster onboarding of new trading partners[4].
4. Mitigation of risks associated with trading with unknown or unverified entities[4].
5. Identification of duplicate entities in customer and supplier master data records[4].
6. Creation of organization relationship models (ownership structures)[4].
7. Improved interoperability and data exchange[4].
Citations:
[1]
https://en.wikipedia.org/wiki/Pentagon_UFO_videos [2]
https://ealei.org/assets/images/Legal%20Entity%20Identifiers%202023-01-06.pdf [3]
https://www.acronymfinder.com/ALEI.html [4]
https://ealei.org
Anti Money Laundering (AML)
Anti-Money Laundering (AML) refers to a set of policies, laws, regulations, and procedures designed to prevent, detect, and report financial crimes, particularly money laundering activities[1][2]. The primary goal of AML is to stop criminals from disguising illegally obtained funds as legitimate income[4].
Key Components of AML
Financial institutions and other regulated entities are required to implement specific AML measures, including:
- Customer Due Diligence (CDD): Verifying customer identities and maintaining accurate records of transactions[4].
- Know Your Customer (KYC): Implementing strong methods to verify and check customers against sanctions and watchlists[2].
- Transaction Monitoring: Using software filters and mechanisms to screen transactions for suspicious activities[2].
- Reporting: Filing Suspicious Activity Reports (SARs) when potential money laundering is detected[4].
Regulatory Framework
AML efforts are guided by both national and international regulations:
- In the United States, key legislation includes the Bank Secrecy Act (BSA) and the USA PATRIOT Act[4].
- Globally, organizations like the Financial Action Task Force (FATF) provide frameworks for AML and Combating the Financing of Terrorism (CFT) regulations[4].
Importance of AML
AML compliance is crucial for several reasons:
1. Preventing Financial Crime: It helps combat a wide range of illegal activities, including drug trafficking, terrorism financing, and corruption[2].
2. Maintaining Financial System Integrity: AML measures protect the stability and reputation of the global financial system[5].
3. Legal Compliance: Financial institutions must adhere to AML regulations to avoid hefty fines and legal consequences[2].
AML in Practice
Financial institutions employ various techniques to implement AML:
- Risk Assessments: Evaluating potential money laundering risks associated with customers and transactions[2].
- Ongoing Monitoring: Continuously reviewing customer activities and transactions for suspicious patterns[4].
- Staff Training: Educating employees on AML procedures and how to identify potential money laundering activities[1].
- Advanced Analytics: Utilizing artificial intelligence and machine learning to enhance detection of sophisticated financial crimes[5].
Citations:
[1] https://en.wikipedia.org/wiki/Anti%E2%80%93money_laundering
[2] https://www.sanctionscanner.com/knowledge-base/anti-money-laundering-aml-49
[3] https://www.innovatrics.com/glossary/anti-money-laundering-aml/
[4] https://www.investopedia.com/terms/a/aml.asp
[5] https://www.sas.com/en_nz/insights/fraud/anti-money-laundering.html
Anti-Duplication Identity Database (ADID)
A system designed to prevent the creation of duplicate records by identifying and eliminating redundant identities within the registry.
An apostille is a form of international certification that simplifies the process of authenticating public documents for use in foreign countries.
An apostille certifies the authenticity of a public document issued in one country so that it can be recognized and accepted as valid in another country[1][3]. It serves as a standardized form of authentication for documents that need to be used internationally.
The apostille system was established by the Hague Convention of 1961[2][3]. It only applies between countries that are members of this convention, known as contracting states. As of October 2024, 127 states are part of the Apostille Convention[5].
Documents that can typically be apostilled include:
- Court documents
- Administrative documents (e.g., birth certificates, marriage certificates)
- Notarial acts
- Official certificates placed on documents signed by individuals in their private capacity[5]
1. The document holder applies for an apostille in the country where the document was issued.
2. A designated authority in that country verifies the document's authenticity.
3. If authentic, the authority issues an apostille certificate, usually in the form of a stamp or attachment to the original document[2][4].
An apostille is typically a 9x9 centimeter stamp placed directly on the document or attached to it. It must be titled "Apostille" and contain specific information, including the issuing country, details about the document and its signatory, and information about the issuing authority[2].
The main advantage of an apostille is that it simplifies the legalization process for documents used internationally. Once apostilled, a document is generally accepted in other member countries without requiring further authentication or legalization by embassies or consulates[1][3].
- Apostilles are only valid between countries that are members of the Hague Convention.
- They cannot be used for documents intended for use in the same country where they were issued.
- Certain documents, such as those issued by diplomatic or consular agents, are not eligible for apostilles[5].
Citations:
[1]
https://www.wolterskluwer.com/en/expert-insights/whats-the-difference-between-apostille-and-authentication [2]
https://www.reuterssolicitors.com/what-is-an-apostille-and-when-is-it-needed/ [3]
https://www.apostille.org/what-is-an-apostille/ [4]
https://www.vistra.com/speciality-services/legalisation/apostille-faqs [5]
https://en.wikipedia.org/wiki/Apostille_convention
Application Lifecycle Management (ALM)
The process of managing the development, deployment, and maintenance of software applications throughout their lifecycle.
Application Programming Interface (API)
a means by which two or more computer programs can communicate with each other.
Artificial Intelligence (AI)
leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.
The Australian Securities and Investments Commission (ASIC) is the primary regulator of Australia's corporate, markets, and financial services sectors. It is an independent Australian Government body established under the Australian Securities and Investments Commission Act 2001 (ASIC Act). The companies register in Australia is operated by ASIC.
ASIC administers and enforces the Corporations Act, which is the key piece of legislation governing Australian companies. ASIC is responsible for regulating the conduct of Australian companies, financial markets, financial services organizations, and professionals dealing with investments, superannuation, insurance, deposit-taking, and credit.
ASIC maintains registers that provide information about companies and organizations, including their names, unique identification numbers (such as ABN, ACN, ARBN), types, registration dates, and locations of registered offices.
These registers are accessible to the public for searching company details and purchasing extracts that contain current or historical information about the organizations.
https://asic.gov.au/
ASIC Connect is an online service provided by the Australian Securities and Investments Commission (ASIC) that allows businesses and individuals to interact with ASIC's registers and manage various business-related tasks[1][2]. Here's a comprehensive overview of ASIC Connect:
ASIC Connect allows users to search ASIC's registers for information about:
- Companies
- Business names
- Self-managed superannuation fund (SMSF) auditors
- Australian Financial Services (AFS) licensees
- Credit licensees
- Liquidators
- Auditors[1]
Users can perform various tasks related to business names, including:
- Registering new business names
- Renewing existing business names
- Cancelling business names
- Transferring business names
- Updating business name details[2]
**SMSF Auditor Services**
ASIC Connect provides services for SMSF auditors, such as:
- Registering as an SMSF auditor
- Updating SMSF auditor details[2]
**Account Management**
- Users can create an ASIC Connect account to access these services
- Multiple business names can be managed from a single account[2]
## Access and Registration
To use ASIC Connect:
1. Create an ASIC Connect account by providing personal details and contact information
2. Set up a secure password and security question
3. Verify the account through an email activation link
4. Log in using the registered email address and password[2]
ASIC Connect also offers:
- ASIC Connect Lodgement for financial advisers and authorised representatives
- M2M (Machine to Machine) Services
- ABR Joint Registration
- Government access for authorized entities
- Access to the ASIC Regulatory portal for regulated entities[1]
Citations:
[1]
https://asic.gov.au/online-services/service-availability/ [2]
https://www.service.nsw.gov.au/transaction/create-an-asic-connect-account
The Association of Registrars of Latin America and the Caribbean (ASORLAC) is a non-profit organization with a primary focus on promoting and facilitating the exchange of information about registry systems among its member countries[1][2]. This association serves several important functions:
Key Objectives
1. Information Exchange: ASORLAC acts as a platform for sharing knowledge and experiences related to registry systems across Latin America and the Caribbean[1].
2. Best Practices Forum: It provides a space for members to discuss and share best registry practices, helping to improve registry operations throughout the region[1].
3. International Liaison: ASORLAC serves as an intermediary between Latin American and Caribbean countries and the Corporate Registers Forum (CRF), fostering international collaboration[1].
Focus Areas
- Promotion of Roles and Responsibilities: The association works to highlight and advance the roles and responsibilities of its members in the registry sector[1].
- Management Models: ASORLAC promotes various management models used in registry systems[1].
- Technological Advancements: It emphasizes the importance of technologies used in registration processes to keep up with international trends and changes[1].
Collaboration and Problem-Solving
ASORLAC encourages collaboration, cooperation, and discussion among its members, particularly on issues related to public registry administration. This collaborative approach aims to identify and overcome obstacles that may hinder efficient and effective registry management, with a special focus on challenges affecting information exchange[1].
By fostering these connections and facilitating knowledge sharing, ASORLAC plays a crucial role in improving registry systems across Latin America and the Caribbean, ultimately contributing to more efficient and effective public administration in the region.
https://www.ccb.org.co/en/registry-services/register/association-latin-america-and-caribbean-registrars
Citations:
[1] https://ibrr.net/about/asorlac
[2] https://www.ccb.org.co/en/registry-services/register/association-latin-america-and-caribbean-registrars
An acronym for Anti-Terrorism Financing, referring to regulations and measures aimed at preventing the use of corporate structures for financing terrorism.
The Australian Taxation Office (ATO) is the principal revenue collection agency for the Australian Government[1][2][4].
The ATO's main responsibilities include:- Administering the Australian federal taxation system and superannuation legislation[1]
- Collecting revenue, including income tax, goods and services tax (GST), and other federal taxes[1][2]
- Administering the goods and services tax (GST) on behalf of Australian states and territories[2]
- Managing the Australian Business Register[1]
- Overseeing major aspects of Australia's superannuation system[2]
- Administering programs that provide transfers and benefits to the community[2]
The ATO is led by the Commissioner of Taxation, who is responsible for the general administration of the tax system[1]. The organization is structured into five main groups:
- Client Engagement
- Law Design and Practice
- Service Delivery and Business Reporting and Registrations
- Enterprise Solutions and Technology
- Enterprise Strategy and Corporate Operations
Each group is led by senior executives who form part of the ATO Executive Committee[1].
The ATO operates within the Treasury portfolio and works closely with the Treasury department[1][3]. While the Treasury is responsible for tax policy development, the ATO is responsible for implementing and administering tax laws[3].
https://www.ato.gov.au
Citations:
[1] https://en.wikipedia.org/wiki/Australian_Taxation_Office
[2] https://www.ato.gov.au/about-ato/who-we-are
[3] https://www.ato.gov.au/about-ato/new-legislation/ato-and-treasury-roles
A professional responsible for examining and verifying financial records, ensuring accuracy, compliance, and integrity.
AuRegis is a Federal German project that aims to develop a nationwide procedure for the electronic management of commercial, corporate, cooperative, partnership, associations and, in the future, foundation registers. AuRegis is commercial register software that is being developed for the federal government and all 16 states on the basis of a cross-procedure infrastructure and on the basis of cross-state IT architecture models in a service-oriented architecture (soA) of the justice system. The project is run by the Ministry of Justice North Rhine-Westphalia.
AusAID, or the Australian Agency for International Development, was the Australian Government's official overseas aid agency responsible for managing the country's foreign aid program. Its primary goal was to reduce poverty and promote sustainable development in developing countries, aligning with Australia's national interests.
- AusAID focused on reducing poverty in developing nations through various initiatives.
- It aimed to foster long-term economic growth, improve governance, and support infrastructure development.
- The agency provided disaster relief and support for building resilience in vulnerable countries.
- Empowering women and girls was a key focus area of AusAID's programs.
AusAID's programs addressed several critical themes, including:
- Economic growth and infrastructure
- Education and health
- Governance and human rights
- Gender equality
- Environmental sustainability
- Regional stability
AusAID was established in 1974 under the Whitlam government as the **Australian Development Assistance Agency (ADAA)**. Over time, it underwent several name changes before becoming AusAID in 1995. In 2014, under the Abbott government, AusAID was merged into the Department of Foreign Affairs and Trade (DFAT), which now manages Australia's foreign aid program under the brand name **Australian Aid**[4][2].
While AusAID worked globally, its efforts increasingly concentrated on Australia's Indo-Pacific region, where it could have the most significant impact[3].
Citations:
[1]
https://www.dfat.gov.au/development/australias-development-program [2]
https://www.fundsforngos.org/bilateral-funds-for-ngos/australian-agency-for-international-development-ausaid/ [3]
https://caribbean.eclac.org/funding-sources/australian-aid [4]
https://en.wikipedia.org/wiki/Australian_Aid [5]
https://www.preventionweb.net/organization/australian-agency-international-development
The process of proving that a person, device, or entity is who or what it claims to be, often involving security measures like passwords, biometrics, or digital certificates.
The most accurate and reliable source of information for a specific domain or subject. In the context of registries, this typically refers to the official record of information that is considered the definitive source of truth.
Business Ready (B-READY) is a new flagship report and benchmarking tool developed by the World Bank Group to assess the business environment and investment climate in economies worldwide[1][2]. It replaces and improves upon the previous Doing Business project, providing a more comprehensive and balanced analysis of factors that strengthen the private sector[2][3].
Key aspects of B-READY include:
1. Scope: The report evaluates regulatory frameworks, public services, and operational efficiency directed at firms[1][2].
2. Analytical Framework: B-READY is based on three fundamental pillars:
- Regulatory Framework
- Public Services
- Operational Efficiency[2][3]
3. Topics Covered: The analysis centers on 10 essential topics for private sector development, corresponding to various stages of a firm's life cycle[2]. These include market entry, company location, utility services, employment, financial services, international trade, taxation, dispute resolution, market competition, and corporate insolvency[3].
4. Cross-cutting Themes: The report also addresses three cross-cutting themes relevant to modern economies:
- Digital adoption
- Environmental sustainability
- Gender[2]
5. Data Collection: B-READY utilizes two main data collection approaches:
- Expert consultations
- Firm-level surveys[4]
6. Coverage: The 2024 report will cover 50 economies, with plans to expand to 180 economies by 2026[3].
7. Objectives: The report aims to provide actionable evidence to promote reforms for a stronger private sector, benefiting not only businesses but also workers, consumers, potential new enterprises, and the natural environment[1][2].
8. Launch Date: The first B-READY report launched on October 3, 2024[1].
Citations:
[1] https://www.worldbank.org/en/businessready
[2] https://openknowledge.worldbank.org/entities/publication/717d6abc-91cc-4a0b-9f5a-6f59e4b626bb
[3] https://salt.ceg.es/en/business-ready-report-2024-b-ready/
[4] https://www.digitalpolicy.gov.hk/en/our_work/digital_government/business_facilitation/business_ready/
[5] https://worldinvestmentforum.unctad.org/session/b-ready-understanding-world-banks-new-business-readiness-assessment
A Base Record is the starting point for an individual or company’s information in a system. It contains the essential details needed to identify and manage them and is often used as the foundation for ongoing updates and improvements to the data.
Benchmarking Performance Monitoring (BPM)
BPM refers to the continuous process of measuring and comparing performance against an established benchmark.
In the context of legal persons, beneficial owner refers to the natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. It also includes those natural persons who exercise ultimate effective control over a legal person (such as a company or arrangement such as a trust). Only a natural person can be an ultimate beneficial owner, and more than one natural person can be the ultimate BO of a given legal person.
Beneficial Owners Register (BR)
Beneficial ownership registers reveal how companies and other legal entities or arrangements, such as trusts, are owned and controlled by their beneficial owners. A public real-time, web-based beneficial ownership register records, reports and manages beneficial owners, increasing transparency in business transactions.
Making more of this information available to those who can use it effectively through a Register of Beneficial Ownership helps solve issues around corporate accountability and illicit financial flows. Registers of Beneficial Ownerships are gaining momentum globally, with over 100 countries committed to implementing reforms.
A registry that tracks and records the true ownership of assets or entities, identifying individuals who ultimately own, control, or benefit from them.
A beneficial ownership register records information about the ultimate owners or controllers of companies and other legal entities.
The primary purposes of establishing beneficial ownership registers are:
- To deter money laundering and terrorist financing[1][4]
- To help enforce sanctions and unveil secret corporate ownership[4]
- To increase transparency and accountability in business ownership structures[1][2]
- To assist law enforcement in investigations and prosecutions[2]
- To support tax authorities in detecting tax evasion[2]
Typical features of beneficial ownership registers include:
- Recording details of individuals who ultimately own or control 25% or more of a company[1][5]
- Identifying "persons with significant control" over a company[1]
- Requiring companies to submit and update beneficial ownership information[7]
- Allowing searches for beneficial owners by name or other identifiers[8]
- Maintaining historical records of ownership changes[8]
Developed in line with the Open Ownership’s BODs (Beneficial Ownership Data Standards) and leveraging Foster Moore's unsurpassed business registry experience, Foster Moore’s Verne® Beneficial Ownership product enables business registries to deploy a compliant, easy-to-use beneficial ownership register rapidly [9].
Citations:
[1] https://www.diligent.com/resources/blog/what-register-beneficial-ownership
[2] https://www.mbie.govt.nz/dmsdocument/5864-tinz-increasing-transparency-of-beneficial-ownership-of-nz-companies-and-limited-partnerships-submission-pdf
[3] https://eiti.org/sites/default/files/2022-09/Zambia%20Beneficial%20Ownership%20Infographic.pdf
[4] https://www.nrdcompanies.com/insights/the-importance-of-beneficiary-registries-in-fighting-money-laundering-and-terrorist-financing/
[5] https://www.investopedia.com/terms/b/beneficialowner.asp
[6] https://www.u4.no/publications/the-uses-and-impact-of-beneficial-ownership-information
[7] https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/beneficial-ownership-register/about-the-register-and-faqs
[8] https://www.nortonrosefulbright.com/en/knowledge/publications/abe55ea5/beneficial-ownership-registers-regulation-around-the-world
[9] https://www.fostermoore.com/news/beneficial-ownership-guide
Beneficial Ownership Data Standards (BODS)
The Beneficial Ownership Data Standard (BODS) is a common data format designed to enhance transparency in corporate governance by providing structured information about the ownership and control of companies and other organizations. Here's a comprehensive overview of BODS:
BODS serves several critical functions:
1. It creates a standardized way to collect, use, exchange, and publish beneficial ownership information[1][3].
2. It increases transparency regarding who owns, controls, or benefits from companies and other organizations[3].
3. It supports efforts to combat corruption, money laundering, and financial crimes by making ownership structures more visible[1][2].
Data Standardization: BODS defines a consistent format for beneficial ownership data, ensuring interoperability across different registers and jurisdictions[2].
Machine-Readability: The standard enables the publication of beneficial ownership data in a structured, machine-readable format, facilitating analysis and information sharing[1][3].
Global Applicability: BODS is designed to be used internationally, allowing for a comprehensive global picture of beneficial ownership[2].
BODS can be utilized in various ways:
1. Creating registers of beneficial ownership data
2. Checking and reviewing data using dedicated tools
3. Storing machine-readable beneficial ownership data for analysis
4. Sharing data between government organizations
5. Publishing beneficial ownership information[1][3]
BODS is developed by Open Ownership, a non-profit organization supported by the Data Standard Working Group[1][3]. The standard is continuously evolving, with updates and improvements made based on feedback and emerging needs.
Implementing BODS involves:
1. Ensuring interoperability across registers
2. Standardizing data reporting
3. Providing appropriate access to information
4. Balancing transparency with privacy and security concerns[2]
Benefits
For Government:
- Supports anti-money laundering efforts
- Enhances procurement integrity
- Aids in fraud investigation and national security risk assessment[3]
For Business:
- Creates a level playing field
- Builds trust and enhances governance[2]
For Global Transparency:
- Facilitates cross-border investigations
- Provides a comprehensive view of global ownership structures[2]
Adoption
In the UK, BODS has been endorsed by the Open Standards Board and the Data Standards Authority's Steering Board for use across government[1]. It aligns with the UK government's commitment to publish beneficial ownership data in a structured, machine-readable format[3].
Foster Moore Beneficial Ownership Register solutions are built to this Beneficial Ownership Data Standard.
https://standard.openownership.org/en/0.4.0/
Citations:
[1] https://dataingovernment.blog.gov.uk/2022/03/31/using-the-beneficial-ownership-data-standard-to-support-the-economic-crime-bill/
[2] https://www.fostermoore.com/news/beneficial-ownership-guide
[3] https://www.gov.uk/government/publications/open-standards-for-government/collect-use-and-exchange-beneficial-ownership-information
Biometric Identity Verification
Biometric identity verification is a security method that uses a person's unique physical or behavioral characteristics to confirm their identity. This technology has become increasingly prevalent in various sectors due to its high level of accuracy and convenience compared to traditional authentication methods.
Biometric identity verification systems can utilize several types of biometric data:
1. Physiological biometrics: These include physical characteristics such as:
- Fingerprints
- Facial features
- Iris patterns
- Retina scans
- Hand geometry
- DNA
2. Behavioral biometrics: These focus on unique patterns in a person's behavior, including:
- Voice recognition
- Typing patterns
- Gait analysis
- Signature dynamics
The biometric verification process typically involves two main steps:
1. Enrollment: During this phase, the system captures an individual's biometric data for the first time and creates a unique digital template or identifier[3].
2. Matching: When verification is required, the system compares newly captured biometric data with the stored template to determine if there's a match, thus confirming the individual's identity[3].
Biometric verification has found applications in various fields:
1. Access Control: Used in secure facilities to grant entry only to authorized personnel[3].
2. Time and Attendance Tracking: Ensures accurate records of employee attendance and prevents time theft[3].
3. Border Control: Enhances national security by efficiently verifying travelers' identities[3].
4. Financial Services: Prevents fraudulent transactions and secures access to sensitive financial information[2].
5. Mobile Device Security: Smartphones often use fingerprint or facial recognition for user authentication[5].
6. Law Enforcement: DNA matching and facial recognition aid in criminal investigations[5].
Citations:
[1]
https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/lawful-basis/biometric-data-guidance-biometric-recognition/biometric-recognition/ [2]
https://teampassword.com/blog/types-of-biometrics [3]
https://www.innovatrics.com/glossary/biometric-verification/ [4]
https://www.kaspersky.com/resource-center/definitions/biometrics [5]
https://www.techtarget.com/searchsecurity/definition/biometric-verification [6]
https://onfido.com/blog/what-is-biometric-verification/
A system where the internal processes are not visible or understood, with only inputs and outputs observable. This is often contrasted with more transparent models.
BLC Life Cycle (Birth-Life-Cease)
The complete lifecycle of an entity, from its creation (birth) through its active period (life) to its conclusion or termination (cease).
A decentralized, distributed ledger technology that records transactions across many computers in a way that ensures the data is secure, transparent, and immutable.
Beneficial Ownership Transparency (BOT) is a policy reform initiative aimed at increasing transparency and accountability in corporate ownership and control. It requires companies and other corporate entities to disclose information about their true, ultimate owners - known as beneficial owners - to government authorities[1][2].
A beneficial owner is an individual or entity who ultimately owns, controls, or benefits from a company, even if the company is legally registered to another entity[2]. This concept goes beyond legal or nominal ownership to identify the real persons who have significant control or derive substantial economic benefits from an entity.
The primary goals of BOT are:
1. Preventing financial crimes: BOT helps combat money laundering, tax evasion, and terrorism financing[2].
2. Enhancing corporate governance: It promotes transparency and accountability in business operations[4].
3. Facilitating due diligence: BOT assists businesses in understanding who they are dealing with, reducing transaction costs[5].
4. Supporting law enforcement: It aids in investigations by providing crucial ownership information[5].
Governments implementing BOT typically require:
1. Collection of information: Companies must gather data on their beneficial owners[1].
2. Central registers: This information is compiled in government-maintained databases[1].
3. Disclosure: The collected data is made available to various stakeholders, including law enforcement, tax authorities, and in some cases, the public[1].
Citations:
[1]
https://www.openownership.org/en/about/what-is-beneficial-ownership-transparency/ [2]
https://www.diligent.com/resources/blog/beneficial-ownership [3]
https://www.opengovpartnership.org/policy-area/beneficial-ownership/ [4]
https://www.transparency.org/en/corruptionary/beneficial-ownership-secrecy [5]
https://uncaccoalition.org/learn-more/beneficial-ownership-transparency/
Best Practices in the Field of Electronic Registry Design and Operation (BPER) a publication organised by the Cape Town Convention Academic Project at the UNIDROIT
The Business Registry Insights Survey is an international, collaborative project of the four main business registry associations: ASORLAC (Latin America and the Caribbean), CRF (Asia-Pacific, the world), EBRA (Europe) and IACA (North America). The project collects registry data to build a unique database of international business registry information. Using the data, you can analyse the number of companies registered across the world, see how many companies are terminated each year, watch fluctuations in incorporations over the years and identify trends.
https://ibrr.net/
The Business Registers Interconnection System (BRIS) is an EU initiative designed to interconnect the central, commercial, and companies registers across the European Union, as well as in Iceland, Liechtenstein, and Norway. This system was established to improve cross-border access to business information about companies and their branches in different member states[1][2].
Key Features of BRIS
- Interconnectivity: BRIS enables electronic communication between national business registers, facilitating the exchange of data on companies, including information on cross-border mergers and branches with registered offices in other EU countries[2][3].
- Standardization and Automation: The system standardizes the content and technology used for data exchange, which simplifies and automates communication channels between business registers[2].
- Cost Reduction: By streamlining processes such as cross-border mergers, BRIS reduces administrative costs for companies operating across multiple EU countries[2].
- Language Accessibility: Information within BRIS is available in all EU languages, making it accessible to a wider audience and helping to overcome language barriers[1].
- Legal Certainty and Data Reliability: The system enhances legal certainty by improving the reliability of data in business registers and standardizing data exchange procedures[2].
BRIS was implemented following Directive 2012/17/EU, which amended previous directives to facilitate the interconnection of business registers. The system became operational in June 2017, following the Commission Implementing Regulation (EU) 2015/884[1][4]. Despite its establishment, some challenges remain in terms of full implementation across all member states, with ongoing efforts to improve uniformity and access to company information[4].
Citations:
[1] https://bnt.eu/legal-news/business-registers-interconnection-system-bris/
[2] https://www.ajpes.si/Registers/Slovenian_Business_Register/BRIS
[3] https://e-justice.europa.eu/content_business_registers_at_european_level-105-en.do
[4] https://www.belzuz.net/es/publicaciones/en-ingles/item/11320-company-law-at-eu-level-and-business-registers-interconnection-system.html
[5] https://www.businessportal.gr/en/bris-2/
The Business Register Interoperability Throughout Europe (BRITE) project was an initiative aimed at developing and implementing an interoperability solution for business registers across the European Union. Here are the key aspects of the BRITE project:
The main scientific and technical objectives of the BRITE project were to develop, implement, and demonstrate:
1. An interoperability model
2. An information and communication technology service platform
3. A management instrument for Business Registers to interact across the EU[1]
These objectives were focused on three levels:
1. Data & Information: Enabling semantic and technical interoperability
2. Process: Enabling organizational and service interoperability
3. Maintenance: Enabling effective deployment and sustainability[1]
The BRITE project aimed to address several challenges in the European business ecosystem:
1. Facilitating free movement of companies and services while preventing financial crime and ensuring transparency[1]
2. Addressing the differences in national regulations regarding business registers across EU member states[1]
3. Enabling multi-lingual access to company data across different countries[1]
The project utilized several advanced technologies and approaches:
1. Semantic Web Technology: To represent the 'world' of a business registrar and the relationships between objects in this domain[1]
2. Process Ontology: To model the business processes involved and their relationships to supporting documents[1]
3. Monitoring Ontology: To track usage patterns[1]
BRITE focused on specific service cases that addressed different research questions:
1. Transfer of Registered Office: Focusing on policy implementation and monitoring
2. Enforcement and Simplification of 11th Directive: Addressing policy enforcement and formulation
3. Support for eProcurement Take-up: Exploring cross-domain interoperability[1]
The BRITE project had a significant impact on the development of business register interoperability in Europe:
1. It served as a starting point for the development of BRIS (Business Registers Interoperability Solution), which enables interaction between business registers across the EU[3]
2. The project led to the integration of services such as branch disclosure service, transfer of seat, and a central company names index[2]
3. Its recommendations influenced EU directives on business register interconnection[2]
Citations:
[1]
http://imu.ntua.gr/static/sweg/presentations/BRITE_AAAI_SWEG2006_2p.pdf [2]
https://ebra.be/about-ebra/ [3]
https://en.wikipedia.org/wiki/European_Business_Register_Network
The Bundesanzeiger, also known as the Federal Gazette, is an official publication of the Federal Republic of Germany published by the German Ministry of Justice[2]. It serves as a crucial platform for disseminating important legal, judicial, and economic information to the public.
The Bundesanzeiger has several key functions:
1. It is used for publishing laws, mandatory legal and judicial announcements, and notices from federal authorities[1][2].
2. The gazette announces changes in the Handelsregister (Commercial Register) and contains legally mandated announcements by the private sector[2].
3. Companies legally obliged to publish their annual accounts in Germany must file and publish their annual statements through the Bundesanzeiger[3].
In recent years, the traditional printed Bundesanzeiger has been largely superseded by its electronic counterpart:
- The elektronischer Bundesanzeiger (eBAnz) or electronic Federal Gazette has become the primary platform for central announcements, notices, and company reports of legal significance[2][3].
The Bundesanzeiger system also incorporates:
1. Company Register (Unternehmensregister - UReg): This serves as a centralized store for key company information that must be published, allowing interested parties to access this data electronically[3].
2. Search Functionality: Users can access various areas of the Federal Gazette through a search function, making it easier to find specific information[1].
It's important to note that while the Bundesanzeiger provides official information, any legal views presented on the site are not binding, and courts ultimately have the final say in legal matters[1].
Citations:
[1] https://www.bundesanzeiger.de/pub/en/faq
[2] https://en.wikipedia.org/wiki/Bundesanzeiger
[3] https://help.companycheck.co.uk/support/solutions/articles/7000075816-german-company-information-sources
Business Continuity Planning
Business Continuity Planning (BCP) refers to the strategic approach that ensures a registry's operations can continue or quickly resume following a disruption, such as a natural disaster, cyber-attack, or system failure. It involves the development of processes, policies, and procedures to maintain critical functions and protect data integrity, ensuring that the registry remains operational under all circumstances.
An assessment that identifies potential effects of disruptions to critical business functions and develops recovery strategies to minimize those impacts.
Business Process Automation (BPA)
The use of technology to automate complex business processes, improving efficiency, reducing errors, and freeing up human resources.
Business Registration System
A platform that allows businesses to register, update, or dissolve their legal status, typically managed by government authorities.
Canada Business Corporations Act (CBCA)
A federal law that governs the incorporation, organization, and management of businesses in Canada.
Refers to data that is considered the definitive, official version, used as a standard across systems and processes to ensure consistency and accuracy.
Capability Assessment Model (CAM)
A capability assessment is a structured and standardised framework for evaluating the capabilities, competencies of the subject, domain or organisation being assessed.
The Commonwealth Association for Public Administration and Management (CAPAM) is a membership organization established in 1994, dedicated to enhancing public management and promoting good governance across the Commonwealth nations. CAPAM aims to strengthen governments and improve public policy and service effectiveness to better respond to citizen needs[1][3].
Key Objectives and Activities
- Networking and Knowledge Exchange: CAPAM facilitates the exchange of experiences and innovations in public administration among Commonwealth countries. This is achieved through various conferences, seminars, and workshops designed to foster networking and advance public management practices[1][2].
- Innovations Awards: The organization hosts the International Innovations Awards Programme, recognizing significant contributions to public administration with gold, silver, and bronze awards at its biennial conferences[1].
- Publications: CAPAM produces several publications, including a quarterly journal named Commonwealth Innovations, which disseminates information on best practices and developments in public administration[1][4].
Structure and Membership
CAPAM's membership includes individuals, institutions, and professional organizations from Commonwealth countries. Membership benefits include access to publications, reduced fees for conferences, and participation in a network of public administration professionals[4]. The organization is governed by a Board of Directors comprising officials from various member countries[4].
Historical Context
CAPAM was founded as a response to globalization's impact on governments, aiming to provide a platform for public administrators to connect beyond academic networks. It was established with support from the Commonwealth Secretariat and other international development agencies[2][3].
Overall, CAPAM plays a crucial role in supporting the development of effective public administration practices within the Commonwealth by fostering collaboration and sharing innovative solutions among its member countries.
https://www.commonwealthgovernance.org/organisations/commonwealth-association-for-public-administration-and-management-capam/
Citations:
[1] https://www.commonwealthgovernance.org/organisations/commonwealth-association-for-public-administration-and-management-capam/
[2] http://www.revparl.ca/english/issue.asp?art=472¶m=155
[3] https://uia.org/s/or/en/1100003701
[4] https://www.thecommonwealth-ilibrary.org/index.php/comsec/catalog/download/1027/1023/8970?inline=1
[5] https://thecommonwealth.org/events/fifth-commonwealth-public-sector-ministers-forum
The Cape Town Convention, formally known as the Convention on International Interests in Mobile Equipment, is an international treaty designed to facilitate asset-based financing and leasing of aviation equipment. Here are the key aspects of the convention:
The Cape Town Convention aims to:
1. Create international standards for registration of contracts of sale, security interests, and leases of mobile equipment[1].
2. Provide a stable international regime for the protection of creditors, conditional sellers, and lessors[3].
3. Facilitate asset-based financing and leasing of aviation equipment, expand financing opportunities, and reduce costs[2].
The treaty applies to "aircraft objects" that meet specific size requirements, including:
- Airframes capable of transporting at least 8 persons or goods exceeding 2,750 kg
- Helicopters capable of transporting at least 5 persons or goods exceeding 450 kg
- Aircraft engines with at least 1,750 pounds of thrust or 550 rated take-off horsepower[3]
The convention introduces the concept of an "International Interest" in mobile equipment, which is recognized in all contracting states[5]. This interest is independent of national law and is created when an agreement between a debtor and creditor meets certain formal requirements[6].
International Registry
The treaty establishes the Cape Town International Registry (IR) for recording international interests. This system provides a set of simple priority rules based on the order of registration[6].
The convention provides creditors with a range of basic default remedies and a means of obtaining speedy interim relief pending final determination of claims[5].
The treaty includes provisions to protect creditors' rights in the event of the debtor's insolvency[6].
The Cape Town Convention came into force on March 1, 2006, and has been ratified by numerous countries[1]. The Aircraft Protocol, which applies specifically to aircraft and aircraft engines, took effect on the same date[1].
Ratification of the convention requires countries to make certain declarations, which are an integral part of the treaty system. Some declarations are designed to reduce transaction risk and produce economic benefits, as identified in the OECD Aircraft Sector Understanding (ASU)[2].
The Cape Town Convention has had a significant impact on the aircraft industry worldwide. It has helped to:
1. Reduce legal uncertainties in cross-border transactions involving mobile equipment
2. Lower financing costs for airlines, particularly in developing countries
3. Expand access to financing for the purchase or lease of aircraft equipment
The convention is widely regarded as one of the most successful commercial law treaties, with its International Registry celebrating its millionth registration in January 2019[6].
Citations:
[1]
https://en.wikipedia.org/wiki/Cape_Town_Treaty [2]
https://awg.aero/project/cape-town-convention/ [3]
https://www.mcafeetaft.com/the-cape-town-convention-key-issues-for-the-practitioner/ [4]
https://www.icao.int/sustainability/Pages/Capetown-Convention.aspx [5]
https://www.unidroit.org/instruments/security-interests/cape-town-convention/overview/ [6]
https://www.elgaronline.com/view/journals/ctcj/8/1/article-p3.xml
Capital Expenditure. Capital expenditures are funds used to acquire, upgrade, and maintain physical assets such as property, buildings, infrastructure and equipment. And may also include expenditures on intangibles such as perpetual software licenses and associated implementation costs, or infrastructure and equipment.
Catalyst, The Registry Manager, is a software platform that is configured to meet the individual needs of different registers in different jurisdictions. Catalyst is based on a set of core components that interact with each other to deliver the business functionality required to operate online registries such as business registries, secured transaction, and occupational registries.
The Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) is a special piece of legislation in Australia that provides a framework for the incorporation and regulation of Aboriginal and Torres Strait Islander corporations.
The CATSI Act was introduced in 2007 as a 'special measure' under the Racial Discrimination Act 1975 to address the unique incorporation needs of Aboriginal and Torres Strait Islander people[1]. It replaced the earlier Aboriginal Councils and Associations Act 1976, which had become outdated[7].
1. A majority of a corporation's members and directors must be Aboriginal and Torres Strait Islander people, ensuring Indigenous control over their corporations[1].
2. The Act allows corporations to operate in culturally appropriate ways, such as holding meetings and keeping records in Indigenous languages[1].
3. The Registrar of Indigenous Corporations can provide unique regulatory assistance, including appointing special administrators to help corporations facing difficulties[1][5].
4. Corporations must have rule books (constitutions) that set out their internal governance rules, which can be customized to suit their needs[1].
5. Unlike standard corporate registration, there are no fees for lodging forms, documents, and reports under the CATSI Act[5].
While the CATSI Act shares many provisions with the Corporations Act 2001, it has several unique features:
- It is specifically designed for Aboriginal and Torres Strait Islander corporations.
- It provides more regulatory support and flexibility for remote and very remote corporations.
- The Act includes special provisions for membership and directorship based on Indigenous status[3].
The CATSI Act is considered racially discriminatory by design but is justified as a 'special measure' under international law to promote the advancement of Aboriginal and Torres Strait Islander people[2]. This status requires ongoing review to ensure it continues to serve its intended purpose.
Corporations registered under the CATSI Act enjoy several benefits, including:
- Limited liability for members
- Ability to operate nationally
- Access to specialized support and training
- Flexibility in profit distribution (if allowed by the corporation's rules)[5]
Citations:
[1]
https://www.niaa.gov.au/sites/default/files/documents/publications/objects-of-catsi-act-factsheet.pdf [2]
https://www.aboriginalheritagecouncil.vic.gov.au/review-corporations-aboriginal-and-torres-strait-islander-act [3]
https://aigi.org.au/resource/table-catsi-act-compared-to-corporations-act [4]
https://www.oric.gov.au/about-us/about-catsi-act [5]
https://www.oric.gov.au/start-corporation/incorporation-benefits-and-options [6]
https://www.niaa.gov.au/our-work/employment-and-economic-development/review-catsi-act [7]
https://www.oric.gov.au/about-us/about-catsi-act/history-catsi-act
The Crossroads Bank for Enterprises (CBE) is a centralized database managed by the Federal Public Service (FPS) Economy in Belgium. It serves as the primary registry for companies, self-employed individuals, associations, and legal entities operating in the country[1][2]. Here are the key aspects of the CBE:
The CBE has two main objectives:
1. Increasing the efficiency of public services
2. Simplifying administrative procedures for companies[1][4]
- The CBE assigns a unique identification number to each company and business unit, which is used for all administrative, tax, and legal interactions[1][2].
- It consolidates and centralizes basic information about legal entities, including corporate names, purposes, legal forms, contact details, and data on directors and managers[2].
- The CBE shares this data with various competent authorities, reducing the need for companies to submit information multiple times[1].
- Basic company information is accessible to the public, enhancing transparency and security in commercial transactions[2].
- The centralization of data helps authorities detect fraudulent activities more easily[2].
Registration with the CBE is a legal requirement for companies operating in Belgium, including foreign companies establishing a presence in the country[2]. The registration process involves:
- Submitting required documents (e.g., articles of association, capital deposit certificates)
- Obtaining a unique company number
This number serves multiple purposes, including:
- VAT identification
- Social security declarations with the ONSS
- Customs procedures for import/export activities[2]
The CBE offers different levels of data access:
- Basic data (name, address, company number, status) is available for free to the public
- More detailed information may be accessible for a fee
- Companies can update certain information about their own entities online[3]
As of July 1, 2024, the CBE will include data on working partners and helpers. Businesses and self-employed persons will be required to register this information via the My Enterprise app[1].
Citations:
[1]
https://economie.fgov.be/en/themes/enterprises/crossroads-bank-enterprises [2]
https://arthurmarin.com/crossroads-bank-for-enterprises/ [3]
https://be.wikimedia.org/wiki/Crossroads_Bank_for_Enterprises [4]
https://worksuite.com/glossary/crossroads-bank-for-enterprises [5]
https://www.nbb.be/en/central-balance-sheet-office/about-central-balance-sheet-office/glossary
Canada’s Business Registries (CBR) is published by the official business registries of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia, and Corporations Canada. We are adding more business registries as they become available.
Counter Crime Agencies (CCAs) relate to several law enforcement and judicial cooperation agencies that work to combat crime across EU member states. The main agencies involved in countering crime at the EU level are:
1. Europol (European Union Agency for Law Enforcement Cooperation):
Europol is the EU's law enforcement agency, established in 1998 and based in The Hague, Netherlands[1][3]. Its main objectives are:
- Supporting and strengthening action by EU member states' law enforcement authorities
- Facilitating cooperation in preventing and combating serious crime affecting two or more member states, terrorism, and crimes affecting common EU interests
- Serving as a hub for criminal intelligence and information exchange
- Providing analytical support and expertise to national law enforcement agencies
Europol does not have executive powers to conduct independent investigations or arrests but focuses on coordination, information sharing, and analytical support[1][3].
2. Eurojust (European Union Agency for Criminal Justice Cooperation):
Established in 2002 and also based in The Hague, Eurojust supports judicial coordination and cooperation among EU countries[2]. Its key functions include:
- Coordinating investigations and prosecutions involving at least two countries
- Resolving conflicts of jurisdiction
- Facilitating the implementation of EU legal instruments like European Arrest Warrants
- Organizing coordination meetings and setting up joint investigation teams
3. European Public Prosecutor's Office (EPPO):
While not mentioned in the search results, the EPPO is a relatively new EU body responsible for investigating, prosecuting, and bringing to judgment crimes against the EU budget, such as fraud, corruption, and serious cross-border VAT fraud.
4. European Anti-Fraud Office (OLAF):
Also not directly mentioned in the search results, OLAF is responsible for detecting, investigating, and stopping fraud with EU funds.
These agencies work together to create a comprehensive approach to combating crime within the EU. For example:
- Europol hosts the European Cybercrime Centre (EC3) to fight against cybercrime[1].
- Europol launched the European Financial and Economic Crime Centre (EFECC) in 2020 to enhance support in financial and economic crime investigations[1].
- Eurojust hosts secretariats for various specialized networks, such as the European Judicial Network and the Genocide Network[2].
The EU has also implemented various tools and systems to facilitate law enforcement cooperation, including:
- The Schengen Information System (SIS)
- The Visa Information System (VIS)
- Passenger Name Record (PNR) data sharing
Citations:
[1]
https://en.wikipedia.org/wiki/Europol [2]
https://european-union.europa.eu/institutions-law-budget/institutions-and-bodies/search-all-eu-institutions-and-bodies/eurojust_en [3]
https://european-union.europa.eu/institutions-law-budget/institutions-and-bodies/search-all-eu-institutions-and-bodies/europol_en [4]
https://ukandeu.ac.uk/explainers/europol-its-origins-functions-and-future-development/ [5]
https://home-affairs.ec.europa.eu/policies/law-enforcement-cooperation_en [6]
https://www.eppgroup.eu/newsroom/epp-group-position-paper-on-how-to-combat-organised-crime-in-the-european-union
Cámara de Comercio e Industria de Tegucigalpa
The Canadian Conference on Personal Property Security Law (CCPPSL) is an important organization that plays a key role in personal property security law reform in Canada. Here are some key details about the CCPPSL:
- The CCPPSL includes representatives from all provincial and territorial personal property registries in Canada, as well as a group of 6 academic experts who work in the field of personal property security law[1].
- Its purpose is to discuss and propose reforms and improvements to personal property security legislation across Canada[1].
- In 2017, the CCPPSL set up a Working Group to suggest amendments and improvements to provincial Personal Property Security Acts (PPSAs)[1].
- This Working Group, comprising the 6 academic members and a British Columbia government representative, drafted a report with 22 proposals for reform[1].
- The CCPPSL ratified all these proposals at its 2017 meeting[1].
- The CCPPSL's recommendations have influenced recent legislative changes in various provinces. For example:
- Saskatchewan implemented recommendations from the CCPPSL in its 2020 amendments to The Personal Property Security Act, 1993, becoming the first Canadian jurisdiction to do so[5].
- Alberta's 2024 amendments to its Personal Property Security Act were based on proposals initially made by the CCPPSL[3].
- The CCPPSL, formerly known as the Western Canada Personal Property Security Act Committee, drafted a model statute that formed the basis for PPSAs in most common law provinces and territories in Canada[2].
Citations:
[1]
https://law.unimelb.edu.au/__data/assets/pdf_file/0008/2499101/Recent-PPSA-Reform-Initiatives-in-Canada.pdf [2]
https://classic.austlii.edu.au/au/journals/MonashULawRw/2014/6.pdf [3]
https://www.dentons.com/en/insights/articles/2024/september/23/o-debtor-where-art-thou-updates-to-the-debtor [4] https://en.wikipedia.org/wiki/Personal_Property_Security_Act_(Canada)
[5]
https://www.lawsociety.sk.ca/uncategorized/amendments-to-the-personal-property-security-act/
Camara de Comercio y Produccion de Santo Domingo
The Centre for Financial Regulation and Inclusion (Cenfri) is an independent, non-profit think tank that focuses on financial sector development and financial inclusion in Africa[1]. Here are some key points about Cenfri:
Cenfri's primary goal is to support financial sector development and increase financial inclusion in emerging markets, particularly in Africa[1]. The organization works to boost economic growth and sustainable development in these regions[2].
Key Areas of Work
1. Financial Sector Innovation
2. Integrity
3. Resilience
4. Inclusive Digital Transformation
Cenfri engages in several activities to achieve its objectives:
1. They conduct in-depth studies on various aspects of financial inclusion and sector development[2].
2. The organization works to enhance the capabilities of local institutions and professionals in the financial sector.
3. Cenfri brings together stakeholders to discuss and address challenges in financial inclusion.
4. They provide assistance for innovative solutions in the financial sector.
Cenfri aims to contribute to the attainment of the Sustainable Development Goals (SDGs) by creating opportunities for greater equality and helping people and societies thrive[2]. Their work spans across multiple African countries and other emerging markets.
Cenfri collaborates with various partners, including government agencies, financial institutions, and international organizations. For example, they have worked with the Mastercard Foundation and the Ministry of ICT and Innovation in Rwanda on digital economy initiatives[1].
Some of Cenfri's recent projects and focus areas include:
- The Rwanda Economy Digitalisation Programme
- The Remittance Access Initiative
- Research on open finance policies
- Studies on digital financial services and their impact on financial landscapes
Citations:
[1]
https://cenfri.org [2]
https://cenfri.org/about-us/
A registry system where all data and records are stored in one central location, managed by a single authority, normally a government, ensuring streamlined oversight and control.
(In the context of registers)
A structured approach to transitioning from the current state of registry operations to a desired future state, crucial for implementing improvements and achieving higher maturity levels.
A subsidiary register linked to a main (parent) register, often used to manage specific types of records or entities within a larger system.
The term "CHIPS" in relation to Companies House refers to the Companies House Information Processing System. This system was implemented by Companies House in 2008 to replace their previous electronic processing system[2].
Companies House, the United Kingdom's registrar of companies, has a history of technological advancements to improve its operations and services. In 2008, they made a significant upgrade to their information processing capabilities by introducing CHIPS[2].
1. Modernization: CHIPS replaced the 20-year-old electronic processing system called Stem, which had been in use since 1985[2].
2. Improved Efficiency: The implementation of CHIPS was likely aimed at enhancing the processing and management of company information, which is crucial for Companies House's role in maintaining the UK's official register of companies.
3. Technological Advancement: The introduction of CHIPS coincided with other major technological developments worldwide, indicating Companies House's commitment to staying current with technological trends[2].
The implementation of CHIPS was part of a broader technological evolution at Companies House:
- 1976: Started microfilming documents
- 1985: Introduced Stem, their first computerized information processing system
- 1995: Introduced digital scanners
- 2008: Implemented CHIPS
- 2015: Provided free public access to all digital data via the Companies House Service (CHS) and an API[2]
Citations:
[1]
https://en.wikipedia.org/wiki/Potato_chip [2]
https://companieshouse.blog.gov.uk/2016/12/08/companies-house-in-cardiff-40-years-of-tech-progress/
The Companies and Intellectual Property Authority (CIPA) is a government parastatal organization in Botswana that serves several important functions related to business registration and intellectual property protection. Here are the key aspects of CIPA:
CIPA is mandated to register businesses and protect intellectual property rights in Botswana[2]. Its main responsibilities include:
1. Incorporating and registering companies
2. Registering business names
3. Protecting industrial property rights
4. Protecting literary and artistic works
CIPA administers four main pieces of legislation[2]:
1. The Companies Act (CAP 42:01)
2. Registration of Business Names Act (CAP 42:05)
3. Copyright and Neighbouring Rights Act (CAP 68:02)
4. Industrial Property Act (CAP 68:03)
- CIPA was established by an Act of Parliament in 2011, evolving from the former Registrar of Companies and Intellectual Property (ROCIP)[2].
- It is headed by the Registrar General, who oversees all divisions of the Authority[2].
- The organization has seven operational divisions, with core divisions being Companies & Business Names, Copyright, and Industrial Property[4].
CIPA provides various services, including:
1. Online business registration through the Online Business Registration System (OBRS)[1]
2. Registration of trademarks, geographical indications, and industrial designs
3. Granting patents and utility model certificates
4. Protection of traditional knowledge and handicrafts
5. Combating copyright infringement and piracy in Botswana[2]
CIPA represents Botswana at international organizations such as:
- World Intellectual Property Organisation (WIPO)
- African Regional Intellectual Property Organisation (ARIPO)
- Corporate Registers Forum[2]
CIPA utilizes various technological systems to manage its operations, including:
- Online Business Registration System (OBRS) provided by Foster Moore on our Verne Registry Aware Platform
- Industrial Property Administration System (IPAS)
- Companies Business Names Administration System (CBNAS)
- Copyright & Neighbouring Rights Administration System (CNRAS)[4]
Citations:
[1]
https://www.cipa.co.bw [2]
https://www.cipa.co.bw/about-us [3]
https://en.wikipedia.org/wiki/Companies_and_Intellectual_Property_Authority [4]
https://www.wipo.int/edocs/mdocs/mdocs/en/wipo_ip_dar_19/wipo_ip_dar_19_t_7_a.pdf
The Companies and Intellectual Property Commission (CIPC) is a key agency of the South African government responsible for regulating businesses and intellectual property. Here's an overview of CIPC's role and functions:
The CIPC was established in 2011 under the Companies Act of 2008 as an agency of the Department of Trade, Industry and Competition[4]. It was formed by merging the Companies and Intellectual Property Registration Office (CIPRO) and the Office of Company and Intellectual Property Enforcement (OCIPE)[4].
The CIPC has several important responsibilities:
1. Business Registration: CIPC handles the registration of companies, close corporations, and cooperatives in South Africa[1][4].
2. Intellectual Property Protection: It manages the registration and maintenance of intellectual property rights, including trademarks, patents, designs, and copyrights[1][4].
3. Information Disclosure: CIPC maintains business registers and provides public access to company information[1][4].
4. Education and Awareness: The commission promotes education and awareness of company and intellectual property laws[1][4].
5. Compliance Monitoring: CIPC monitors and enforces compliance with relevant legislation, including financial reporting standards[1][4].
6. Business Rescue Practitioner Licensing: It oversees the licensing of business rescue practitioners[1][4].
7. Policy Advisory: CIPC conducts research and advises the Minister on matters related to national policy on company and intellectual property law[1][4].
To improve efficiency and accessibility, CIPC has developed several online platforms:
1. BizPortal: This is CIPC's main platform for company registration and related services[2].
2. iXBRL Program: CIPC mandates the use of inline eXtensible Business Reporting Language (iXBRL) for submitting annual financial statements[1].
3. Self-Service Terminals: These are available in major cities for automated services linked to biometric verification[5].
Citations:
[1]
https://www.cipc.co.za [2]
https://www.bizportal.gov.za [3]
https://innovationbridge.info/ibportal/content/companies-and-intellectual-property-commission [4]
https://en.wikipedia.org/wiki/Companies_and_Intellectual_Property_Commission [5]
https://nationalgovernment.co.za/units/view/84/companies-and-intellectual-property-commission-cipc [6]
https://careerplanet.co.za/what-is-the-cipc/ [7]
https://intersectconnect.com/the-companies-act-and-cipc-in-south-africa/
Civil Society Organizations (CSO)
Non-governmental organizations or groups that represent the interests and will of citizens, often involved in advocacy and humanitarian efforts.
A group of related registries that are managed together, often sharing data or functionality to streamline operations and improve accuracy.
CMM (Capability Maturity Model)
A framework used to assess and improve the maturity of an organization’s processes, particularly in software development and project management.
(French) Conseil National des Greffiers des Tribunaux de Commerce - The national council of clerks of French commercial courts responsible for managing and overseeing business registries and legal filings. The Conseil National des Greffiers des Tribunaux de Commerce (CNG) is the national council representing court clerks of commercial courts in France.
1. Official representation: The CNG represents the profession of commercial court clerks to public authorities[1][3].
2. Regulatory body: It is responsible for organizing initial training, the entrance exam for the profession, internship validation interviews, and ongoing training for commercial court clerks[3].
3. Disciplinary authority: The CNG has disciplinary powers to sanction misconduct within the profession[3].
4. Inspection role: It conducts regular inspections of commercial court registries under the supervision of the Public Prosecutor[3].
5. Composition: The council is composed of members elected by the commercial court clerks themselves[3].
6. Legal status: The CNG has legal personality, allowing it to act on behalf of the profession[3].
7. Quality assurance: The CNG has developed a quality charter for the profession, emphasizing competence, loyalty, ethics, service, performance, and efficiency[5].
8. Public service mission: The council oversees the clerks' role as public and ministerial officers, delegated with state authority to authenticate acts within their competence[5].
9. Technological advancement: The CNG is involved in modernizing the commercial justice system, including the development and operation of computerized systems for managing legal and financial information about businesses[3].
Citations:
[1] https://www.cngtc.fr/fr/
[2] https://www.justice.gouv.fr/justice-france/acteurs-justice/professionnels-du-droit/greffier-tribunaux-commerce
[3] https://fr.wikipedia.org/wiki/Greffier_du_tribunal_de_commerce
[4] https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000048086165
[5] https://www.greffe-tc-arras.fr/modeles/divers/plaquette_cng.pdf
Cadastro Nacional da Pessoa Jurídica - National Registry of Legal Entities of Brazil
Competitiveness Office of Abu Dhabi
Collateral in a secured transactions context refers to an asset that a borrower pledges to a lender as security for a loan. Here are the key points about collateral in secured transactions:
Collateral is a tangible or intangible asset that secures a loan or credit transaction[1]. Its primary purposes are:
- To reduce risk for lenders by providing a way to recover losses if the borrower defaults
- To potentially allow borrowers to obtain larger loans or more favorable interest rates
How Collateral Works
1. The borrower pledges an asset as collateral in a security agreement[1].
2. If the borrower defaults on their loan obligations, the lender can exercise remedies to foreclose on or repossess the collateral[1].
3. The lender can then sell the collateral to recover the outstanding loan amount[1].
Common types of collateral include:
- Real estate (for mortgages)
- Vehicles (for auto loans)
- Business assets like inventory or equipment
- Financial assets like stocks or bonds
- Accounts receivable
- Intellectual property[1][2]
Legal Framework
- In the United States, secured transactions involving personal property are governed by Article 9 of the Uniform Commercial Code (UCC)[4].
- The security interest must be "perfected" by filing a financing statement to establish priority over other creditors[3].
Key Concepts
- Attachment: When the security agreement becomes valid and enforceable[3]
- Perfection: The process of establishing priority over other creditors, usually by filing a public notice[6]
- Priority: The order in which creditors have rights to the collateral[2]
Benefits
- For lenders: Reduced risk and potential for recovery in case of default
- For borrowers: Potentially lower interest rates and access to larger loan amounts[1]
Citations:
[1]
https://www.yieldstreet.com/resources/article/collateral-definition/ [2]
https://corporatefinanceinstitute.com/resources/commercial-lending/collateral/ [3]
https://study.com/academy/lesson/secured-transactions-examples-explanations.html [4]
https://en.wikipedia.org/wiki/Secured_transaction
Combating the Financing of Terrorism (CFT)
refers to a set of standards and regulatory systems intended to prevent terrorist groups from laundering money.
Community Interest Companies (CIC)
A type of business in the UK designed to benefit the community, with special regulatory requirements and oversight.
The New Zealand Companies Office is a government agency responsible for administering New Zealand's business registers. Here are the key points about the Companies Office:
- Administers statutory registers for various business entities, including companies, incorporated societies, charitable trusts, and more[1][3].
- Provides online services for company incorporation, filing annual returns, searching company information, and name reservation[2].
- Maintains the Companies Register, which is an electronic register available to the public 24/7[3].
- Offers free public access to company information, making it one of the most transparent registries in the world[3].
- Delivers nearly all its services through electronic systems and the internet[3].
- Was the first government corporate registry globally to allow online access to statutory corporate information (1996) and online company incorporation (1999)[3].
- Administers additional registers like the Personal Property Securities Register (PPSR), Financial Service Providers Register, and the Disclose Register[3][5].
- Has compliance, prosecution, and enforcement functions under various acts, including the Companies Act and Securities Act[3].
- Contributes to an efficient and transparent New Zealand business environment[5].
- Enables businesses to meet their legal obligations simply and cost-effectively[5].
- Provides easy-to-use business registers and accessible information[5].
- Helps businesses understand and comply with the law[5].
- Supports New Zealand's high ranking in the World Bank's "Ease of Doing Business" index[2].
Citations:
[1]
https://www.companiesoffice.govt.nz [2]
https://www.fostermoore.com/news/new-zealand-companies-register [3]
https://en.wikipedia.org/wiki/Companies_Office [4]
https://www.healthandsafety.govt.nz/a-z-topics/physical-security-2/keeping-yourself-safe-a-guide-to-personal-security/nz-companies-office-and-trusts/ [5]
https://www.companiesoffice.govt.nz/about-us/what-we-do/ [6]
https://www.govt.nz/organisations/companies-office/ [7]
https://www.companiesoffice.govt.nz/about-us/ [8]
https://www.companiesoffice.govt.nz/about-us/corporate-regulation-in-new-zealand/ [9]
https://companies-register.companiesoffice.govt.nz/help-centre/complying-with-the-law/
Companies Registration Office (CRO)
The Companies Registration Office (CRO) is an Irish government agency responsible for managing and maintaining official records of businesses and companies.
The CRO serves as the central repository of public statutory information on Irish companies, business names, and limited partnerships[1]. Its core functions include:
- Incorporating companies
- Enforcing filing obligations for companies
- Making company information publicly available
- Registering business names and limited partnerships[1]
The CRO operates under the aegis of the Department of Enterprise, Trade & Employment in Ireland[1]. This indicates that it is a government body responsible for overseeing business registrations and related activities.
https://cro.ie
Citations:
[1] https://cro.ie
[2] https://www.companiesoffice.govt.nz/about-us/contact-us/
[3] https://www.companiesoffice.govt.nz
[4] https://cro.ie/post-registration/company-search/
Company Names Tribunal (CNT)
A legal body that resolves disputes over company names, ensuring compliance with regulations and preventing confusion or misuse.
Continuous Entity Monitoring (CEM)
Ongoing surveillance of a registered entity to track changes in its status, ownership, or compliance.
CORE in relation to the CRO (Companies Registration Office) Ireland stands for Companies Online Registration Environment. It is an online platform that provides several key services for companies and business entities in Ireland:
1. Online Registration and Filing
- CORE allows users to register new entities and file documents online[1][4].
- Users can submit various forms, including annual returns, for a reduced fee compared to paper filing[1].
2. Company Management
- Users can view up-to-date information on companies for which they file in a secure, private environment[1].
- The system allows users to check the status of their companies and sort them in various orders[4].
3. Notifications and Updates
- CORE provides notifications of filings for companies in the user's portfolio and updates on the status of submitted documents[1][4].
4. Account Management
- Users can access their CRO account balance, transactions, and statements through CORE[1][4].
5. Cost-Effective Filing
- Many documents can be filed for free or at a reduced cost compared to paper filing[1].
- For example, annual returns can be filed for €20, which is cheaper than paper filing[1].
Citations:
[1]
https://cro.ie/help/using-core/ [2]
https://www.companyformations.ie/blog/new-cro-core-system-launch/ [3] https://en.wikipedia.org/wiki/Companies_Registration_Office_(Ireland)
[4]
https://cro.ie/services/core/
An official record that contains details about companies, such as their legal status, ownership, directors, and financial information.
Corruption Perceptions Index (CPI)
The Corruption Perceptions Index (CPI) is an annual ranking system that scores and ranks countries based on their perceived levels of public sector corruption. Here are the key aspects of the CPI:
The CPI is published annually by Transparency International, an independent non-governmental organization dedicated to fighting corruption globally[1][2]. It was first introduced in 1995 and has become the most widely used indicator of corruption worldwide[3][5].
Methodology
- The index ranks 180 countries and territories on a scale from 0 (highly corrupt) to 100 (very clean)[1][2].
- It is a composite index that combines data from 13 different sources provided by 12 independent institutions[5].
- The data is based on expert assessments and surveys of business executives[3][4].
- For a country to be included in the ranking, it must be evaluated by at least three of the CPI's data sources[5].
- The CPI focuses on corruption in the public sector, including bribery, misuse of public funds, and abuse of power for private gain[3][4].
- It reflects perceptions rather than objective measures of corruption, as the latter are difficult to obtain due to the secretive nature of corrupt activities[4].
- The index is designed to capture various manifestations of public sector corruption, including bribery, diversion of public funds, and access to information on government activities[5].
- The CPI is widely used by academics, economists, journalists, and business executives as a gauge of corruption levels in different countries[4].
- Many international businesses consult the CPI when assessing the risk of violating anti-corruption laws in different nations[3].
- It serves as an important tool for raising awareness about corruption and promoting transparency in governance[2].
- The CPI does not distinguish between different types of corruption and may not fully capture all aspects of corruption in a country[3].
- It is based on perceptions, which may not always accurately reflect the actual level of corruption[3].
- Year-to-year comparisons can be challenging due to changes in methodology and sources[4].
The 2023 CPI revealed that corruption remains a significant global challenge:
- More than two-thirds of countries scored below 50 out of 100, indicating serious corruption problems[1][5].
- The global average score remained stagnant at 43[1][5].
- Denmark, Finland, and New Zealand topped the list as the "cleanest" countries[5].
- Many countries, including some high-ranking ones, have seen declines in their scores, reflecting a decrease in trust in public sectors globally[5].
Citations:
[1]
https://www.transparency.org/en/cpi/2023 [2]
https://www.investopedia.com/terms/c/corruption-perception-index.asp [3]
https://en.wikipedia.org/wiki/Corruption_Perceptions_Index [4]
https://www.britannica.com/topic/corruption-perceptions-index [5]
https://www.herbertsmithfreehills.com/notes/fsrandcorpcrime/2024-02/transparency-international-publishes-cpi-2023
Counter Proliferation Financing (CPF)
refers to the actions of preventing proliferation financing which in turn is the act of providing funds or financial services for use, in whole or in part, in the manufacture, acquisition, development, export, trans-shipment, brokering, transport, transfer, stockpiling of, or otherwise in connection with the possession or use of, chemical, biological, radiological or nuclear (CBRN) weapons, including the provision of funds or financial services in connection with the means of delivery of such weapons and other CBRN-related goods and technology, in contravention of a relevant financial sanctions obligation.
A document, object, or data structure that vouches for the identity of a person through some method of trust and authentication.
The process of verifying and validating an individual’s or entity’s identity, qualifications, or permissions before granting access to services or data.
The Corporate Registers Forum (CRF) is an international association of corporate registries that brings together government agencies and officials responsible for administering corporate registers worldwide[1][2].
Founded in 2003, the CRF aims to provide its members with opportunities to review the latest developments in corporate business registers, exchange experiences, and share information on the present and future operation of corporate business registration systems[2][3].
Membership: The CRF is open to government agencies and their officials who are responsible for managing corporate registers, such as company registries[1][5]. Its membership spans diverse regions, encompassing countries from around the globe[5].
Annual Conference: The CRF holds an annual conference combined with its Annual General Meeting. This event allows delegates to discuss trends, challenges, and best practices in the field of corporate registration[3][4]. The 2024 conference is scheduled to be held in Doha, Qatar, from November 3-7, hosted by the Qatar Financial Centre[6].
Networking and Knowledge Sharing: The CRF provides a platform for registry professionals to network, share ideas, benchmark their performance and practices, and gain access to specialist experience[5][6]. Members can participate in online discussions and interact with other corporate registry managers through the CRF website[3].
The CRF was initially established as the Asia-Pacific Corporate Registries Forum in 2003, with its first meeting held in Auckland, New Zealand[2]. In 2005, during the second meeting in Melbourne, Australia, the name was changed to the Corporate Registers Forum to reflect its growing international scope[2]. Since then, the CRF has held annual meetings in various locations worldwide, including Hong Kong, Singapore, Canada, South Africa, Mauritius, India, Brazil, and most recently, Malta in 2023[2][4].
Objectives and Benefits
The primary goal of the CRF is to facilitate the exchange of information and experiences among its members, focusing on:
1. Reviewing the latest developments in corporate business registers internationally
2. Sharing experiences and information on current and future operations of corporate business registration systems
3. Providing a network for registry professionals to benchmark their performance and practices
4. Offering fast access to specialist experience in the field of corporate registration[1][3][5]
By joining the CRF, members gain access to an international network of registry professionals and valuable resources to enhance their corporate registration practices and systems.
https://www.corporateregistersforum.org/
Citations:
[1] http://ibrr.net/about/crf
[2] https://en.wikipedia.org/wiki/Corporate_Registers_Forum
[3] https://crf2022maldives.org
[4] https://www.nrdcompanies.com/insights/nrd-companies-invites-you-to-meet-us-at-the-corporate-registers-forum-in-malta/
[5] https://www.crfqatar2024.com/about-crf
[6] https://www.corporateregistersforum.org
Cross-Border Entity (CBE)
A Cross-Border Entity (CBE) refers to a business structure or organization that operates across national borders, conducting activities in multiple countries. While there is no universally accepted legal definition, CBEs generally have the following characteristics:
1. Multinational Operations: CBEs have a presence in two or more countries, either through subsidiaries, branches, or partnerships[1].
2. Cross-Border Transactions: They engage in international trade, moving goods, services, capital, or intellectual property across national boundaries[5].
3. Legal Complexity: CBEs must navigate different legal and regulatory frameworks in each country where they operate[5].
4. Tax Considerations: They face complex tax implications due to their multinational nature, often dealing with multiple tax jurisdictions[5].
5. Organizational Structure: CBEs may have various structures, such as parent-subsidiary relationships, joint ventures, or global partnerships[1][5].
Types of Cross-Border Entities
Cross-Border Entities can take several forms, including:
1. Multinational Corporations (MNCs): Large companies with operations in multiple countries.
2. International Joint Ventures: Partnerships between companies from different countries.
3. Global Partnerships: Collaborations between entities across borders for specific projects or ongoing operations.
4. Cross-Border E-commerce Businesses: Online retailers that sell products internationally[2].
Operating as a Cross-Border Entity comes with unique challenges:
1. Regulatory Compliance: CBEs must adhere to different laws and regulations in each country they operate in[5].
2. Currency Risk: Dealing with multiple currencies can expose CBEs to exchange rate fluctuations[3].
3. Political Risk: Changes in government policies or international relations can impact CBE operations[3].
4. Cultural Differences: CBEs must navigate diverse business cultures and practices across countries.
5. Tax Complexity: International tax laws and treaties can significantly affect CBE financial structures and operations[5].
Despite the challenges, CBEs can offer significant advantages:
1. Market Expansion: Access to new markets and customer bases.
2. Diversification: Reduced dependence on a single market or economy.
3. Resource Optimization: Ability to leverage resources and capabilities from different countries.
4. Competitive Advantage: Potential for increased efficiency and innovation through global operations.
Citations:
[1]
https://stripe.com/resources/more/cross-border-payments-explained [2]
https://cosmetic.chemlinked.com/cosmepedia/china-cross-border-e-commerce-regulation-cbec [3]
https://www.investopedia.com/terms/c/cross-border-financing.asp [4]
https://www.ebanx.com/en/resources/payments-explained/cross-border-payments/ [5]
https://beckerinternationallaw.com/what-are-cross-border-transactions/
A digital or virtual currency that uses cryptography for security and operates independently of a central authority, often based on blockchain technology.
The Corporate Transparency Act (CTA) is a United States federal law that went into effect on January 1, 2024.
The CTA aims to combat money laundering, terrorism financing, tax evasion and other illicit activities by requiring certain companies to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN)[1][2]. Specifically:
- "Reporting companies" must file Beneficial Ownership Information (BOI) reports disclosing information about their beneficial owners and company applicants[3].
- A beneficial owner is generally defined as someone who owns 25% or more of the company or exercises "substantial control"[2].
The reporting requirements apply to most corporations, LLCs, and other entities created by filing with a Secretary of State or similar office, unless they qualify for an exemption[4]. This includes both domestic and foreign entities registered to do business in the U.S.
Exemptions
There are 23 categories of exempt entities, including:
- Publicly traded companies
- Banks and credit unions
- Tax-exempt organizations
- Large operating companies (over 20 full-time U.S. employees, $5M+ in U.S. revenue, physical U.S. office)[5]
Reporting Deadlines
- Existing companies: Must file by January 1, 2025
- New companies formed in 2024: 90 days to file
- Companies formed after January 1, 2025: 30 days to file[5]
Penalties for Non-Compliance
Failure to comply can result in civil penalties up to $500 per day and criminal penalties including fines up to $10,000 and up to 2 years imprisonment[2][3].
The CTA represents a significant new compliance requirement, especially for small businesses. Companies should carefully assess whether they are subject to the reporting obligations and prepare to file accurate and timely BOI reports if required.
Citations:
[1] https://www.minterellison.co.nz/insights/new-us-reporting-requirements-corporate-transparency-act
[2] https://www.investopedia.com/corporate-transparency-act-8413903
[3] https://www.nixonpeabody.com/insights/alerts/2024/05/14/the-corporate-transparency-act-what-you-need-to-know
[4] https://www.wolterskluwer.com/en/expert-insights/what-is-the-corporate-transparency-act-cta-basics
[5] https://www.uschamber.com/co/start/strategy/small-business-corporate-transparency-act
[6] https://www.wolterskluwer.com/en/expert-insights/small-businesses-and-the-corporate-transparency-act
[7] https://www.nortonrosefulbright.com/en/knowledge/publications/55b72cd0/the-corporate-transparency-act-is-here
Current Operating Model (COM)
is the current operating model instituted in terms of the configuration of people, processes, and technology to achieve the organisation’s objectives.
Is an individual or entity responsible for maintaining, managing, and protecting registry data, ensuring its accuracy, security, and accessibility.
Custody refers to the physical or legal control of an asset without necessarily implying ownership.
The Central Business Register of Denmark is the Danish business authority and master register of businesses in Denmark and Greenland.
Companies Registry of Hungary
The process of making changes or corrections to information that has been officially recorded, such as company details in a registry.
The process of detecting and correcting inaccuracies, inconsistencies, and incomplete data to improve data quality.
Data immutability is the idea that information within a database cannot be deleted or changed.
a system or repository of data stored in its natural/raw format, usually in files or object blobs (Binary Large Object stored as a single entity). A data lake is usually a single store of data including raw copies of source system data, sensor data, social data etc., and transformed data used for tasks such as reporting, visualisation, advanced analytics and machine learning. A data lake can include structured data from relational databases (rows and columns), semi-structured data (CSV, logs, XML, JSON), unstructured data (emails, documents, PDFs) and binary data (images, audio, video). Data lakes can by physical data centres or in the cloud.
The tracking of data flow and transformation throughout its lifecycle, from origin to final destination, to ensure transparency and accuracy.
A plan for transferring data from one system or environment to another, ensuring accuracy, security, and minimal disruption during the process.
The process of transferring data from one system or storage location to another, often involving careful planning to ensure data integrity and minimal disruption.
Data Protection Agreement (DPA)
A legal document outlining how parties will handle, store, and protect personal and sensitive data.
A set of processes and guidelines to ensure the accuracy, completeness, and reliability of data throughout its lifecycle.
Guidelines outlining how long different types of data must be stored, ensuring compliance with legal, regulatory, and business requirements.
Refers to data being subject to the laws and regulations of the country where it is collected or stored, ensuring that data governance and compliance are managed locally.
The process of ensuring that data is consistent, structured, and formatted uniformly across systems, enabling interoperability and accurate analysis.
is a deteriorated and unmanaged data lake that is either inaccessible to its intended users or is providing little value.
Using multiple data sources or methods to verify and validate the accuracy and consistency of information.
A registry model where data is distributed across multiple locations or entities, often with shared control, promoting transparency and reducing reliance on a single point of failure.
Decentralized Autonomous Organization (DAO)
A decentralized autonomous organization, sometimes called a decentralized autonomous corporation, is an organization managed in whole or in part by decentralized computer program, with voting and finances handled through a blockchain.
Decentralized Identifiers
Digital Asset Register (DAR)
A secure and immutable ledger used to record the ownership, transfer, and management of digital assets, such as cryptocurrencies or tokenized real-world assets.
Any asset that exists in a digital form and can be owned or transferred electronically, including cryptocurrencies, digital tokens, and digital representations of real-world assets.
Digital Identity Verification
The process of confirming the identity of an individual or entity using digital means, such as biometric data, digital certificates, or online authentication.
Digital Immune System (DIS)
a digital immune system is a set of technologies and processes that help an organization protect its information and systems from continual attack and exploit.
Ensuring that all individuals, regardless of their socio-economic status or geographic location, have access to digital technologies and services.
The level of advancement and readiness of an organization in adopting and using digital technologies to improve processes and services.
A secure electronic signature used to verify the authenticity of a digital document and ensure the integrity of its content.
The integration of digital technology into all areas of government or business operations, improving efficiency and service delivery.
A Digital Wallet is a secure, digital platform that stores, manages, and transacts digital credentials, such as identity information, licensing information or ownership certificates. It enables users to interact with registries, access services, and securely store and present their digital assets and identities.
Digitalisation of Public Services
The process of converting government services from paper-based or manual processes to digital formats, making them more accessible and efficient.
An individual appointed to manage and oversee the operations of a company who has the authority to make decisions and govern an organization or entity.
A documented process that outlines steps to recover and restore systems, data, and operations after a major disruption or disaster.
The Disclose Register is a key component of New Zealand's financial regulatory framework, established under the Financial Markets Conduct Act 2013. It serves as a centralized repository for information related to offers of financial products and managed investment schemes[1][3]. Here are the main aspects of the Disclose Register:
The Disclose Register is designed to provide transparency and accessibility to important financial information for investors, regulators, and other stakeholders. Its primary functions include:
1. Registering offers of financial products and managed investment schemes
2. Storing and making publicly available key documents and information related to these offers
3. Enabling easy comparison of different investment options
The Disclose Register contains various types of information, including:
1. Product Disclosure Statements (PDS): These are the primary disclosure documents for financial product offers[2].
2. Governing documents: Such as trust deeds or constitutional documents[2].
3. Financial information: Including financial statements and tables required by regulations[2].
4. Material information: Any other information that is material to the offer and not already included in the PDS[2].
The Disclose Register is publicly accessible, allowing:
1. Investors to search for specific offers, issuers, schemes, or managers[1].
2. Comparison of different investment options through tools like Sorted's Smart Investor, which uses data from the Disclose Register[1].
3. Fund managers to provide and update their fund data using provided templates and guides[1].
Issuers of financial products are required to:
1. Lodge their PDS on the Disclose Register
2. Provide all information required by the Financial Markets Conduct Regulations 2014
3. Ensure that all material information relating to the offer is available on the register
4. Obtain and provide evidence of board consent for lodging the PDS and other required information[2]
The Disclose Register plays a crucial role in:
1. Enhancing transparency in the financial markets
2. Providing a standardized platform for disclosure of financial product information
3. Assisting investors in making informed decisions by providing easy access to relevant information
4. Supporting regulatory oversight of financial product offers and managed investment schemes
The Disclose Register is built by Foster Moore.
Citations:
[1]
https://disclose-register.companiesoffice.govt.nz [2]
https://www.fma.govt.nz/assets/Guidance/150220-Content-and-form-of-Disclose-register-information-guidance-note.pdf [3]
https://www.companiesoffice.govt.nz/all-registers/ [4]
https://www.companiesoffice.govt.nz [5]
https://api.business.govt.nz/api/apis/info?name=DiscloseCompliance&provider=mbiecreator&version=v1
The legal process through which a business entity is formally closed or terminated, often involving the settling of debts and distribution of assets.
Distributed Ledger Technology (DLT)
Distributed Ledger Technology (DLT) is a decentralized digital system for recording, sharing, and synchronizing transactions across multiple nodes in a network. Unlike traditional centralized databases, DLT operates without a central authority, creating a more transparent, secure, and efficient method of managing data.
Decentralization: DLT operates on a peer-to-peer network where multiple participants maintain synchronized copies of the ledger, eliminating the need for a central authority[1][4].
Transparency: All authorized participants can view the transactions recorded on the ledger, fostering trust and reducing the need for extensive audits[1][3].
Immutability: Once data is recorded on the ledger, it becomes extremely difficult to alter or delete, creating a permanent and tamper-resistant record[4].
Consensus Mechanisms: DLT uses various algorithms to ensure all nodes agree on the state of the ledger, maintaining data integrity across the network[4].
Cryptographic Security: The technology employs advanced cryptographic techniques to secure data and transactions, making it highly resistant to fraud and cyberattacks[1][4].
Types of Distributed Ledger Technology
1. Blockchain: The most well-known type of DLT, where transactions are grouped into blocks and linked together in a chain[1][4].
2. Directed Acyclic Graphs (DAG): A type of DLT that uses a different data structure, allowing for faster transaction processing and lower fees[1][6].
3. Hashgraph: Another form of DLT that uses a directed acyclic graph structure and employs a virtual voting consensus mechanism[1].
DLT has the potential to revolutionize various industries and processes:
1. Financial Services: Streamlining cross-border payments, trade finance, and identity verification[4][6].
2. Supply Chain Management: Enhancing traceability, transparency, and efficiency in tracking goods and preventing fraud[4][6].
3. Healthcare: Securely managing patient records and improving clinical trial processes[6].
4. Government and Voting Systems: Increasing security and transparency in voting processes and public record management[6].
5. Real Estate: Automating property transactions and providing secure ownership records[6].
6. Digital Identity Management: Creating secure and verifiable digital identities for various applications[6].
7. Intellectual Property Rights: Securely managing and tracking ownership of patents, trademarks, and other IP[6].
Citations:
[1]
https://www.geeksforgeeks.org/blockchain-and-distributed-ledger-technology-dlt/ [2]
https://www.investopedia.com/terms/d/distributed-ledgers.asp [3]
https://corporatefinanceinstitute.com/resources/cryptocurrency/distributed-ledger-technology/ [4]
https://www.techtarget.com/searchcio/definition/distributed-ledger [5]
https://www.identity.com/distributed-ledger-technology-dlt-guide/ [6]
https://www.analyticssteps.com/blogs/top-10-applications-distributed-ledger-technology-dlt [7]
https://en.wikipedia.org/wiki/Distributed_ledger
A type of digital ledger that is decentralized and shared across multiple locations, allowing participants to have synchronized copies of the same data.
Digital IT Acquisition Professional Training
A document database is a type of NoSQL database that stores and retrieves data in a document format, typically using flexible, semi-structured documents like JSON. This approach offers several key advantages over traditional relational databases:
Document databases use a schema-less or schema-flexible model, allowing each document to have its own unique structure. This flexibility enables developers to:
- Easily modify data models without disrupting the entire database
- Store diverse types of information within a single collection
- Adapt quickly to changing application requirements
Data is stored in self-contained documents, which can include nested data structures. This approach:
- Maps naturally to object-oriented programming concepts
- Eliminates the need for complex joins across multiple tables
- Allows related data to be stored together, improving query performance
Document databases are designed for horizontal scalability, making it easier to:
- Distribute data across multiple servers or clusters
- Handle large volumes of data and high traffic loads
- Scale out by adding more machines to the database cluster
- Documents closely resemble the structure of objects in application code, simplifying development[1].
- By storing related data together, document databases can reduce the need for expensive join operations[1].
- The flexible schema allows for rapid iteration and easier adaptation to changing requirements[1].
Document databases are well-suited for various applications, including:
- Content management systems
- Real-time analytics
- Catalogs and product inventories
- User profiles and personalization
- Internet of Things (IoT) data collection
Several document databases have gained prominence in the industry:
- MongoDB: Known for its flexibility and scalability[5].
- Amazon DocumentDB: Fully managed, MongoDB-compatible option[3].
- Google Cloud Firestore: Offers real-time synchronization and offline support[3].
- Azure Cosmos DB: Provides multi-model support and global distribution[3].
- CouchDB: Focuses on ease of use and bi-directional replication[4].
Citations:
[1] https://www.mongodb.com/resources/basics/databases/document-databases
[2] https://phoenixnap.com/kb/document-database
[3] https://icepanel.io/blog/2023-06-22-top-9-nosql-databases-in-the-cloud
[4] https://www.predictiveanalyticstoday.com/top-nosql-document-databases/
[5] https://www.g2.com/categories/document-databases
The Doing Business Report was an annual publication by the World Bank that provided objective measures of business regulations and their enforcement across 190 economies worldwide. Here are the key points about the Doing Business Report:
- First published in 2003, the Doing Business Report aimed to measure and compare the ease of doing business in different countries[1][6].
- It focused on domestic small and medium-sized enterprises and assessed the regulations applying to them throughout their business lifecycle[6].
- The report was designed to encourage economies to compete towards more efficient regulation and serve as a resource for policymakers, researchers, and others interested in business climates globally[6].
- The report ranked countries based on 10 main indicator sets that measured various aspects of business regulation[6]:
1. Starting a business
2. Dealing with construction permits
3. Getting electricity
4. Registering property
5. Getting credit
6. Protecting minority investors
7. Paying taxes
8. Trading across borders
9. Enforcing contracts
10. Resolving insolvency
- It used a case study approach, focusing on a hypothetical standardized business in the largest city of each economy (with some exceptions for very large countries)[4].
- The methodology evolved over time, expanding from 5 initial indicators covering 133 countries in 2004 to 12 indicators covering 190 countries by 2020[3].
- The Doing Business Report became one of the World Bank's most widely read publications and most used sets of indicators on business regulation[3].
- Many governments used the report in their developmental strategies and reform programs[3].
- The World Bank Group used the report extensively in country strategies, policy dialogues, operations, and research[3].
- Following internal audits and external reviews, the World Bank announced on September 16, 2021, that it would discontinue the Doing Business Report[5].
Citations:
[1]
https://archive.doingbusiness.org/en/doingbusiness [2]
https://dotnetreport.com/blogs/the-importance-of-a-business-report/ [3]
https://ieg.worldbankgroup.org/evaluations/development-effectiveness-use-doing-business-indicators/chapter-1-introduction-doing [4]
https://www.worldbank.org/content/dam/doingBusiness/pdf/db-2021/Final-Report-EPR-Doing-Business.pdf [5]
https://www.loc.gov/item/global-legal-monitor/2021-09-30/international-out-of-business-the-rise-and-fall-of-the-world-banks-doing-business-report/ [6]
https://archive.doingbusiness.org/en/about-us
A DUNS (Data Universal Numbering System) number is a unique nine-digit identifier assigned to businesses by Dun & Bradstreet (D&B), one of the major business credit bureaus[1][2][4]. This proprietary system was developed in 1963 to support D&B's credit reporting practice and has since become a standard worldwide for identifying business entities[2].
1. Unique Identifier: Each DUNS number is associated with a single business location, providing a distinct identity for tracking creditworthiness, financial transactions, and business activities[2][3].
2. Global Recognition: DUNS numbers are used internationally, recognized by organizations such as the European Commission, the United Nations, and major corporations like Apple[2].
3. Credit Profiling: The number is linked to a business's credit profile in D&B's database, containing information such as the company's name, address, number of employees, line of business, and other relevant corporate data[4].
4. Government Contracting: Until April 2022, it was required for organizations doing business with the U.S. federal government. Many government agencies still use it to verify a business's legitimacy and financial stability[2][3].
5. International Trade: Companies involved in international trade often need a DUNS number to facilitate cross-border transactions and build credibility with foreign partners[3].
Citations:
[1]
https://www.dnb.com/duns.html [2]
https://en.wikipedia.org/wiki/Data_Universal_Numbering_System [3]
https://dnb.com.eg/duns-number-who-needs-one-and-why-it-matters-for-your-business/ [4]
https://www.investopedia.com/terms/d/dunsnumber.asp [5]
https://www.rangeme.com/blog/what-is-a-duns-number-and-what-is-it-used-for/ [6]
https://www.nerdwallet.com/article/small-business/duns-number
Business Register of Estonia
The use of digital technologies by governments to improve public services, enhance transparency, and increase citizen engagement.
An electronic database used to store, update, and manage official records or registrations, accessible online.
An electronic signature that is legally recognized as equivalent to a handwritten signature, used to sign documents digitally.
An e-Apostille, or electronic Apostille, is a digital version of the traditional paper Apostille certificate.
An e-Apostille is an Apostille issued in electronic form that bears an electronic signature with a digital certificate[6]. Like a traditional Apostille, it authenticates the origin of a public document for use abroad, but in a digital format[6].
1. The e-Apostille is issued and transmitted electronically, usually as a secure PDF file[4].
2. It contains an electronic signature with a digital certificate, ensuring its authenticity and security[6].
3. e-Apostilles can be verified online through various methods, such as clicking a verified link, scanning a QR code, or using Adobe Acrobat Reader's Sign feature[6].
Advantages
1. The electronic format minimizes the risk of tampering and fraud[6].
2. Applicants can receive the e-Apostille via email and forward it directly to end users[6].
3. The process is often faster than obtaining a physical Apostille.
The process for obtaining an e-Apostille may vary by country. For example, in the Philippines:
1. Applicants must first secure an e-Certificate version of their public document[6].
2. Payment is made through an online portal[6].
3. The e-Apostille is sent to the applicant's email address[6].
Important Considerations
1. An e-Apostille loses its validity if printed and submitted as hard copies[6].
2. Not all countries or institutions may accept e-Apostilles. It's crucial to check with the intended recipient beforehand[4].
3. The cost may be similar to or different from traditional Apostilles, depending on the issuing authority[4][6].
4. The types of documents eligible for e-Apostille may be limited. For instance, the Philippines initially only offers e-Apostilles for civil registry documents[6].
Citations:
[1] https://www.dia.govt.nz/contact-us
[2] https://www.apostille.gov.ph
[3] https://sos.tn.gov/node/454
[4] https://www.govt.nz/browse/passports-citizenship-and-identity/proving-and-protecting-your-identity/use-your-nz-documents-overseas/
[5] https://www.apostille.org/what-is-an-apostille/
[6] https://www.apostille.gov.ph/e-apostille/
EBOCS (European Business Ownership and Control Structures) is a project developed to enhance transparency and facilitate access to business ownership information across the European Union.
EBOCS serves as a platform that provides simplified and unified access to business register data on business ownership and control structures[1]. Its primary functions include:
1. Aggregating business ownership information from various EU member states
2. Visualizing the results of queries in a map format
3. Facilitating access to this information for authorized agencies
The EBOCS platform is designed with specific access restrictions:
- Access is limited to participating Counter Crime Agencies[1]
- It is not publicly accessible, unlike some other EU information systems
This restricted access ensures that sensitive business ownership information is only available to authorized law enforcement and investigative bodies.
EBOCS was developed as part of a project carried out by European Business Registries, funded through the Internal Security Fund (ISF) Police Annual Work Programmes in 2016 and 2018[1]. It's important to note that the European Union does not own the intellectual property rights to this system. Instead, the system is owned by the European Business Registers' Association (EBRA)[1].
EBOCS plays a crucial role in the European Union's efforts to combat financial crimes, particularly money laundering and terrorist financing. By providing a centralized platform for accessing business ownership information across borders, it enables law enforcement agencies to:
- Trace complex ownership structures
- Identify potential shell companies
- Investigate suspicious financial activities more effectively
EBOCS is part of a broader ecosystem of interconnected IT systems within the EU, including:
- Business Registers Interconnection System (BRIS)
- Land Registers Interconnection (LRI)
- European Criminal Records Information System (ECRIS)
- European Car and Driving License Information System (EUCARIS)
These systems collectively contribute to enhancing cooperation and information exchange among EU member states in various domains, including business transparency, criminal justice, and financial intelligence[1][2].
Citations:
[1] https://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2019/0372/COM_COM(2019)03 72_EN.pdf
[2] https://www.europarl.europa.eu/RegData/etudes/STUD/2022/733968/IPOL_STU(2022)733968_EN.pdf
European Business Register - In 2019 merged with the ECRF to form the European Business Registry Association.
The EBR Network, or European Business Register Network, is an electronic network that connects national business registers and information providers from various European countries. It serves as a centralized system for accessing official company information across Europe[2][3].
1. The EBR Network provides easy online access to European company information directly from official sources[3].
2. Currently, 16 European countries are part of the network, including Guernsey, Italy, Jersey, Latvia, Lithuania, Luxembourg, North Macedonia, Malta, Slovenia, and Spain[3].
3. The network offers access to various company details, such as:
- Legal name of the company
- Registered office
- Company representatives (e.g., Managing Director, Board of Directors)
- Subscribed capital (if applicable)[2]
4. Data from across Europe is made available through standardized information services, ensuring consistency and comparability[3].
The EBR Network was developed as part of the European Commission's integrated approach to promote transparent financial markets and facilitate the free movement of companies within Europe[2]. Its main objectives include:
1. Providing comparable and official company information from connected countries[4].
2. Enhancing transparency in business operations across European borders.
3. Facilitating cross-border business activities and due diligence processes.
The European Business Registry Association (EBRA) manages the EBR Network[2]. The cooperation between national registers is based on the EBR Information Sharing Agreement, which allows registries in member countries to provide access to their business register data[3].
Citations:
[1]
http://ebrnetwork.org [2]
https://en.wikipedia.org/wiki/European_Business_Register_Network [3]
https://ebra.be/ebr-network/ [4]
https://ebr.lv/en/
The European Business Registry Association (EBRA) is an international organization that brings together business registry experts to collaborate on improving the operation and management of business registers in Europe.
EBRA was formed in January 2019 through the merger of two existing organizations - the European Business Register (EBR) and the European Commerce Registers' Forum (ECRF)[1]. This coalition combined the technical cooperation focus of EBR, which started in 1992, with the wider cooperation initiatives of ECRF, which began in 1998[1].
EBRA's primary purpose is to:
- Represent and provide expert insight from European business registry professionals
- Foster collaboration and innovation among business registries and strategic partners
- Promote collective strategic thinking amongst business registry professionals
- Help business registers provide the best possible services to their clients
- Research, develop, manage and operate initiatives and services for business registries[1]
Membership and Structure
- EBRA has 44 members representing business registries from across Europe, including both EU and non-EU countries[2].
- It is governed by a Board of Directors[5].
Key Activities
1. Expert Working Groups: Members participate in groups focusing on relevant topics like Beneficial Ownership and Company Law initiatives[2].
2. Annual Conference: EBRA hosts an international conference open to members and professionals in the registry domain[2].
3. Surveys and Research: In collaboration with sister organizations, EBRA conducts global surveys on business registry data, including registrations, incorporations, terminations, e-services, and fees[2].
4. European Business Register Network (EBR): EBRA operates this network, which provides online access to business registry information from 22 European countries[3].
5. Collaboration and Knowledge Sharing: The association facilitates peer discussions, benchmarking, and knowledge sharing activities among members[2].
Vision
EBRA's vision is to create an international community of collaborative business registries that benefit from shared information, best practices, and tools. It aims to foster the global registry domain and ensure clear benefits for its members[1].
By bringing together expertise from across Europe, EBRA plays a crucial role in advancing the efficiency and effectiveness of business registries, ultimately supporting business transparency and the objectives of the European single market.
https://ebra.be
Citations:
[1] https://ebra.be/about-ebra/
[2] https://ebra.be
[3] https://en.wikipedia.org/wiki/European_Business_Register_Network
[4] https://www.fostermoore.com/case-study/european-business-registry-association
[5] https://uia.org/s/or/en/1122285215
European Central Platform
European Commercial Registration Forum - In 2019 merged with the EBR to form the European Business Registry Association.
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) is a significant piece of legislation in the UK aimed at tackling financial crime and improving corporate transparency. Here are the key aspects of this act:
The ECCTA was passed on October 26, 2023, as part of the UK government's efforts to combat economic crime[1][2]. It builds upon the Economic Crime (Transparency and Enforcement) Act 2022, further strengthening the UK's framework for tackling financial crime[2].
Key Provisions
Corporate Criminal Liability Reforms
1. New "Senior Manager" Test: The act introduces a new statutory "senior manager" test, replacing the common law "directing mind and will" test for corporate criminal liability in economic crimes[1][2].
2. Failure to Prevent Fraud Offence: A new strict liability criminal offence for large organizations that fail to prevent fraud committed by associated persons[2].
Companies House Reforms
The act grants enhanced powers to Companies House, including:
- Ability to query and challenge suspicious filings
- New requirements for companies, such as submitting a registered email address
- Expanded information sharing powers with law enforcement and regulators[2]
Anti-Money Laundering Measures
- Improved information sharing capabilities between businesses for preventing and detecting economic crime
- Enhanced powers for law enforcement to gather intelligence and obtain information related to money laundering and terrorist financing[4]
Cryptoasset Regulations
The act provides additional powers to seize and recover suspected criminal cryptoassets[4].
Impact on Businesses
- Large organizations (meeting specific criteria) will be subject to the new failure to prevent fraud offence[2][3].
- Companies will need to ensure robust internal controls and clear accountability structures[3].
- Increased disclosure requirements may pose challenges, especially for smaller businesses[3].
Implementation Timeline
While some provisions of the act are already in effect, others await secondary legislation or guidance before full implementation[3]. For example, the failure to prevent fraud offence will come into force after the UK government has issued guidance[1].
Citations:
[1]
https://www.reedsmith.com/en/perspectives/2024/03/what-you-need-to-know-about-the-economic-crime [2]
https://www.skadden.com/insights/publications/2024/02/economic-crime-and-corporate-transparency-act-2023 [3]
https://crigroup.com/economic-crime-act-2024-impact/ [4]
https://www.lawsociety.org.uk/topics/anti-money-laundering/economic-crime-and-corporate-transparency-act [5]
https://assets.publishing.service.gov.uk/media/65df57cfcf7eb1e5f4f57fdf/01.+ECCT+Bill+Overarching+Fact+Sheet.pdf
Electronic Identification, Authentication, and Trust Services (eIDAS) is a regulatory framework established by the European Union to enhance the security, reliability, and legal validity of electronic transactions across EU member states. Here are the key aspects of eIDAS:
eIDAS aims to create a standardized system for electronic identification and trust services throughout the EU. Its primary objectives include:
- Facilitating secure cross-border electronic transactions
- Ensuring mutual recognition of electronic identification schemes among EU member states
- Establishing a legal framework for electronic signatures, seals, timestamps, and other trust services
Electronic Identification (eID)
eIDAS sets standards for electronic identification, allowing citizens, businesses, and public administrations to use their national eID schemes to access online services in other EU countries[1]. The regulation defines three assurance levels for eID schemes:
- Low
- Substantial
- High
These levels indicate the degree of confidence in the claimed identity of a person[6].
eIDAS regulates various trust services, including:
1. Electronic signatures
2. Electronic seals
3. Electronic time stamps
4. Electronic registered delivery services
5. Website authentication certificates
These services are designed to ensure the authenticity, integrity, and non-repudiation of electronic transactions[2][3].
Types of Electronic Signatures
eIDAS recognizes three types of electronic signatures, each offering different levels of security and legal validity:
1. Simple electronic signatures
2. Advanced electronic signatures
3. Qualified electronic signatures
Qualified electronic signatures provide the highest level of legal assurance and are considered legally equivalent to handwritten signatures across the EU[8].
## Implementation and Compliance
The eIDAS regulation has been enforceable across the EU since July 1, 2016. It applies to:
- All EU member states
- Businesses and individuals conducting electronic transactions within the EU
- Trust Service Providers (TSPs) offering electronic trust services
Qualified Trust Service Providers (QTSPs) are subject to stricter requirements and must be audited and approved by national competent authorities[5].
Citations:
[1] https://digital-strategy.ec.europa.eu/en/policies/discover-eidas
[2] https://www.digicert.com/faq/signature-trust/what-is-eidas
[3] https://en.wikipedia.org/wiki/EIDAS
[4] https://ico.org.uk/for-organisations/guide-to-eidas/what-is-the-eidas-regulation/
[5] https://www.idenfy.com/blog/eidas-regulation/
[6] https://www.entrust.com/resources/learn/eidas
[7] https://digital-strategy.ec.europa.eu/en/policies/eidas-regulation
[8] https://www.docusign.com/en-gb/blog/what-is-eidas
An Employer Identification Number (EIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States. It serves as a form of identification for businesses, similar to how Social Security Numbers (SSNs) identify individuals[1][2].
The primary purpose of an EIN is for tax administration and reporting. Businesses use their EIN to:
1. File business tax returns
2. Open business bank accounts
3. Apply for business licenses and permits
4. Hire employees and report employment taxes
5. Apply for business credit or loans[1][3]
Most businesses in the U.S. require an EIN to operate legally. You need an EIN if your business:
- Has employees
- Operates as a corporation or partnership
- Files certain tax returns (e.g., excise taxes)
- Withholds taxes on non-wage income paid to non-resident aliens
Even sole proprietors and single-member LLCs without employees can benefit from having an EIN to separate personal and business taxes[3][5].
- Format: EINs are formatted as XX-XXXXXXX
- Permanence: An EIN never expires and is not reissued to another business
- Public information: Unlike SSNs, EINs are not considered sensitive information and are often freely distributed by businesses[1][4]
Citations:
[1]
https://www.investopedia.com/terms/e/employer-identification-number.asp [2] https://www.law.cornell.edu/wex/employer_identification_number_(ein)
[3]
https://www.xero.com/us/glossary/ein/ [4]
https://en.wikipedia.org/wiki/Employer_Identification_Number [5]
https://www.shopify.com/nz/blog/what-is-an-employer-identification-number
Exchange of Information on Request
A digital document that serves as proof of registration, authorization, or compliance, typically issued by a government or regulatory body.
Refers to the process of safely and responsibly discarding or recycling a product, system, or equipment after it is no longer in use.
An eNotary, or electronic notary, is a commissioned notary public who is authorized to perform notarial acts electronically using digital tools and signatures instead of traditional paper documents and physical stamps or seals.
An eNotary is a notary public who has been granted additional authorization to perform notarizations electronically[1][3]. This authorization is typically provided by the state government, and notaries must usually complete additional training or certification to become eNotaries[3].
1. Physical presence: Despite the electronic nature of the notarization, the signer must still be physically present with the notary for the act to be valid[2][3].
2. Electronic documents: eNotaries work with digital documents rather than paper ones[1][3].
3. Electronic signatures: Both the signer and the notary use electronic signatures to complete the notarization[1][4].
4. Digital seals: eNotaries use digital versions of their notary seals, which are attached to or logically associated with the electronic document[4].
eNotaries use specialized software platforms to perform their duties[2]. These platforms typically include:
1. Tamper-evident technology to ensure the integrity of the notarized document[3].
2. Secure storage and transmission of electronic documents[2].
3. Unique identifiers, such as Document Authentication Numbers (DANs), to verify the authenticity of the notarization[3].
Electronic notarization offers several advantages:
1. Increased efficiency in document processing and transmission[3].
2. Reduced paper usage and storage requirements.
3. Compatibility with electronic filing systems used by some government agencies and businesses[3].
It's important to note that:
1. eNotary services are not available in all jurisdictions.
2. Some documents or transactions may still require traditional paper notarization.
3. eNotary is distinct from remote online notarization, which allows the signer and notary to be in different locations[2].
Citations:
[1]
https://notarypublic.org.nz [2]
https://www.docverify.com/Products/E-Notaries/Electronic-Notary-and-Remote-Notary-Platform/What-is-an-Electronic-Notary [3]
https://www.sos.state.co.us/pubs/notary/FAQ/eNotary.html [4]
https://www.sosnc.gov/frequently_asked_questions/by_title/_notary_electronic_notary
Enterprise Risk Management (ERM)
A framework used by organizations to identify, assess, and manage risks to minimize their impact on the business.
The legal right or claim to ownership, benefits, or privileges, often recorded and verified in a registry system.
Any individual, organization, or structure that has a legal existence and can own property, enter into contracts, or be involved in legal actions.
Enterprise Register of Latvia
The Danish Business Authority
Economic Substance Registers are records maintained by regulatory authorities to track companies' compliance with Economic Substance Regulations (ESR). Here are the key points about Economic Substance Registers:
Economic Substance Registers serve to:
1. Record information about companies subject to ESR[1][2].
2. Track compliance with economic substance requirements[3].
3. Facilitate reporting and monitoring by regulatory authorities[4].
Typically, an Economic Substance Register includes:
1. Company details (name, registration number, etc.)[3]
2. Nature of relevant activities conducted[2]
3. Details of economic substance compliance (e.g., number of employees, physical presence)[4]
4. Annual economic substance reports submitted by companies[3]
The implementation of Economic Substance Registers is part of a broader regulatory effort:
1. Introduced in response to concerns raised by the EU Code of Conduct Group for Business Taxation[5]
2. Aimed at ensuring companies have genuine economic presence in low-tax jurisdictions[1][2]
3. Applies to companies conducting certain "relevant activities" as defined by local regulations[3][5]
Companies typically must:
1. File annual economic substance notifications[3]
2. Submit detailed economic substance reports[2][4]
3. Provide evidence of meeting the economic substance test for their relevant activities[4]
Failure to meet economic substance requirements or provide accurate information can result in:
1. Financial penalties[5]
2. Information sharing with relevant EU member states[5]
3. Potential removal from the company register or forced dissolution[5]
Foster Moore delivered the Economic Substance Register for Bermuda [6].
Citations:
[1] https://en.wikipedia.org/wiki/Economic_substance
[2] https://www.reedsmith.com/en/perspectives/2023/05/economic-substance-regulations-what-you-need-to-know
[3] https://www.moec.gov.ae/en/economic-substance-regulations
[4] https://www.applebyglobal.com/sectors/economic-substance/
[5] https://www.griffithsandpartners.com/news-and-events/economic-substance-requirements/
[6] https://www.fostermoore.com/news/bermuda-registrar-of-companies-goes-live
The EU Open Data Directive (Directive (EU) 2019/1024) is a key piece of legislation that aims to promote the availability and reuse of public sector information across the European Union. Here are the main aspects of this directive:
The directive is based on the general principle that public and publicly funded data should be reusable for both commercial and non-commercial purposes[1]. It promotes the use of open data, which refers to data presented in open formats that can be freely used and shared by individuals for any purpose[1].
Open Data Requirements
Public sector bodies and public undertakings are required to make their documents available in:
- Open formats
- Machine-readable formats
- Accessible, findable, and reusable formats
- Complete with metadata[1]
High-Value Datasets
The directive introduces the concept of "high-value datasets" - documents whose reuse is associated with significant socioeconomic benefits. These datasets must be made available:
- Free of charge
- In machine-readable formats
- Through application programming interfaces (APIs)
- As bulk downloads where relevant[1][6]
Dynamic Data
The directive emphasizes the importance of making dynamic data available for reuse immediately upon collection, typically via APIs[1].
Research Data
A significant innovation is the requirement for Member States to develop policies for open access to publicly funded research data. This establishes the principle that research data resulting from public funding should be open access by default[3].
Scope and Applicability
The directive applies to documents held by public sector bodies at national, regional, and local levels in EU Member States[3]. It also extends to certain public undertakings and research data[1].
Implementation
EU countries were required to transpose the directive into national law by July 17, 2021[5]. This implementation process involves adapting national legislation to meet the directive's requirements.
Impact on Open Science
The directive has significant implications for Open Science practices in the EU. It strengthens the "open by default" principle for publicly funded research data, although this applies only to data already made publicly available through repositories or other means[3].
Limitations and Exceptions
The directive includes provisions for protecting legitimate interests such as personal data privacy, intellectual property rights, and national security. It follows the principle of "as open as possible, as closed as necessary"[3].
Citations:
[1] https://eur-lex.europa.eu/EN/legal-content/summary/open-data-and-the-reuse-of-public-sector-information.html
[2] https://www.esri.com/arcgis-blog/products/arcgis/sharing-collaboration/arcgis-supports-the-eu-open-data-directive/
[3] https://www.openaire.eu/open-data-and-the-re-use-of-public-sector-information
[4] https://www.ivir.nl/publicaties/download/KI0822204ENN.en_.pdf
[5] https://digital-strategy.ec.europa.eu/en/policies/legislation-open-data
[6] https://en.wikipedia.org/wiki/Directive_on_the_re-use_of_public_sector_information
[7] https://content.iospress.com/articles/information-polity/ip220053
European Unique Identifier, a unique code assigned to companies within the European Union to facilitate cross-border identification and transparency.
European Free Trade Association (EFTA)
An intergovernmental organization that promotes free trade and economic integration between its member states and other global trading partners.
In the context of the Registry Capability Maturity Model (RCMM), Evaluation Themes refer to the overarching categories or key areas assessed during the maturity evaluation of a registry. These themes encapsulate broad aspects of registry operations, such as data quality, compliance, technology, and stakeholder engagement, and guide the assessment process by focusing on specific dimensions within these areas.
Financial accountability and corporate transparency are two closely related concepts that are crucial for ethical business practices and good corporate governance. Let's explore each of these concepts in detail:
Financial accountability refers to the responsibility of individuals and organizations to account for their financial decisions, actions, and performance. It involves being answerable for the proper management and use of financial resources.
1. Transparency: Being open about financial activities, decisions, and performance[1].
2. Diligence: Clearly defining roles, policies, and processes for financial duties and decision-making[1].
3. Responsibility: Holding individuals and departments accountable for their financial decisions and adherence to policies[1].
4. Compliance: Ensuring accurate and legally compliant financial reporting[1].
Benefits of Financial Accountability
- Protects organizational assets
- Mitigates financial risks
- Eliminates wasteful spending
- Drives performance through disciplined planning
- Promotes ethical financial management
Corporate Transparency
Corporate transparency refers to the extent to which a company's actions, financial statements, strategy, and other important information are visible and accessible to stakeholders, including shareholders, employees, customers, and the wider community[2][5].
1. Financial reporting: Publishing accurate and timely financial reports[2].
2. Governance practices: Disclosing information about board composition, executive compensation, and decision-making processes[2].
3. Environmental and social impact: Sharing information about the company's impact on the environment and society[2].
4. Beneficial ownership: Disclosing individuals who ultimately own or control the company[3].
The Corporate Transparency Act (CTA)
The Corporate Transparency Act, which went into effect in January 2024, aims to combat illicit financial activities by requiring certain businesses to report beneficial ownership information[5]. Key requirements include:
- Disclosing information about beneficial owners (individuals with substantial control or ownership of at least 25%)[3].
- Filing reports with FinCEN within specified timeframes[3].
- Updating information when changes occur[3].
Benefits of Corporate Transparency
- Builds trust with stakeholders
- Attracts investors and enhances market confidence
- Improves decision-making for shareholders and potential investors
- Promotes accountability and ethical business practices
- Helps prevent financial crimes and illicit activities
The Relationship Between Financial Accountability and Corporate Transparency
Financial accountability and corporate transparency are closely intertwined. Transparency is a key principle of financial accountability, while financial accountability is a crucial aspect of overall corporate transparency. Together, they form the foundation for ethical, responsible, and trustworthy business practices.
Citations:
[1]
https://www.financealliance.io/financial-accountability/ [2]
https://www.investopedia.com/terms/a/accountability.asp [3]
https://www.diligent.com/resources/blog/CTA-corporate-transparency-act [4]
https://hr.mcleanco.com/research/case-studies-the-rise-of-organizational-transparency [5]
https://www.uschamber.com/co/start/strategy/small-business-corporate-transparency-act [6]
https://dictionary.cambridge.org/dictionary/english/financial-accountability [7]
https://www.investopedia.com/terms/t/transparency.asp
FATF (Financial Action Task Force)
The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 to combat money laundering, terrorist financing, and other related threats to the integrity of the international financial system[1][3]. Here are the key aspects of the FATF:
The FATF's primary objectives are:
1. To set international standards for combating money laundering and terrorist financing[3].
2. To promote effective implementation of legal, regulatory, and operational measures to address these issues[3].
3. To monitor progress in implementing its recommendations through peer reviews of member countries[3].
- The FATF currently has 39 members, including 37 member jurisdictions and 2 regional organizations (the European Commission and the Gulf Cooperation Council)[1].
- Notable member countries include the United States, United Kingdom, China, Japan, and many European nations[1].
- The FATF Secretariat is hosted by the OECD in Paris, though the two organizations are separate[5].
1. Recommendations: The FATF has developed 40 Recommendations that serve as the international standard for combating money laundering and terrorist financing[4].
2. Mutual Evaluations: The organization conducts peer reviews of member countries to assess their compliance with FATF standards[3].
3. High-Risk and Monitored Jurisdictions: The FATF maintains lists of jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes[1].
4. Guidance and Best Practices: The FATF issues guidance documents and best practices to help countries and financial institutions implement effective AML/CFT measures[4].
The FATF has been influential in shaping global AML/CFT policies:
- Its recommendations have been widely accepted as the global benchmark for AML/CFT measures[4].
- The FATF's "blacklist" and "graylist" of non-compliant jurisdictions have proven to be effective tools in encouraging countries to improve their AML/CFT regimes[5].
- Financial institutions and other sectors use FATF guidelines to develop their risk assessment and compliance programs[4].
Citations:
[1]
https://www.fatf-gafi.org/en/the-fatf.html [2]
https://www.fatf-gafi.org/en/home.html [3]
https://www.ag.gov.au/crime/anti-money-laundering-and-counter-terrorism-financing/financial-action-task-force [4]
https://www.dowjones.com/professional/risk/glossary/regulatory-bodies/financial-action-task-force/ [5]
https://en.wikipedia.org/wiki/Financial_Action_Task_Force [6]
https://www.investopedia.com/terms/f/financial-action-task-force-fatf.asp
Companies Registry of Austria - Firmenbuch is a commercial register used in Austria to document and manage information about legal entities and businesses operating within the country.
A central government-managed system that holds official records, such as business entities, public notices, and legal documents.
A charge or payment required for services, such as registering a security interest, filing a document, or accessing a registry.
Financial Intelligence Centre
Financial Intelligence Centre - Namibia
The Financial Intelligence Centre (FIC) is the Financial Intelligence Unit of the Government of the Republic of Namibia[1][3]. It was established under the Financial Intelligence Act, 2012 (Act No 13 of 2012) (FIA)[1]. The FIC's primary mandate is to:
1. Combat money laundering
2. Address underlying unlawful activities
3. Counter the financing of terrorism and proliferation activities
4. Protect the integrity and stability of the Namibian financial system[1][3]
The FIC fulfills its mandate through several key functions:
1. The FIC receives regulatory reports from accountable institutions, including banks, on suspicious and unusual transactions, cash transactions above certain thresholds, and terrorist property[1].
2. It analyzes, assesses, and interprets the information received to develop financial intelligence reports[1].
3. The FIC shares financial intelligence with law enforcement agencies for investigation purposes[1].
4. It supervises and enforces compliance with the Financial Intelligence Act, including monitoring non-profit organizations (NPOs)[7].
5. The FIC strives to provide a strong legal basis to combat financial crimes within Namibia[1][3].
The FIC operates under the Financial Intelligence Act, 2012, which provides the legal basis for its activities[1][4]. This act requires certain categories of businesses, known as accountable institutions, to implement measures such as client identification, record-keeping, reporting of information, and internal compliance structures[2].
It's important to note that the FIC does not have investigative powers[1]. Its role is to provide financial intelligence to law enforcement agencies for further investigation. The FIC works closely with other agencies in the broader criminal justice system, including:
- Namibian Police (NAMPOL)
- Anti-Corruption Commission (ACC)
- Other law enforcement agencies[1]
Citations:
[1] https://www.fic.na
[2] https://www.fic.gov.za/compliance/
[3] https://www.bon.com.na/About-Us/Departments/Financial-Intelligence-Centre.aspx
[4] https://www.nedbank.com.na/content/nedbank-namibia/desktop/na/en/aboutus/legal/the-financial-intelligence-act.html
[5] https://namiblii.org/akn/na/act/2012/13/eng@2023-07-21
[6] https://www.masthead.co.za/newsletter/the-role-of-the-financial-intelligence-centre-clarified/
[7] https://www.civic264.org.na/news/general-news/fic-calling-on-all-non-profit-organisations-registration-deadline-with-the-financial-intelligence-centre-and-filing-annual-returns-29-september-2023
Financial Intelligence Centre Act
The act of submitting documents, records, or forms to a registry or governmental body, often to comply with legal or regulatory requirements.
Franchise tax is a state-level tax imposed on certain businesses for the privilege of operating or being chartered in that state.
- It is a tax levied by some U.S. states on corporations, LLCs, partnerships and other business entities[1][2].
- Despite the name, it is not a tax on franchises specifically[2].
- It is separate from and in addition to federal and state income taxes[2][3].
- Charged for the right to exist as a legal entity and do business in a particular state[1][2].
- Not based on income or profits - businesses may owe franchise tax even if they are not profitable[3][4].
- Calculation methods vary by state but may be based on net worth, capital stock value, or a flat fee[2][4].
- Usually paid annually, often at the same time as other state taxes[2][6].
- About half of U.S. states impose some form of franchise tax[4].
- Notable states with franchise taxes include California, Delaware, Illinois, and Texas[1][10].
- Some states like Kansas, Missouri, Pennsylvania and West Virginia have discontinued their franchise taxes[2].
Citations:
[1] https://comptroller.texas.gov/taxes/franchise/
[2] https://www.investopedia.com/terms/f/franchise_tax.asp
[3] https://www.lendingtree.com/business/franchise-tax/
[4] https://en.wikipedia.org/wiki/Franchise_tax
[5] https://www.law.cornell.edu/wex/franchise_tax
[6] https://www.nolo.com/legal-encyclopedia/what-is-franchise-tax.html
[7] https://corporatefinanceinstitute.com/resources/accounting/franchise-tax/
[8] https://www.wolterskluwer.com/en/expert-insights/understanding-business-annual-report-and-franchise-tax-obligations
[9] https://www.legalzoom.com/articles/what-is-franchise-tax
[10] https://squareup.com/us/en/the-bottom-line/managing-your-finances/franchise-tax
Companies Registry of Iceland
Generally Accepted Accounting Principles (GAAP) are a set of accounting rules, standards, and procedures that govern financial reporting in the United States. GAAP was developed to ensure consistency, accuracy, and transparency in financial statements across various industries[1][2].
The main objectives of GAAP are to:
1. Ensure financial statements are complete, consistent, and comparable
2. Allow investors to analyze and extract useful information from financial reports
3. Facilitate comparison of financial information across different companies
4. Promote transparency and build trust in financial markets[1][2]
GAAP is primarily overseen by:
- Financial Accounting Standards Board (FASB): Develops and sets accounting standards
- Governmental Accounting Standards Board (GASB): Focuses on state and local government accounting
- Securities and Exchange Commission (SEC): Approves and enforces accounting standards for public companies[1][2]
GAAP is widely used in the United States by:
- Public companies (mandatory for financial reporting)
- Government entities (all 50 states and many local entities)
- Private companies (often voluntarily adopted)[1][2]
GAAP is based on ten fundamental principles:
1. Principle of Regularity: Adherence to established rules and regulations
2. Principle of Consistency: Applying accounting methods consistently across periods
3. Principle of Sincerity: Preparing financial statements free from material misstatement
4. Principle of Permanence of Methods: Using consistent accounting methods unless there's a valid reason to change
5. Principle of Non-compensation: Not inflating profits to compensate for losses in another period
6. Principle of Prudence: Using caution when recognizing income and expenses
7. Principle of Continuity: Assuming the business will continue to operate indefinitely
8. Principle of Periodicity: Dividing economic activities into artificial time periods
9. Principle of Materiality: Disclosing all material financial information
10. Principle of Utmost Good Faith: Acting in good faith and with honesty in all transactions[2][5]
While GAAP is primarily used in the United States, most other countries follow the International Financial Reporting Standards (IFRS). The IFRS is used in 168 jurisdictions worldwide, highlighting the importance of understanding both systems in today's global business environment[1].
Citations:
[1]
https://www.investopedia.com/terms/g/gaap.asp [2]
https://study.com/academy/lesson/what-is-gaap-definition-standards-requirements.html [3]
https://www.techtarget.com/whatis/definition/GAAP-generally-accepted-accounting-principles [4] https://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles_(United_States)?fileGuid=Iq7LHBIRKbEfsLMY
[5]
https://www.husson.edu/online/blog/2021/11/generally-accepted-accounting-principles
A Gazette is an official government publication that serves as a public record for important statutory and legal notices. In relation to statutory registers, Gazettes play several important roles:
1. Publication of notices: When new entries are added to statutory registers or significant changes are made, notices are often required to be published in the official Gazette. This provides public notification and transparency about updates to official government records.
2. Legal compliance: For many statutory registers, publication of certain notices in the Gazette is a legal requirement. This ensures proper public disclosure as mandated by laws and regulations.
3. Official record: The Gazette serves as an authoritative, permanent public record of notices related to statutory registers. It provides an official, timestamped account of when information was made public.
4. Public access: By publishing notices in the Gazette, information from statutory registers is made accessible to the general public, even if the full register itself is not publicly available.
5. Verification: The Gazette can be used to verify or cross-reference information in statutory registers, as it provides an independent, official source of published notices.
6. Legal standing: Notices published in the Gazette often have special legal status or evidentiary value in court proceedings related to matters in statutory registers.
7. Historical record: Gazettes maintain an archive of past notices, allowing researchers to track changes to statutory registers over time.
Some examples of notices related to statutory registers that may be published in Gazettes include:
- Formation or dissolution of companies
- Changes to business names or addresses
- Appointments or removals of company directors
- Bankruptcy notices
- Land transfers
- Government appointments
- Creation of new statutory bodies or authorities
Citations:
[1] https://gazette.govt.nz
[2] https://en.wikipedia.org/wiki/Government_gazette
[3] https://www.thegazette.co.uk/place-notice
[4] https://www.thegazette.co.uk/about
[5] https://teara.govt.nz/en/document/13840/gazette-notice
[6] https://www.fostermoore.com/news/just-what-is-a-statutory-register
The Global Business Registries Organisation (GBRO) was an initiative aimed at connecting and supporting business registries worldwide. Its primary purpose was to facilitate collaboration and information sharing among registry personnel across different countries.
1. Online Interaction Platform: GBRO provided an online platform that allowed registry personnel to interact and develop their networks[1]. This enabled professionals working in company registries to connect with their counterparts in other countries.
2. Directory of Corporate Registries: One of GBRO's main projects was to create a comprehensive directory of corporate registries from around the globe[3]. This directory would serve as a valuable resource for businesses, researchers, and registry professionals seeking information about company registration practices in different jurisdictions.
3. Knowledge Sharing: By connecting registry personnel, GBRO likely facilitated the exchange of best practices, experiences, and challenges faced by different business registries. This knowledge sharing could help improve registration processes and systems across countries.
Importance in Business Registration Reform
The existence of organizations like GBRO highlights the growing importance of efficient and transparent business registration systems in fostering economic growth. Some key aspects of business registration reform that such organizations might promote include:
1. Integrated Registration Systems: Many countries are moving towards systems that allow entrepreneurs to complete a single application form capturing all information required by different government authorities[2].
2. Use of Information and Communication Technology (ICT): Over 110 economies now use ICT for various business registration services, from online name searches to electronic filing of annual returns[2].
3. Transparency and Accountability: Promoting clear legal frameworks and processes that support transparent and accountable registration systems[2].
4. Streamlining Procedures: Encouraging the use of business process reengineering (BPR) to increase the effectiveness, efficiency, and transparency of business registration systems[2].
The key players behind GBRO are now working on the MetaReg project.
Citations:
[1]
https://companies-register.companiesoffice.govt.nz [2]
https://prod.ccbweb.cloud/en/content/download/6891/file/Reforming_businessregistration_toolkit.pdf [3]
https://nz.linkedin.com/company/global-business-registries-organisation-gbro
The General Data Protection Regulation (GDPR) is a comprehensive data privacy law implemented by the European Union on May 25, 2018[1][5]. It is considered one of the world's strictest consumer privacy and data security laws, setting guidelines for the collection and processing of personal information from individuals who live in and outside of the European Union[1][4].
1. The GDPR applies to all organizations that process personal data of EU residents, regardless of the company's location[1][4].
2. It provides consumers with more control over their personal data, including the right to access, correct, and delete their information[1][6].
3. Companies must inform consumers about how their data is collected, used, and protected[1].
4. Organizations must obtain clear and specific consent from individuals before collecting their personal data[7].
5. Companies are required to report data breaches to authorities and affected individuals within 72 hours[6].
The GDPR is built on seven fundamental principles:
1. Lawfulness, fairness, and transparency
2. Purpose limitation
3. Data minimization
4. Accuracy
5. Storage limitation
6. Integrity and confidentiality
7. Accountability[3][4]
Organizations must comply with GDPR requirements or face significant penalties. The maximum fine for non-compliance can be up to €20 million or 4% of global revenue, whichever is higher[4].
The GDPR has had a significant impact on how businesses handle personal data. It requires companies to implement strict data protection measures, appoint Data Protection Officers in certain cases, and maintain detailed records of their data processing activities[6][7].
Citations:
[1]
https://www.investopedia.com/terms/g/general-data-protection-regulation-gdpr.asp [2]
https://gdpr-info.eu [3]
https://gdpr.eu/what-is-gdpr/ [4]
https://pro.bloomberglaw.com/insights/privacy/the-eus-general-data-protection-regulation-gdpr/ [5]
https://en.wikipedia.org/wiki/General_Data_Protection_Regulation [6]
https://www.techtarget.com/whatis/definition/General-Data-Protection-Regulation-GDPR [7]
https://vinciworks.com/blog/what-is-gdpr-in-simple-terms/
UK Government Digital Service
General Commercial Register of Greece
A fraudulent or fictitious transaction recorded in a financial or registry system with no legitimate business activity behind it.
Geographic Information System
The Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization established to support the implementation and use of the Legal Entity Identifier (LEI) system. It was founded by the Financial Stability Board (FSB) in June 2014 and is headquartered in Basel, Switzerland. The GLEIF operates under the oversight of the Regulatory Oversight Committee (ROC), which includes public authorities from around the world.
https://www.gleif.org/en
An international agreement that aims to establish common tax standards and improve cooperation between countries to prevent tax evasion and promote fairness.
A GmbH, which stands for Gesellschaft mit beschränkter Haftung, is a type of limited liability company in German-speaking countries[1]. It is broadly equivalent to a private limited company in the United Kingdom or a limited liability company (LLC) in the United States[1].
The primary characteristic of a GmbH is that the owners (Gesellschafter) are not personally liable for the company's debts[1]. This limited liability is reflected in the company's name, emphasizing the protection of personal assets.
A standard GmbH requires a minimum share capital of €25,000, with at least half (€12,500) to be paid in before registration[2][3].
A GmbH is typically managed by one or more managing directors (Geschäftsführer)[2].
GmbHs are considered legal persons under German, Swiss, and Austrian law[1].
The formation of a GmbH involves three stages:
1. Founding association (considered a private partnership)
2. Founded company (often styled as "GmbH i.G." - in Gründung, meaning "registration pending")
3. Fully registered GmbH[1]
Only upon registration in the Commercial Register (Handelsregister) does the GmbH attain its full legal status[1].
There are several variations of the GmbH:
- mbH: Used when the term Gesellschaft is part of the company name itself[1].
- gGmbH: Gemeinnützige GmbH, a non-profit version used for charitable, educational, or cultural purposes[2].
- UG or "Mini-GmbH*: Unternehmergesellschaft, a startup version that can be founded with as little as €1 capital[2][4].
The GmbH has become the most common corporation form in Germany[1]. It is particularly popular among small to medium-sized enterprises due to its flexibility and limited liability protection[2].
Citations:
[1] https://en.wikipedia.org/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung
[2] https://www.clevver.io/types-of-companies-in-germany/
[3] https://www.firma.de/en/company-formation/what-is-a-gmbh-definition-and-costs/
[4] https://www.nrwglobalbusiness.com/investing-in-nrw/business-guide-to-north-rhine-westphalia/company-set-up/setting-up-a-gmbh-or-mini-gmbh
In business terms, a Golden Record is the most accurate and up-to-date version of a company's or person's information. It’s created by combining data from different sources to remove duplicates and correct errors. This record becomes the single, reliable source that a business uses to ensure consistency and trust in its data.
Technology and digital innovations used by governments to improve public services, administration, and citizen engagement.
Guiding Architectural Principles
Foundational guidelines that align technological and business innovations with strategic direction, supporting the development and implementation of registry systems.
The process of aligning rules, standards, or procedures across jurisdictions or registries to ensure consistency and reduce discrepancies.
High value datasets (HVDs)
High-value datasets (HVDs) are defined in the EU Open Data Directive (Directive (EU) 2019/1024) as documents whose re-use is associated with considerable benefits for society, the environment, and the economy. Specifically, they are characterized by the following key aspects:
High-value datasets are documents that are:
1. Particularly valuable for creating value-added services and applications[2].
2. Associated with important benefits for society, the environment, and the economy[1][4].
3. Suitable for the creation of new, high-quality jobs[4].
4. Potentially beneficial to a large number of users of value-added services and applications based on these datasets[4].
The Open Data Directive initially defined six thematic categories for high-value datasets:
1. Geospatial
2. Earth observation and environment
3. Meteorological
4. Statistics
5. Companies and company ownership
6. Mobility[1][7]
These categories were further detailed in an implementing regulation published in December 2022[3].
According to the directive, high-value datasets must be made available:
1. Free of charge
2. In machine-readable formats
3. Via Application Programming Interfaces (APIs)
4. As bulk downloads where relevant
5. Under the conditions of the Creative Commons BY 4.0 license or any equivalent or less restrictive open license
6. In their most up-to-date version[1][5]
The European Commission adopted an Implementing Regulation that specifies the list of concrete high-value datasets within the six categories. Member States are required to make these datasets available for re-use starting from June 9, 2024[1][5].
The European Commission has recently published a report suggesting seven new categories to be considered as high-value data, including climate loss, agriculture, education, health, and others. This demonstrates the evolving nature of the high-value dataset concept[3].
The main objective of establishing the HVDs list is to ensure that public data with the highest socio-economic potential are made available for re-use with minimal legal and technical restrictions[7].
Citations:
[1]
https://digital-strategy.ec.europa.eu/en/factpages/open-data-and-high-value-datasets-step-step-access-guide [2]
https://datos.gob.es/en/blog/different-approaches-identifying-high-value-data [3]
https://datos.gob.es/en/noticia/european-union-expands-categories-be-considered-high-value-data [4]
https://digitalhealtheurope.eu/glossary/high-value-dataset/ [5]
https://cedar-heu-project.eu/articles/hitchikers-guide-high-value-datasets [6]
https://dataeuropa.gitlab.io/data-provider-manual/hvd/annotation/ [7]
https://dataeuropa.gitlab.io/data-provider-manual/hvd/ [8]
https://digital-strategy.ec.europa.eu/en/news/commission-defines-high-value-datasets-be-made-available-re-use
Handelsregister, Public Company Register of Germany
The International Association of Commercial Administrators (IACA) is a professional organization for government administrators who manage business organization and secured transaction record systems[1][2].
IACA serves as a professional association for government administrators at the state, provincial, territorial, and national level who oversee:
- Business organization registries
- Secured transaction registries
Its membership spans jurisdictions across the United States, Canada, and several other countries worldwide[2].
IACA's mission focuses on:
- Providing education and facilitating the exchange of ideas among its members
- Promoting greater efficiency in government operations
- Delivering superior service at the lowest possible cost[1]
The organization achieves these goals through:
- Annual general meetings
- Regular newsletters
- Serving as an educational and informational resource for members
- Acting as an instrument for positive change in members' operational environments[1]
History and Evolution
Founded in 1978, IACA has evolved over time:
- In 1991, it began participating in external activities affecting filing office functions
- By 1994, IACA adopted a proactive approach to influence legal and technological environments to improve its members' office performance[1]
https://www.iaca.org
Citations:
[1] https://www.iaca.org/about-iaca/
[2] http://ibrr.net/about/iaca
[3] https://projects.propublica.org/nonprofits/organizations/561680384
International Anti-Corruption Coordination Centre
International Accounting Standards Board
The International Business Registers Report is the former name for the Business Registry Insights Survey (BRI).
The survey has been running for over two decades. It was originally a paper survey which produced a paper report outlining the results of the survey. a comprehensive global initiative that aims to collect, analyze, and compare data from business registers across different jurisdictions worldwide[1][2]. This report serves as a valuable benchmarking tool for business registers, allowing them to compare their practices and performance with those of other countries[1].
The primary goal of the report is not to rank business registration authorities but to analyze various business registration systems and procedures[3]. This analysis helps facilitate comparisons and improvements among different jurisdictions.
Collaboration: The report is a joint effort by four major worldwide registry organizations:
- ASORLAC (Association of Registers of Latin America and the Caribbean)
- CRF (Corporate Registers Forum)
- EBRA (European Business Registers Association)
- IACA (International Association of Commercial Administrators)[1][2]
The report is based on surveys conducted among business registers globally. These surveys cover six major topics:
1. Legal and institutional settings
2. Registration processes
3. Use of e-services
4. Changing roles of business registries
5. Funding and fees
6. Business dynamics and trends[3]
Frequency: Since 2021, the surveys are conducted twice a year, with each survey focusing on specific aspects of business registration[2].
Participation: The survey is open to all business registration authorities worldwide, encouraging a diverse and comprehensive dataset[3][5].
Data Collection: The project collects registry data to build a unique database of international business registry information[5].
Citations:
[1] https://www.corporateregistersforum.org/news/international-business-registers-report/
[2] https://ebra.be/the-2023-digital-international-business-registers-survey-is-now-open/
[3] https://ebra.be/international-surveys/
[4] https://unece.org/statistics/business-registers
[5] https://ibrr.net
IDE (Integrated development environment)
A software application that provides comprehensive tools for software development, including writing, testing, and debugging code.
The process of recognizing or establishing the identity of a person, entity, or asset, often using documentation or digital means.
Identity Assurance Principles
Guidelines ensuring accurate and secure verification of identities in a registry, crucial for preventing fraud and maintaining trust.
Identity Providers (IdPs)
Entities that provide identity verification services, authenticate users, and issue digital certificates that can be used to prove identity.
Identity Risk Management Architecture (IRMA)
A structured approach to managing and mitigating risks associated with identity verification and credentialing.
Internet Engineering Taskforce.
The International Finance Corporation (IFC) is a prominent global development institution that focuses on supporting the private sector in emerging markets[1][2]. As a member of the World Bank Group, the IFC plays a crucial role in promoting economic development and poverty reduction in developing countries[1][2].
1. The IFC was founded in 1956 as the private-sector arm of the World Bank Group[2].
2. It is based in Washington, D.C., United States[2].
3. The IFC operates in more than 100 countries worldwide[1][2].
4. In fiscal year 2024, the IFC committed a record $56 billion to private companies and financial institutions in developing countries[1].
The IFC provides a range of services to encourage private-sector development in less developed countries:
1. The IFC offers loans, equity investments, trade finance, and other financial products to businesses and projects in developing nations[2].
2. It provides advice to companies on decision-making, environmental and social impact assessment, and responsible business practices[2].
3. The IFC offers asset management services to mobilize and manage capital for investment in developing countries[1].
The IFC focuses on several key development objectives:
- Increasing sustainable agriculture opportunities
- Improving healthcare and education
- Expanding access to financing for microfinance and business clients
- Advancing infrastructure
- Supporting small business growth
- Investing in climate health initiatives[2]
The IFC operates as a financially autonomous entity within the World Bank Group. It is owned and governed by its member countries, which provide paid-in capital and have voting rights on its matters[2]. The organization raises funds by issuing bonds in international markets, which are then used to finance its lending programs[3].
Citations:
[1]
https://www.ifc.org/en/home [2]
https://en.wikipedia.org/wiki/International_Finance_Corporation [3]
https://www.investopedia.com/terms/i/international-finance-corporation.asp
International Financial Reporting Standards (IFRS) are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB) to provide a standardized approach to financial reporting across the globe[3][5]. These standards govern how particular types of transactions and events should be reported in financial statements, ensuring consistency, transparency, and comparability of financial information across international boundaries[4].
1. IFRS is used by more than 100 countries, including the European Union and two-thirds of the G20[4].
2. IFRS covers a wide range of accounting activities, including revenue recognition, income taxes, inventories, fixed assets, business combinations, and foreign exchange rates[6].
3. Unlike the rules-based U.S. GAAP, IFRS is principles-based, allowing more flexibility in interpretation[6][7].
4. IFRS specifies requirements for key financial statements, including:
- Statement of Financial Position (Balance Sheet)
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows[5]
1. IFRS fosters greater corporate transparency, making financial statements more understandable to investors and regulators[5].
2. The standards enable investors to make informed comparisons between companies across different countries and industries[5].
3. By providing a common accounting language, IFRS helps reduce costs and complexities in cross-border transactions and investments[6].
4. IFRS facilitates international investment by making it easier for companies to access global capital markets[4].
IFRS vs. GAAP
While IFRS is used internationally, the United States primarily uses Generally Accepted Accounting Principles (GAAP). Key differences include:
1. Approach: IFRS is principles-based, while GAAP is rules-based[7].
2. Flexibility: IFRS allows more room for interpretation, whereas GAAP is more rigid[7].
3. Specific Rules: For example, IFRS bans the Last in, First out (LIFO) inventory method, which is allowed under GAAP[5].
It's important to note that while the U.S. Securities and Exchange Commission (SEC) has shown interest in IFRS, it has not yet fully adopted these standards[4].
Citations:
[1] https://www.ifrs.org
[2] https://www.xrb.govt.nz/standards/accounting-standards/
[3] https://en.wikipedia.org/wiki/International_Financial_Reporting_Standards
[4] https://rpc.cfainstitute.org/en/policy/positions/international-finance-reporting-stds
[5] https://www.investopedia.com/terms/i/ifrs.asp
[6] https://gocardless.com/guides/posts/international-financial-reporting-standards/
[7] https://www.xero.com/nz/glossary/ifrs/
The quality of being unchangeable or unalterable, often used in the context of digital ledgers like blockchain, where records, once added, cannot be modified or deleted.
Inc. is an abbreviation that stands for "incorporated" and is commonly used after a company's name to indicate that it is a corporation[1][2][4].
"Inc." signifies that a business has been legally incorporated, meaning it has formally registered as a corporation with a state government[2][4]. When you see "Inc." after a company name, it tells you that:
1. The business is a separate legal entity from its owners.
2. The company has filed the necessary legal documents to become a corporation.
3. The business must follow all laws pertaining to corporations.
An incorporated business is considered its own "person" under the law, separate from its owners and shareholders[2]. This separation provides several benefits:
- Limited Liability: It limits the personal liability of owners for the company's debts and legal issues.
- Continuity: The business can continue to exist even if ownership changes.
Corporations are typically subject to corporate income tax. However, there are two main types of corporations with different tax treatments[2]:
- C Corporations: Pay corporate income tax and shareholders pay tax on dividends (often referred to as "double taxation").
- S Corporations: Income is "passed through" to shareholders and taxed on their personal tax returns.
Corporations must maintain a more formal structure than other business types[2], including:
- Board of Directors
- Regular shareholder meetings
- Detailed record-keeping
Corporations can issue stock to raise capital[2].
It's important to note that "Inc." is specific to corporations. Other common business structures include:
- LLC (Limited Liability Company): Offers liability protection but with more flexibility in management and taxation[3].
- Ltd. (Limited): Often used in the UK and other countries, similar to "Inc." in the US[5].
- Co. (Company): A general term that can apply to various business structures[4].
Citations:
[1]
https://en.wikipedia.org/wiki/Inc.
[2]
https://www.legalzoom.com/articles/what-does-incorporated-mean-in-business [3]
https://www.wolterskluwer.com/en/expert-insights/llc-vs-inc-understanding-the-key-similarities-and-differences-between-an-llc-and-inc [4]
https://www.legalzoom.com/articles/what-does-inc-mean [5]
https://www.collinsdictionary.com/dictionary/english/inc [6]
https://www.incnow.com/blog/2023/06/07/what-does-llc-corp-inc-mean/ [7]
https://www.britannica.com/dictionary/Inc.
A strategy for managing and responding to security breaches or cyberattacks, aiming to minimize impact and restore normal operations.
The process of legally forming a company or organization as a separate legal entity, distinct from its owners.
An Information Broker in the context of business registries, particularly in relation to the Australian Securities and Investments Commission (ASIC), is a professional or organization approved to access and provide information from official business registers and databases to customers. Here are the key aspects of Information Brokers in this context:
Information Brokers:
- Access ASIC's registers and document retrieval network to provide search products and services to customers[9].
- Gather, analyze, and sell information from various public and private sources[8].
- Provide detailed company information, including ASIC extracts, historical records, and certified documents[3][5].
- Offer value-added services such as data analysis, report creation, and custom API solutions[1][3].
Information Brokers can access and provide:
- ASIC Company Extracts: Documents containing current and historical information about registered companies[5].
- Personal Name Extracts: Information about individuals' relationships with companies, including officeholder roles and shareholdings[3].
- Other business-related data such as financial records, directorship information, and shareholding details[5].
Information Brokers commonly serve:
- Financial services companies
- Debt collection agencies
- Investment institutions
- Legal providers and investigators
- Mercantile industry companies[3][5]
To become an ASIC-approved information broker:
- Applicants must submit an application to ASIC for review and approval.
- Currently, ASIC only accepts applications from Australian entities.
- Applicants must comply with ASIC's Protective Security Policy Framework Requirements and technical specifications[9].
Citations:
[1]
https://www.ib.com.au [2]
https://companies-register.companiesoffice.govt.nz [3]
https://www.acceleon.com.au/blog/what-is-an-asic-information-broker [4]
https://www.encyclopedia.com/entrepreneurs/encyclopedias-almanacs-transcripts-and-maps/information-brokers [5]
https://www.acceleon.com.au/asic-information-broker [6]
https://en.wikipedia.org/wiki/Data_broker [7]
https://www.techtarget.com/whatis/definition/data-broker-information-broker [8]
https://www.ituonline.com/tech-definitions/what-is-an-information-broker/ [9]
https://asic.gov.au/online-services/becoming-an-information-broker/
Information Privacy Principles (IPP)
A set of guidelines that govern how personal information is collected, used, and protected to ensure privacy and compliance with data protection laws.
describes the network of physical objects— “things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
is the ability to share information and services or the ability of systems or components to exchange and use information or provide and receive services from other systems.
IPONZ, or the Intellectual Property Office of New Zealand, is a government agency responsible for granting and registering intellectual property rights in New Zealand[2]. It operates as a business unit within the Ministry of Business, Innovation and Employment (MBIE)[2][3].
IPONZ's primary responsibilities include:
1. Examining and granting intellectual property rights, including:
- Patents
- Trade marks
- Designs
- Plant variety rights
- Geographical indications[3]
2. Administering key legislation related to intellectual property, such as:
- The Patents Act 2013
- The Trade Marks Act 2002
- The Designs Act 1953
- The Plant Variety Rights Act 1987 and 2022
- The Geographical Indications Registration Act 2006[3]
3. Processing applications for various intellectual property rights[3]
4. Conducting dispute hearings regarding intellectual property registrations and eligibility[3]
5. Contributing to intellectual property rights policy development[3]
6. Acting as a receiving officer for the World Intellectual Property Organisation (WIPO)[3]
## Services and Tools
IPONZ provides several online services to assist individuals and businesses in managing their intellectual property:
1. IPONZ Database: A free search tool for patents, trade marks, designs, plant variety rights, and hearing decisions[2]
2. Online application and renewal systems for various intellectual property rights[2]
3. Online correspondence for submitting and viewing patent, trade mark, and design-related documents[2]
4. An online journal for searching intellectual property publications[2]
- It is certified with the ISO 9001:2015 quality management system standard[3]
- The agency's vision is to be at the forefront globally in facilitating robust and timely intellectual property rights[3]
Citations:
[1]
https://www.iponz.govt.nz/get-ip/trade-marks/ [2]
https://en.wikipedia.org/wiki/Intellectual_Property_Office_of_New_Zealand [3]
https://www.iponz.govt.nz/about-iponz/
International Standards Organisation
An ISO certification certifies that a management system, manufacturing process, service, or documentation procedure has all the requirements for standardization and quality assurance globally.
ISO Quality Standards are internationally recognized criteria established by the International Organization for Standardization (ISO) to ensure the consistent quality of processes, products, and services. In the registry domain, these standards help maintain high-quality data management practices, ensuring accuracy, reliability, and compliance with global best practices.
ITIL, or Information Technology Infrastructure Library, is a comprehensive framework of best practices for delivering IT services. It provides a set of detailed practices for IT service management (ITSM) that focuses on aligning IT services with the needs of businesses and customers[1][2].
ITIL is designed to standardize the selection, planning, delivery, maintenance, and overall lifecycle of IT services within an organization. Its primary goal is to improve efficiency and achieve predictable service delivery, helping IT departments become business service partners rather than just back-end support[4].
The ITIL framework is organized around the concept of a service lifecycle, which represents the path that IT services follow throughout their existence. This lifecycle is not composed of isolated stages but rather interlinked phases that ensure the delivery of high-quality IT services[3].
ITIL is built on several core principles:
1. Focus on value
2. Start where you are
3. Progress iteratively with feedback
4. Collaborate and promote visibility
5. Think and work holistically
6. Keep it simple and practical
7. Optimize and automate[3]
## ITIL Processes and Practices
ITIL 4, the latest version, includes 34 practices grouped into three main categories:
1. General Management Practices
2. Service Management Practices
3. Technical Management Practices
These practices cover various aspects of IT service management, including incident management, problem management, change management, and more[4][5].
## Benefits of ITIL
Implementing ITIL can provide several benefits to organizations:
- Improved alignment between IT services and business needs
- Enhanced efficiency and consistency in service delivery
- Better management of IT-related risks
- Increased customer satisfaction
- Standardization of processes across the organization
- Continuous improvement of IT services[3][4]
## Evolution and Versions
ITIL has evolved significantly since its introduction in the late 1980s:
- ITIL v1: Introduced in 1989
- ITIL v2: Released in 2000-2002
- ITIL v3: Launched in 2007, updated in 2011
- ITIL 4: Released in 2019[4][5]
Each version has built upon the previous one, adapting to changes in technology and business practices.
ITIL offers a comprehensive certification scheme that allows IT professionals to validate their knowledge and skills in ITSM. The certification levels range from Foundation to Master, with various specializations available[6].
Citations:
[1]
https://www.atlassian.com/itsm/itil [2]
https://www.ivanti.com/glossary/itil [3]
https://www.simplilearn.com/itil-key-concepts-and-summary-article [4]
https://www.techtarget.com/searchdatacenter/definition/ITIL [5]
https://www.ibm.com/topics/it-infrastructure-library [6]
https://www.cio.com/article/272361/infrastructure-it-infrastructure-library-itil-definition-and-solutions.html [7]
https://www.servicenow.com/products/itsm/what-is-itil.html
The Jersey Financial Services Commission (JFSC) is the regulatory body responsible for overseeing financial services in Jersey, Channel Islands. Here are the key points about the JFSC:
- The JFSC is the primary regulator for financial services in Jersey, responsible for licensing, regulating, and supervising the financial services industry[1][5].
- It was established as an independent body by law in 1998[2].
- The JFSC is also the Registrar of Companies for Jersey, managing the Companies Registry[2][5].
Key Functions
- Authorizing and supervising financial services businesses in Jersey[5].
- Developing and enforcing regulatory policies and standards[5].
- Countering financial crime and reducing risks to the public from financial misconduct[5].
- Operating the Companies Registry, which registers Jersey companies, partnerships, foundations, and business names[5].
The JFSC oversees various financial sectors, including:
- Banking
- Collective investment funds
- Fund services business
- Insurance business
- Investment business
- Trust and company service providers
- Money service business[5]
- The JFSC aims to maintain Jersey's position as a leading international finance center with high regulatory standards[5].
- It employs a balanced, progressive, and risk-based approach to financial regulation[5].
- The commission issues codes of practice for different sectors to ensure proper standards are maintained[4].
Citations:
[1]
https://www.jerseyfsc.org [2]
https://en.wikipedia.org/wiki/Jersey_Financial_Services_Commission [3]
https://channeleye.media/jerseys-financial-services-regulator-suffers-data-breach/ [4]
https://www.bedellcristin.com/knowledge/briefings/financial-services-regulation-in-jersey/ [5]
https://www.jerseyfsc.org/about-us/
A joint-stock company is a business entity owned collectively by its shareholders, each of whom owns a portion of the company through shares of stock.
- A joint-stock company is owned by its investors, with ownership divided into transferable shares[1][2].
- Shareholders can buy and sell their shares freely, usually without requiring approval from other shareholders[2][3].
- The number of shares owned by each shareholder corresponds to their percentage of ownership in the company[2].
- It is a separate legal entity from its shareholders, meaning it can own assets, incur debts, and engage in legal actions independently[2][3].
- The company has perpetual existence, continuing to operate even if shareholders change[3][4].
- In modern corporate law, joint-stock companies are often synonymous with corporations or limited companies[3].
- Historically, shareholders of joint-stock companies had unlimited liability for company debts[1].
- In contemporary practice, most joint-stock companies offer limited liability, meaning shareholders are only liable up to the value of their investment[1][3].
- Shareholders have voting rights and can influence company decisions, including the appointment of the board of directors[1][4].
- The company is typically managed by a board of directors elected by the shareholders[4].
- Joint-stock companies can raise large amounts of capital by issuing shares and debentures[1][4].
- This structure is particularly suitable for large-scale projects or businesses that require significant funding[4].
1. Registered Company: Established by registering under business laws[1][4].
2. Chartered Company: Incorporated under a royal charter or sovereign authority[1][2].
3. Statutory Company: Established by a specific act of legislation, often for public benefit[1][4].
Citations:
[1]
https://www.investopedia.com/terms/j/jointstockcompany.asp [2]
https://www.law.cornell.edu/wex/joint_stock_company [3]
https://en.wikipedia.org/wiki/Joint-stock_company [4]
https://www.kotaksecurities.com/investing-guide/share-market/what-is-joint-stock-company/ [5]
https://byjus.com/commerce/joint-stock-company/ [6]
https://www.merriam-webster.com/dictionary/joint-stock%20company
Is the aspect of due diligence that deals with the identity verification of customers’ credentials. 34 Registers the New Frontier: A proposal for the development of a new target operating model for registers.
(Polish) Krajowy Rejestr Sądowy - National Court Register of Poland. It is the national registry maintained by the economic departments of the district courts.
The Kamer van Koophandel (KvK), or Chamber of Commerce in English, is a public service organization in the Netherlands that plays a crucial role in supporting and regulating businesses.
The KvK has several primary responsibilities:
1. The KvK maintains the Dutch Business Register (Handelsregister), which is a comprehensive database of all businesses and legal entities in the Netherlands[1][3].
2. It provides information, advice, and support to entrepreneurs, covering topics such as starting a business, financing, innovation, and international trade[3].
3. The KvK works to promote regional economic development and innovation[3].
4. It serves as a valuable source of business information, offering data on registered companies to enhance legal certainty in business transactions[4].
- Registration with the KvK is mandatory for all businesses and most legal entities in the Netherlands[1].
- There is an initial registration fee, and this is a one-time cost. There are no annual renewal fees[1].
- Registration can be done online, but a visit to a KvK office is required to complete the process[1].
The KvK provides a range of services to support businesses:
- Workshops and seminars on various business topics[1]
- Financing advice through the KVK Financing Desk[3]
- Export documentation services[4]
- Access to business networks and digital business plazas[3]
- The KvK operates as a quango (quasi-autonomous non-governmental organization) guided by Dutch law[2].
- It has 19 offices across the Netherlands and employs approximately 1,400 people[4].
- The KvK website (www.kvk.nl) receives millions of visits annually, serving as a primary resource for business information[4].
- The KvK is a member of the European Business Register[2].
- It is also affiliated with Eurochambres (Association of European Chambers of Commerce) and the International Chamber of Commerce (ICC)[4].
Citations:
[1] https://www.ikgastarten.nl/bedrijf-starten/juridisch/inschrijven-kamer-van-koophandel-kvk-5-vragen
[2] https://en.wikipedia.org/wiki/Kamer_van_Koophandel.
[3] https://business.gov.nl/partners/about-kvk/
[4] https://www.lobbyfacts.eu/datacard/netherlands-chamber-of-commerce-kamer-van-koophandel?rid=64945441527-14
[5] https://www.kvk.nl
A process or framework ensuring that all relevant information about an asset, such as its ownership, value, and legal status, is accurately identified and verified.
Legal Affairs Bureau of Japan
Law Enforcement Agency (LEA)
An organization authorized to enforce laws and ensure compliance, often involved in investigating and prosecuting corporate malfeasance.
Luxembourg Business Register
refers to any entities other than natural persons that can establish a permanent customer relationship with a financial institution or otherwise own property. This can include companies, bodies corporate, foundations, partnerships, or associations and other relevantly similar entities
A Legal Entity Identifier (LEI) is a unique 20-character alphanumeric code used to identify legal entities participating in financial transactions globally[1][2].
The LEI serves as a global reference code, similar to a barcode, that allows for precise identification of legal entities involved in financial transactions[3][5]. Its main purposes are:
- To uniquely identify parties in financial transactions worldwide
- To improve transparency and risk management in financial markets
- To help regulators and risk managers quickly identify entities involved in transactions
The LEI code has the following structure:
- 20 characters long
- Alphanumeric format
- Based on the ISO 17442 standard
- First 4 characters: Identify the Local Operating Unit (LOU) that issued the LEI
- Characters 5-18: Unique alphanumeric string assigned to the organization
- Last 2 characters: Checksum digits for verification[2]
An LEI contains two levels of information about the legal entity:
1. Level 1 ("who is who" data):
- Legal name
- Legal jurisdiction
- Entity status
- Registration authority
- LEI registration date
2. Level 2 ("who owns whom" data):
- Parental relationships in corporate structures
- Outline of parent companies and subsidiaries[3]
- LEIs are issued by accredited Local Operating Units (LOUs)
- Entities must pay an initial registration fee and annual maintenance fee
- LEIs are valid for one year and must be renewed annually
- The Global Legal Entity Identifier Foundation (GLEIF) oversees the LEI system[1][3]
LEIs are increasingly required for various financial transactions and regulatory reporting. For example, in India, LEIs are mandatory for non-individual entities initiating or receiving transactions of 50 crore INR and above through RTGS and NEFT services[6].
Citations:
[1] https://www.lei-worldwide.com/what-is-a-legal-entity-identifier.html
[2] https://en.wikipedia.org/wiki/Legal_Entity_Identifier
[3] https://www.okta.com/identity-101/lei/
[4] https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=3285
[5] https://www.financialresearch.gov/data/legal-entity-identifier/faqs/
[6] https://www.hdfcbank.com/personal/need-help/faqs/legal-entity-identifier-code
[7] https://www.cb.gov.qa/english/lei/pages/default.aspx
Measure of the reliability and trustworthiness of a digital identity verification process. Higher LoA levels typically require more stringent verification procedures, such as multi-factor authentication or biometric verification.
The Labuan Financial Services Authority (Labuan FSA) is a statutory body established on February 15, 1996, under the Labuan Financial Services Authority Act 1996[3][4]. It operates under the Ministry of Finance, Malaysia and serves as the regulatory body for the Labuan International Business and Financial Centre (Labuan IBFC)[2][4].
Labuan FSA is primarily responsible for:
1. Administering, enforcing, and implementing the provisions of Labuan IBFC laws[3].
2. Maintaining the good reputation of Labuan IBFC as an international business and financial center[3].
3. Issuing licenses and overseeing entities within Labuan IBFC to ensure compliance with local laws, regulations, and international standards[2].
4. Developing regulatory policies for the orderly conduct of business and financial services in Labuan IBFC[2].
The authority carries out several important functions:
1. Conducting research and commissioning studies on financial services in Labuan IBFC[3].
2. Making recommendations for improving facilities to enhance Labuan IBFC's attractiveness as a financial services center[3].
3. Collaborating with Labuan financial institutions and industry associations to advance business development and growth[3].
4. Advising the government on matters related to financial services in Labuan IBFC[3].
Citations:
[1]
https://www.labuanfsa.gov.my [2]
https://www.mondaq.com/financial-services/1494054/a-brief-overview-of-labuan-business-essentials [3]
https://my.jobstreet.com/companies/labuan-financial-services-authority-labuan-fsa-168552177582810 [4]
https://www.labuanibfc.com/who-we-are/labuan-fsa
LTD is an abbreviation that stands for "Limited" when used after a company name. It indicates that the business is a limited company, which is a specific type of corporate structure[1][2].
The primary meaning of LTD is that it signifies limited liability for the company's owners and shareholders. This means:
- The owners' and shareholders' financial responsibility is limited to the amount they invested in the business[1].
- If the company becomes insolvent, the personal assets of the owners are protected[1].
- Creditors cannot go after the owners' personal assets like homes or cars to satisfy the company's debts[2].
An LTD company is its own legal entity, separate from its owners:
- It can own assets, enter into contracts, and be sued in its own name.
- The company's finances are separate from the owners' personal finances[1].
- The company owns its profits, pays taxes on them, and may distribute a portion to shareholders as dividends[1].
- LTD is commonly used in the United Kingdom, Ireland, New Zealand, Canada, and other Commonwealth countries[1].
- In the United States, similar concepts are represented by "Inc." (incorporated) or "Corp." (corporation), though some states do allow the use of "Ltd."[1].
- Other variations include "LLC" (Limited Liability Company) in the US, which is a slightly different structure[2].
Limited companies can be either public or private:
- Private limited companies (often denoted as Ltd.) have restrictions on transferring shares and usually cannot offer shares to the public[1].
- Public limited companies (often denoted as PLC in the UK) can offer shares to the public and may be listed on stock exchanges[1].
Citations:
[1]
https://www.investopedia.com/terms/l/ltd-limited.asp [2]
https://www.nolo.com/legal-encyclopedia/what-does-ltd-mean.html [3]
https://www.collinsdictionary.com/dictionary/english/ltd [4]
https://en.wikipedia.org/wiki/Limited_company
Ltée is an abbreviation used in French, particularly in Quebec, Canada. It stands for "limitée," which translates to "limited" in English[1][2]. This abbreviation is used to denote a limited liability company, similar to how "Ltd." is used in English-speaking countries[2].
1. Ltée is commonly used in the names of companies to indicate their legal status as limited liability entities.
2. While this abbreviation is used in French, it is particularly prevalent in Quebec French business terminology[2].
3. In other French-speaking regions, you might encounter similar abbreviations such as SARL (Société à responsabilité limitée) or S.à r.l., which also indicate limited liability companies[2].
- Company Name Ltée
- Les Entreprises XYZ Ltée
Citations:
[1]
https://acronyms.thefreedictionary.com/LTEE [2]
https://en.wiktionary.org/wiki/Lt%C3%A9e.
is an AI technique that teaches computers to learn from experience.
Magellan - Designer, Composer and Builder
Magellan is a comprehensive suite of tools developed by Foster Moore to design, configure, and customize Verne Products for registry systems. The toolset includes three key components: Magellan Designer, Composer, and Builder. Together, these tools provide a flexible, powerful solution for managing and optimizing registry functionality.
Dimensions within the RCMM are specific aspects or components of registry management that are systematically evaluated to determine the overall maturity of the registry. Each dimension represents a critical area of focus, such as technology, process management, or legislative compliance, and contributes to the overall effectiveness and evolution of the registry's capabilities.
The Ministry of Business, Innovation and Employment (MBIE) is a key government agency in New Zealand that plays a central role in shaping and delivering a strong economy. Here are the main aspects of MBIE:
MBIE's primary purpose is to "grow New Zealand for all"[1][2]. As the government's lead business-facing agency, it aims to improve the well-being of New Zealanders by:
- Developing and supporting business growth
- Delivering policy, services, advice, and regulation
- Enhancing job opportunities and skills development
- Ensuring good quality, affordable housing
MBIE was formed in July 2012 by merging four existing departments:
- Ministry of Economic Development
- Ministry of Science and Innovation
- Department of Labour
- Department of Building and Housing
The New Zealand Companies Office (NZCO) is a business unit of MBIE.
It employs over 4,000 people across various roles[2].
MBIE has a diverse range of responsibilities, including:
1. Economic Development: Leading economic strategy and advising on business, sector, and regional development[5].
2. Regulation: Overseeing regulatory systems covering various sectors, from mines to outer space[5].
3. Employment and Labour Market**: Developing employment policies, enforcing employment standards, and providing dispute resolution services[6].
4. Innovation and Science: Supporting and investing in science, technology, and innovation[4].
5. Immigration: Managing immigration policies and processes through Immigration New Zealand[4].
6. Consumer Protection: Ensuring fair trading practices and consumer rights[4].
7. Building and Construction: Overseeing building regulations and standards[4].
8. Energy and Resources: Managing policies related to energy and natural resources[4].
Citations:
[1] https://www.mbie.govt.nz
[2] https://www.mbie.govt.nz/about
[3] https://www.devex.com/organizations/ministry-of-business-innovation-and-employment-mbie-116706
[4] https://www.govt.nz/organisations/ministry-of-business-innovation-and-employment/
[5] https://www.mbie.govt.nz/about/who-we-are/corporate-publications/annual-reports/annual-report-2018-19/our-organisation
[6] https://www.mondaq.com/newzealand/employment-and-hr/1493734/what-is-the-function-of-the-ministry-of-business-innovation-and-employment
[7] https://en.wikipedia.org/wiki/Ministry_of_Business,_Innovation_and_Employment
MCA 21 is an e-governance initiative by the Ministry of Corporate Affairs (MCA) of the Government of India. It is designed to fully automate all processes related to the enforcement and compliance of legal requirements under the Companies Act and other corporate laws.
- MCA 21 enables secure and easy access to MCA services for corporate entities, professionals, and the general public[2].
- It automates processes related to proactive enforcement and compliance of legal requirements under the Companies Act 2013 and Limited Liability Partnership Act 2008[2].
- The system allows for electronic filing of documents, registration of companies, and public access to corporate information[2].
- Enables quick and easy registration of companies and filing of statutory documents[2].
- Provides easy access to public documents and helps in faster and effective resolution of public grievances[2].
- Helps the business community meet their statutory obligations[2].
- E-filing: Secure electronic filing available anytime, anywhere[3].
- Digital signatures: Used to ensure security of electronic forms and documents[3].
- Convenient payment methods: Including electronic credit card payments and internet banking[3].
- Customer care centers: Providing electronic filing and public interface support services across the country[3].
MCA 21 Version 3.0
In fiscal year 2021-22, the MCA launched MCA 21 Version 3.0, which includes:
- Additional modules for e-Adjudication, e-Consultation, and Compliance Management[2].
- Cognitive chatbot-enabled helpdesk, mobile apps, and interactive user dashboards[2].
- Use of artificial intelligence and machine learning for enhanced user experience and fraud detection[4].
- Improves ease of doing business in India[4].
- Enhances corporate compliance and stakeholder experience[4].
- Facilitates data analytics for policy formulation and decision-making[4].
Citations:
[1]
https://www.mca.gov.in/content/mca/global/en/home.html [2]
https://vikaspedia.in/e-governance/national-e-governance-plan/mission-mode-projects/mca-21 [3]
https://blog.ipleaders.in/salient-features-of-mca-21-programme/ [4]
https://byjusexamprep.com/current-affairs/mca-21 [5]
https://www.meity.gov.in/content/mca21 [6]
https://cleartax.in/s/what-is-mca21-portal [7]
https://en.wikipedia.org/wiki/MCA21_Mission_Mode_Project
Ministry of Commercy, Indistry and Labour of Samoa
Memorandum of Association
A legal document required for incorporation that outlines the company's structure, purpose, and its relationships with shareholders.
A registry of registries that consolidates or integrates data from multiple registries, providing a higher-level view of related entities or records.
MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) is a permanent monitoring body of the Council of Europe established in 1997[1][2]. Here are the key points about MONEYVAL:
MONEYVAL's main task is to assess compliance with principal international standards to counter money laundering and terrorist financing, as well as evaluate the effectiveness of their implementation[3]. It aims to improve the capacities of national authorities to fight these financial crimes more effectively[3].
- It has 35 member states and jurisdictions, including 32 that are assessed exclusively by MONEYVAL[2].
- Members include Council of Europe states not in the Financial Action Task Force (FATF), as well as some non-member states like Israel and the Holy See[2].
- The UK Crown Dependencies and Gibraltar are also evaluated by MONEYVAL[2].
- MONEYVAL conducts mutual evaluations based on the FATF model and standards[2].
- It is currently in its 5th round of evaluations, assessing both technical compliance with FATF recommendations and the effectiveness of AML/CFT systems[2].
- The evaluation process involves high-level meetings, plenary sessions, and follow-up procedures[2][4].
- MONEYVAL is part of the global network to combat money laundering, terrorist financing, and proliferation financing[4].
- It works closely with the FATF as an associate member since 2006[2].
- Various international bodies and organizations have observer status with MONEYVAL[5].
Citations:
[1] https://amsf.mc/en/international-cooperation/moneyval
[2] https://en.wikipedia.org/wiki/Moneyval
[3] https://www.coe.int/en/web/moneyval
[4] https://fau.gov.cz/en/moneyval-609
[5] https://www.fatf-gafi.org/en/countries/global-network/committee-of-experts-on-the-evaluation-of-anti-money-laundering-.html
[6] https://edoc.coe.int/en/terrorism/11044-moneyval-annual-report-for-2021.html
A Movable Property Registry System, also known as a Collateral Registry System or Personal Property Securities Register, is an electronic database that serves several important functions in the financial and lending sector:
1. The system allows creditors (such as banks, microfinance institutions, and leasing companies) to register their security interests in movable property that has been pledged as collateral for loans[1][2].
2. It acts as a centralized, web-based public database that can be accessed online by authorized users and the general public[1][2].
3. Any person can conduct electronic searches to determine whether a particular movable asset is encumbered or has existing security interests registered against it[1][3].
4. The system establishes the priority of creditors based on the date and time of registration, which is crucial in cases of multiple claims on the same collateral[1][5].
5. By providing information on existing securities related to specific movable property, the system enhances transparency in the credit system[3][5].
The registry typically covers a wide range of movable property, including but not limited to:
- Vehicles
- Machinery and equipment
- Furniture
- Livestock
- Crops
- Inventory and stock-in-trade
- Shares and financial instruments
- Jewelry[3]
Many countries have implemented similar systems, often as part of broader reforms to secured transactions laws. Examples include:
- The Personal Property Securities Register (PPSR) in New Zealand and Australia[4]
- The Movable Property Registry System in Zambia[2]
- The Collateral Registry System in The Gambia[3]
Citations:
[1]
https://simpo.ursb.go.ug/Home/About [2]
https://mprs.pacra.org.zm/MPRS/Home/About [3]
https://www.cbg.gm/downloads-file/e6935c86-f59f-11e9-876c-02e599c15748 [4]
https://en.wikipedia.org/wiki/Personal_Property_Securities_Register [5]
https://info.pacra.org.zm/what-is-the-purpose-of-the-movable-property-security-interest-registry-system/
Multi-jurisdictional Registry Access Service (MRAS)
The Multi-jurisdictional Registry Access Service (MRAS) is a digital solution developed to connect and streamline business registration processes across different jurisdictions in Canada. Here are the key aspects of MRAS:
MRAS serves two main functions:
1. Information Sharing: It allows participating business registries across Canada to connect and share corporate information directly with each other[1][2]. This enables seamless exchange of data between jurisdictions.
2. Streamlined Registration: It simplifies the process for businesses to register and operate in multiple provinces or territories by reducing duplication of information and automating certain procedures[1][5].
The implementation of MRAS offers several advantages:
- Reduced Red Tape: It eliminates duplicative registration and reporting processes, making it easier for businesses to expand across jurisdictions[1][5].
- Increased Efficiency: The system automates notifications of business information changes among registries, ensuring up-to-date information[1].
- Enhanced Transparency: It improves access to core business information for various stakeholders, including suppliers, buyers, and consumers[1].
- Cost Reduction: Most fees associated with extra-provincial registration are eliminated, except for name reservations and copies of registry documents[5].
- As of 2020, British Columbia, Alberta, Saskatchewan, and Manitoba were the first provinces to implement MRAS[2][3].
- The system is designed to be scalable, with plans to include more provinces and territories in the future[3].
- MRAS currently covers corporations with share capital, limited partnerships, and in some cases, cooperatives with share capital and limited liability partnerships[5].
- Search Function: MRAS includes a national corporate registry search tool, providing core registration information for corporations and extraprovincial corporations[3].
- Automatic Updates: The system allows for automatic extra-provincial updates for annual returns and changes to registered office addresses filed in the home jurisdiction[5].
MRAS is part of a broader effort to reduce internal trade barriers, improve corporate transparency, and provide more efficient digital services for businesses across Canada[2][4].
Citations:
[1]
https://rct-tccr.ca/agreement/extra-provincial-territorial-corporate-registration-and-reporting-reconciliation-agreement-2019/ [2]
https://www.canada.ca/en/innovation-science-economic-development/news/2020/06/government-of-canada-and-provinces-implement-digital-business-registration-solution.html [3]
https://news.gov.bc.ca/releases/2020CITZ0035-001186 [4]
https://www.fostermoore.com/news/information-sharing-across-international-registers [5]
https://companiesoffice.gov.mb.ca/about_NWPTA.html
The Motor Vehicle Traders Register (MVTR) is an official register maintained by the New Zealand government to regulate motor vehicle traders in the country.
- The MVTR registers and regulates motor vehicle traders in New Zealand[1].
- It maintains a public register of registered motor vehicle traders as well as a list of banned traders[6].
- The register allows consumers to check if a trader is registered and obtain their contact details[2].
- The MVTR is administered by the Occupational Regulation unit of the Ministry of Business, Innovation and Employment (MBIE)[1].
- It operates under the Motor Vehicle Sales Act 2003 and associated regulations[3].
- Motor vehicle traders are required by law to register with the MVTR[2].
- Traders must provide details like their name, business address, and New Zealand Business Number when registering[3].
- The register contains information such as trader names, registration numbers, and contact details[5].
- The public can search the register to verify if a trader is registered and obtain their contact information[2].
- Searches can be done by trader name, registration number, or other parameters[5].
- There are restrictions on the allowable purposes for searching the register, as specified in legislation[5].
- Traders can register and manage their registration online through the MVTR website[6].
- An API is available to allow programmatic searching of the public register data[5].
- The MVTR maintains a list of banned traders in addition to registered traders[6].
- It helps ensure that vehicles sold by traders are safe, legal, and that the responsible parties can be identified[2].
The MVTR is built on Foster Moore's Verne platform.
Citations:
[1] https://motortraders.mbie.govt.nz
[2] https://www.nzta.govt.nz/vehicles/motor-vehicle-traders/
[3] https://www.legislation.govt.nz/regulation/public/2003/0327/latest/whole.html
[4] https://www.justice.govt.nz/tribunals/motor-vehicle-dealer-disputes/
[5] https://portal.api.business.govt.nz/api/motor-vehicle-traders-register
[6] https://www.govt.nz/organisations/motor-vehicle-traders-register/
MyGovID is the Australian Government's digital identity app that allows users to prove their identity and securely access participating government online services[1][2]. As of November 13, 2024, MyGovID has been rebranded to myID, though its core functionality remains the same[4][5].
1. Digital Identity Verification: MyID (formerly MyGovID) serves as a secure method for Australians to verify their identity online[2].
2. Government Service Access: It enables users to sign in to various government online services, including myGov accounts[2][6].
3. Identity Strength Levels: The app offers three identity strength levels - Basic, Standard, and Strong. Higher levels allow access to more services and provide better identity protection[6].
4. Document Verification: Users can verify their identity by uploading Australian identity documents such as passports, driver's licenses, and Medicare cards[6].
5. Biometric Security: The app utilizes device security features like fingerprint and facial recognition for added protection[6].
Setting up MyID involves three main steps:
1. Downloading the app from the App Store or Google Play.
2. Entering personal details including full name, date of birth, and email address.
3. Verifying identity documents to increase identity strength[2][6].
- MyID is distinct from myGov, which is a separate platform for accessing government services[2][6].
- The app is designed for users 15 years and older[6].
- Personal information is protected under the Australian Trusted Digital Identity Framework[6].
- As of January 2024, the app had received mixed reviews, with some users reporting issues related to identity verification and functionality[3].
The rebranding from MyGovID to myID, effective November 13, 2024, aims to reduce confusion between MyGovID and myGov while reflecting a broader understanding of digital identity in Australia[5].
Citations:
[1]
https://www.mygovid.gov.au [2]
https://my.gov.au/en/about/help/digital-id [3]
https://en.wikipedia.org/wiki/MyGovID [4]
https://www.myid.gov.au [5]
https://www.ato.gov.au/businesses-and-organisations/not-for-profit-organisations/not-for-profit-newsroom/mygovid-is-changing-its-name-to-myid [6]
https://apps.apple.com/au/app/mygovid/id1397699449
MyID is the Australian Government's digital identity app that allows users to prove their identity and securely access participating government online services[1][2]. The name was changed from MyGovID as of November 13, 2024, though its core functionality remains the same[4][5].
1. Digital Identity Verification: MyID (formerly MyGovID) serves as a secure method for Australians to verify their identity online[2].
2. Government Service Access: It enables users to sign in to various government online services, including myGov accounts[2][6].
3. Identity Strength Levels: The app offers three identity strength levels - Basic, Standard, and Strong. Higher levels allow access to more services and provide better identity protection[6].
4. Document Verification: Users can verify their identity by uploading Australian identity documents such as passports, driver's licenses, and Medicare cards[6].
5. Biometric Security: The app utilizes device security features like fingerprint and facial recognition for added protection[6].
Setting up MyID involves three main steps:
1. Downloading the app from the App Store or Google Play.
2. Entering personal details including full name, date of birth, and email address.
3. Verifying identity documents to increase identity strength[2][6].
- MyID is distinct from myGov, which is a separate platform for accessing government services[2][6].
- The app is designed for users 15 years and older[6].
- Personal information is protected under the Australian Trusted Digital Identity Framework[6].
- As of January 2024, the app had received mixed reviews, with some users reporting issues related to identity verification and functionality[3].
The rebranding from MyGovID to myID, effective November 13, 2024, aims to reduce confusion between MyGovID and myGov while reflecting a broader understanding of digital identity in Australia[5].
Citations:
[1]
https://www.mygovid.gov.au [2]
https://my.gov.au/en/about/help/digital-id [3]
https://en.wikipedia.org/wiki/MyGovID [4]
https://www.myid.gov.au [5]
https://www.ato.gov.au/businesses-and-organisations/not-for-profit-organisations/not-for-profit-newsroom/mygovid-is-changing-its-name-to-myid [6]
https://apps.apple.com/au/app/mygovid/id1397699449
The National Association of Secretaries of State (NASS) is the oldest non-partisan professional organization of public officials in the United States, founded in 1904[2]. It is composed of secretaries of state from all 50 U.S. states, as well as officials from Washington D.C., Puerto Rico, the U.S. Virgin Islands, and Guam[2].
NASS membership is based on an official's duties rather than their formal title. While primarily consisting of secretaries of state, it also includes some lieutenant governors and other officials with similar responsibilities[1]. The organization is governed by an Executive Board, led by a President and President-elect from opposite political parties, ensuring bipartisan leadership[1].
NASS serves as a platform for secretaries of state and other public officials to collaborate on common interests. Its primary goals include:
- Facilitating information exchange between states
- Fostering cooperation in public policy development
- Addressing key areas such as:
- Election administration
- Voter registration and participation
- Business incorporation
- Archival technology[1]
1. NASS holds annual meetings, including a winter meeting in Washington D.C. and a summer meeting rotated among member states and territories[2].
2. The organization provides services through two subsidiary national organizations:
- The Codes and Registers Section for government workers involved in administrative rules
- The Public Administrators Section for professionals interested in notary administration[1]
3. NASS takes positions on various issues, including:
- Promoting the Rotating Regional Primary System for U.S. presidential primaries
- Advocating for clear guidelines on voting systems
- Publishing position papers on federal legislation, emphasizing respect for states' rights[2]
https://www.nass.org
Citations:
[1] https://ballotpedia.org/National_Association_of_Secretaries_of_State
[2] https://en.wikipedia.org/wiki/National_Association_of_Secretaries_of_State
[3] https://www.nass.org
National Identity Register (NIR)
A centralized database that stores information on the identities of individuals, typically for government verification and public services.
Natural Language Processing (NLP)
A technology that enables computers to understand and process human language as it's spoken and written, often used in registries to improve data search and retrieval. NLP is the core technology behind virtual assistants, such as Siri, Cortana, or Alexa.
also sometimes referred to as a physical person, is a title used to identify an individual human being. This is different from a legal person, which can be an individual or a company.
National Enterprise Credit Information Publicity System of China
New Upgraded Automated Name Search (NUANS)
A system used in Canada to search and compare proposed company names with existing names to ensure uniqueness and avoid conflicts during company registration.
A digital asset representing ownership or rights to a unique item or piece of content, often stored on a blockchain.
A notary plays an important role in business registries and other official business documentation.
A notary serves as an impartial witness to verify and authenticate important business documents and transactions related to business registries. Specifically:
- They verify the identity of individuals signing business registration documents, articles of incorporation, and other official paperwork.
- They witness signatures on these documents to confirm they were signed willingly and without coercion.
- They apply their official seal and signature to notarize and authenticate the documents.
Key Business Documents Notarized
Some common business registry documents that often require notarization include:
- Articles of incorporation
- Business formation documents
- Partnership agreements
- Corporate bylaws
- Statements of information
- Business license applications
- Registered agent forms
The notarization of business registry documents serves several important purposes:
- It helps deter fraud by verifying signers' identities
- It creates a trustworthy record that the transaction occurred
- It adds legal weight and credibility to the documents
- It fulfills legal requirements in many jurisdictions for business filings
When notarizing business registry documents, a notary will typically:
1. Verify the identity of all signers using government-issued photo ID
2. Ensure signers understand what they're signing
3. Witness the actual signing of the documents
4. Apply their official notary seal and signature
5. Record the notarization in their notary journal
Citations:
[1]
https://www.investopedia.com/terms/n/notary.asp [2]
https://corporatefinanceinstitute.com/resources/career/notary/ [3]
https://en.wikipedia.org/wiki/Notary_public [4]
https://wendyfullernotary.ca/role-of-notary-public-in-the-development-of-business/ [5]
https://nash.co.uk/insights/notary-for-business [6]
https://www.eliznotarypublic.co.uk/the-role-of-a-notary-public-for-business-clients/
A formal notice issued to correct or amend errors in the information recorded within a corporate or public registry.
The National Public Records Research Association (NPRRA) is a United States trade association of businesses engaged in industry for which public records serve as the backbone. Its membership includes document filers, researchers, retrievers, corporate service providers, entity formation agents and registered agents. NPRRA is dedicated to: Helping its members improve public records industry practice. Elevating awareness of legislative and technological changes that affect the public records industry. Fostering improved relationships with government agencies responsible for the maintenance and administration of public records. Promoting equal access in the laws and practices that govern the public records industry. Establishing a framework for enhanced networking with other professionals in the industry.
NZAid, now known as the New Zealand Aid Programme, is the New Zealand government's international aid and development agency.
The New Zealand Aid Programme is managed by the Pacific and Development Group within the Ministry of Foreign Affairs and Trade (MFAT)[1][3]. It was previously a semi-autonomous body called the New Zealand Agency for International Development (NZAID), but was reintegrated into MFAT in 2009[3].
The mission of the New Zealand Aid Programme is to support sustainable development in developing countries, with the aim of reducing poverty and contributing to a more secure, equitable, and prosperous world[2][4]. Its purpose is to develop shared prosperity and stability in the Pacific region and beyond, drawing on New Zealand's knowledge and skills[4].
The primary geographic focus of New Zealand's aid is the Pacific region, with close to 60% of aid directed to Pacific countries[1][4]. However, the programme also has a global reach, with activities in Asia, Latin America, and Southern Africa[1].
The New Zealand Aid Programme focuses on several key priority areas:
1. Sustainable economic development
2. Education
3. Health
4. Governance and leadership
5. Humanitarian and emergency response
6. Environment and climate change
7. Gender equality and human rights[1][4]
## Approach and Principles
The programme follows four key development principles:
1. Effectiveness
2. Inclusiveness
3. Resilience
4. Sustainability[3][5]
It emphasizes country-led development, aligning support with partner countries' priorities, and focusing on measurable results[5].
According to the OECD, New Zealand's total official development assistance (ODA) was USD 537.6 million in 2022, representing 0.23% of its gross national income (GNI)[3].
Citations:
[1]
https://www.devex.com/organizations/new-zealand-aid-programme-nzaid-44288 [2]
https://maint.loc.gov/law/help/foreign-aid/newzealand.php [3]
https://en.wikipedia.org/wiki/New_Zealand_Agency_for_International_Development [4]
https://www.mfat.govt.nz/assets/Aid-Prog-docs/New-Zealand-Aid-Programme-Strategic-Plan-2015-19.pdf [5]
https://www.mfat.govt.nz/en/aid-and-development/our-approach-to-aid
A globally unique identifier used to name objects or entities within a registry or database system.
The Online Business Registration System (OBRS) is an electronic platform introduced by the Companies and Intellectual Property Authority (CIPA) of Botswana to streamline and modernize the process of registering businesses and companies. Here are the key details about OBRS:
CIPA launched the OBRS in June 2019[2][3]. The primary purpose of this system is to simplify and expedite the process of business registration in Botswana, making it more efficient and accessible.
1. The OBRS allows for 24-hour submission of applications and online searches[2].
2. Name reservation, declaration, and registration have been consolidated into a single process, significantly shortening the company registration timeline[2].
3. The system has dramatically improved registration times, with company registration now possible in just one day[3][4].
4. Users can make payments using credit and debit cards, as well as mobile money services like MyZaka and Orange Money[1].
5. The system provides SMS and email notifications for updates, certificates, and other important information[1].
6. OBRS is integrated with other government systems, including the Botswana Unified Revenue Service (BURS), Public Procurement and Asset Disposal Board (PPADB), and the National Registration Office (Omang)[4].
## Registration Process
The OBRS has simplified the company registration process into the following steps:
1. Create a profile on the CIPA website
2. Reserve a company name (P20 fee, feedback within 24 hours)
3. Register the company by uploading required documents and paying a P360 fee
4. Receive the certificate of incorporation within 24 hours of application approval[3]
The OBRS is powered by Foster Moore's Verne Registry Aware Platform.
Citations:
[1] https://www.cipa.co.bw
[2] https://www.fostermoore.com/news/online-business-registration-system-obrs
[3] https://www.bwtechzone.com/2023/03/how-to-register-botswana-company-online.html
[4] https://www.cipa.co.bw/frequently-asked-questions
[5] https://en.wikipedia.org/wiki/Companies_and_Intellectual_Property_Authority
Occupational Register (OR)
A register that records the qualifications, licenses, or certifications of individuals in various professions or occupations, often maintained by regulatory bodies.
Organisation for Economic Co-operation and Development
Office for Product Safety and Standards (OPSS)
A UK government agency responsible for ensuring that products meet safety regulations, which can include oversight of certain corporate entities.
(French) Observatoire de la lutte anti blanchiment - A French observatory dedicated to monitoring and combating money laundering activities, ensuring compliance with anti-money laundering laws.
OMERS (Ontario Municipal Employees Retirement System) is one of Canada's largest defined benefit pension plans, established in 1962 by Ontario provincial statute[1][3]. OMERS owns Teranet Inc and Foster Moore International Limited
- OMERS is a multi-employer, jointly sponsored public pension plan designed to provide retirement benefits to local government employees in Ontario[3].
- As of December 31, 2022, OMERS had C$124 billion in assets under management[3].
- The plan serves over 1,000 participating employers and more than half a million active, deferred, and retired employees[3][5].
- OMERS is governed by the Ontario Municipal Employee's Retirement Act, 2006[3].
- The organization is composed of two statutory corporations:
1. OMERS Administration Corporation (AC): Determines regulatory minimum and maximum funding requirements
2. OMERS Sponsors Corporation (SC): Sets actual contribution rates and benefits[4]
OMERS invests globally, with offices in major cities across North America, Europe, and Asia-Pacific[5]. The fund's investments span various asset classes to ensure long-term sustainability and growth of the pension plan.
Citations:
[1]
https://www.omers.com [2]
https://www.omers.com/the-plan [3]
https://en.wikipedia.org/wiki/OMERS [4]
https://www.omers.com/about-the-plan [5]
https://www.icgn.org/omers-ontario-municipal-employees-retirement-system [6]
https://www.osstf.on.ca/en-CA/services/pensions/ontario-municipal-employees-retirement-system-omers.aspx [7]
https://www.omers.com/about-omers
One-Stop-Shop/Business (OSS)
A one-stop shop (OSS), in public administration, is a government office where multiple services are offered, allowing customers to access these services in a centralized location rather than in different places.
National Trade Register Office of Romania
OpenCorporates is a platform that provides open access to corporate data, aiming to enhance transparency in the corporate world. Founded in 2010 by Chris Taggart and Rob McKinnon, OpenCorporates aggregates data from national business registries across 140 jurisdictions, offering standardized information on companies such as their names, incorporation dates, registered addresses, and directors' names. Some of this data is also contributed by users, particularly regarding ownership structures[1][3].
The platform is widely used by journalists, anti-corruption investigators, civil society organizations, financial institutions, and governments for research and investigations into company structures and relationships. OpenCorporates has been instrumental in high-profile investigations like the Panama Papers, providing critical data to connect companies and directors across numerous jurisdictions[3][5].
OpenCorporates operates under the copyleft Open Database License, ensuring that its data remains accessible and usable for public benefit projects. It offers an API for easier access to its vast database, which can be particularly beneficial for large-scale investigations or research projects[3]. The company is a Certified B Corporation, reflecting its commitment to corporate transparency and ethical governance[2].
Headquartered in London, OpenCorporates continues to set standards for data integrity and trust through initiatives like the Legal-Entity Data Principles. These principles aim to address gaps in company-data quality and promote transparency in the business landscape[5].
https://opencorporates.com/
Citations:
[1] https://en.wikipedia.org/wiki/OpenCorporates
[2] https://www.bcorporation.net/en-us/find-a-b-corp/company/open-corporates/
[3] https://www.bellingcat.com/resources/2023/08/24/following-the-money-a-beginners-guide-to-using-the-opencorporates-api/
[4] https://www.otago.ac.nz/library/databases/details.php?Title=OpenCorporates%3A+the+Open+Database+of+the+Corporate+World
[5] https://www.cbinsights.com/company/opencorporates
is defined as structured data that is machine-readable, freely shared, used and built on without restrictions.
Open Ownership is a not-for-profit organization dedicated to enhancing transparency in corporate ownership by promoting the disclosure of beneficial ownership information. The organization believes that revealing the true owners of companies is crucial for a well-functioning economy and society, as it helps reduce corruption, improve governance, and create a sustainable business environment[1][5].
Mission and Activities
Open Ownership's mission is to make beneficial ownership data accessible and effectively used by various stakeholders to improve accountability. The organization provides technical assistance, develops technology solutions, and conducts research and advocacy to support the implementation of beneficial ownership transparency reforms globally[1][4].
Core Objectives and Workstreams
Open Ownership has outlined several core objectives for the global beneficial ownership transparency community, which include:
- Technical Assistance: Providing targeted support and quality assurance for implementing beneficial ownership transparency in various jurisdictions.
- Technology Development: Offering tools like the Beneficial Ownership Data Standard (BODS) to facilitate the collection, storage, and sharing of high-quality ownership data.
- Research and Advocacy: Conducting studies and advocating for policies that enhance beneficial ownership transparency[1][4].
Global Impact
The organization has collaborated with nearly 40 countries to advance beneficial ownership reforms and supports over 15 central and sectoral registers. Open Ownership's database includes over 27 million beneficial ownership records for 9.6 million companies worldwide, making this data openly available to help tackle corruption and reduce investment risk[2][4].
Partnerships
Open Ownership partners with various organizations, including Foster Moore and the Global Legal Entity Identifier Foundation (GLEIF), to promote the use of its data standards and enhance data interoperability across jurisdictions[2][4]. These collaborations aim to improve the quality of available data and contribute to a more transparent financial landscape globally.
In summary, Open Ownership plays a pivotal role in driving global transparency efforts by providing tools, expertise, and advocacy to ensure that beneficial ownership information is accessible and used effectively across sectors.
https://www.openownership.org/en/
Citations:
[1] https://oo.cdn.ngo/media/documents/Open_Ownership_Strategy_2022-2025.pdf
[2] https://www.gleif.org/en/lei-data/lei-mapping/download-oc-to-lei-relationship-files/open-ownership-register-id-to-lei-relationship
[3] https://www.opengovpartnership.org/policy-area/beneficial-ownership/
[4] https://www.fostermoore.com/news/foster-moore-open-ownership-partnership
[5] https://www.openownership.org/en/
The adherence to processes and standards that ensure the consistent and reliable operation of systems, particularly in regulated industries.
the custodian of a register.
Operating Expenditure. An operating expense is an expense that an organisation incurs through its normal operations. OPEX often is budgeted separately from CAPEX and when expended results in a cost shown on the profit and loss statement.
Organization for Economic Co-operation and Development (OECD)
An international organization that promotes policies aimed at improving economic and social well-being globally, often influencing corporate regulations and practices.
Organized Crime and Corruption Reporting Project (OCCRP)
A global investigative journalism organization focused on exposing corruption and organized crime networks.
ORIC, or the Office of the Registrar of Indigenous Corporations, is an important Australian government agency that supports and regulates Aboriginal and Torres Strait Islander corporations.
ORIC's primary role is to administer the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act)[1][3]. Its main functions include:
- Assisting Indigenous groups to register corporations
- Ensuring corporations comply with the CATSI Act
- Supporting Indigenous corporations through training and governance assistance
- Providing mediation and dispute resolution services
- Maintaining a public register of Indigenous corporations
The Registrar of Indigenous Corporations, who heads ORIC, has powers similar to those of the Australian Securities and Investments Commission (ASIC) for Indigenous corporations[2]. These powers include:
- Examining corporations' records
- Convening meetings
- Issuing compliance notices
- Appointing special administrators when necessary
ORIC provides various forms of support to Indigenous corporations:
- Training in corporate governance
- Assistance with incorporation processes
- Guidance on compliance with the CATSI Act
- Support in resolving disputes and addressing compliance issues
ORIC is tailored to meet the unique needs of Indigenous corporations:
- It maintains a register of Indigenous Corporation Numbers (ICNs)
- The CATSI Act includes specific provisions for Registered Native Title Bodies Corporate (RNTBCs)
- ORIC classifies corporations as large, medium, or small, with reporting requirements adjusted accordingly
Citations:
[1] https://www.oric.gov.au
[2] https://en.wikipedia.org/wiki/Office_of_the_Registrar_of_Indigenous_Corporations
[3] https://nativetitle.org.au/learn/native-title-and-pbcs/oric-and-catsi-act
[4] https://www.anao.gov.au/work/performance-audit/supporting-good-governance-indigenous-corporations
[5] https://www.acnc.gov.au/tools/topic-guides/office-registrar-indigenous-corporations-oric
Business Register of Slovakia - Obchodný Register Slovenskej Republiky
Overseas Investment Office (OIO)
Government agency responsible for regulating and assessing foreign investments in sensitive assets such as land, businesses, and other strategic sectors within a country, ensuring compliance with local investment laws and policies
A traditional registry system that relies on physical documents and records, often less efficient than digital systems.
The main or primary register that oversees and integrates data from subsidiary (child) registers.
Peak filing refers to a period when there is a significant surge in the number of companies submitting their annual returns to the Companies Registration Office (CRO) in Ireland. This phenomenon occurs primarily in November due to a large number of companies having the same annual return date and filing deadline[1][2].
1. November Peak Filing Period
- Over 52,000 companies have an annual return date of September 30th[2].
- The filing deadline for these companies is November 25th[2].
2. High Volume of Submissions
- The CRO experiences a substantial increase in annual return submissions during this time[2].
- This surge can potentially lead to processing delays and increased pressure on the CRO's systems.
3. Importance of Early Filing
- Companies are strongly encouraged to file their annual returns well in advance of the deadline[2].
- Early filing helps avoid last-minute technical issues or delays that could result in late submission.
4. Mandatory Electronic Filing
- All Irish companies are required to file their annual returns electronically[1][2].
- This requirement aims to streamline the process but also necessitates familiarity with the online filing system.
5. Potential Consequences of Late Filing
- Late filing incurs substantial penalties[1].
- Companies may lose their audit exemption for the following two years if they file late[1].
To manage the peak filing period effectively, the CRO advises companies to:
- Ensure all information is correct and complete before submission[2].
- Allow sufficient time for the entire filing process, including the delivery of the signature page[2].
- Be aware of any public holidays that may affect the filing deadline[2].
Citations:
[1]
https://cro.ie/annual-return/filing-an-annual-return/ [2]
https://cro.ie/annual-return/filing-an-annual-return/peak-filing/ [3]
https://enterprise.gov.ie/en/news-and-events/department-news/2023/october/02102023.html
(In the context of registers)
People Process Technology (PPT)
The People, Process, and Technology (PPT) framework is a strategic model designed to enhance organizational performance and drive successful change management by harmonizing three critical elements:
People
This refers to the human capital within an organization - the employees, managers, and stakeholders responsible for driving innovation, making decisions, and executing tasks[1][2]. The "people" component focuses on:
- Recruiting and retaining talented individuals with the right skills and expertise
- Providing training and development opportunities
- Fostering a culture of innovation and collaboration
- Ensuring employee engagement and motivation
Process
Processes are the systematic approaches that structure and streamline operations[2]. Well-defined processes ensure tasks are executed efficiently and consistently, leading to improved productivity and quality. Key aspects include:
- Establishing clear workflows and procedures
- Optimizing and automating processes where possible
- Ensuring processes align with organizational goals
- Continuously improving processes based on feedback and data
Technology
This encompasses the tools, systems, and platforms that support and amplify human efforts and processes[1][2]. The technology component involves:
- Selecting and implementing appropriate technological solutions
- Ensuring integration and compatibility with existing systems
- Leveraging technology for data-driven decision making
- Staying updated on emerging technologies that can provide competitive advantages
The PPT framework is crucial because it recognizes that these three elements are interdependent and must work in harmony for successful business operations and change management[3][4]. Some key benefits of applying this framework include:
- Improved organizational efficiency and productivity
- Enhanced ability to adapt to change and drive innovation
- Better alignment between business goals and operational activities
- More effective technology implementation and adoption
By balancing and coordinating people, processes, and technology, organizations can create synergy where each component enhances the others, ultimately leading to better business outcomes and a competitive edge in the marketplace[1][4].
Citations:
[1]
https://whatfix.com/blog/people-process-technology-framework/ [2]
https://blog.invgate.com/people-process-technology [3]
https://document360.com/blog/people-process-technology-framework/ [4]
https://www.walkme.com/blog/people-process-technology-framework/ [5]
https://www.plutora.com/blog/people-process-technology-ppt-framework-explained
Person of Significal Control (PSC)
A Person with Significant Control (PSC) is someone who owns or controls a company.
1. A PSC is an individual or legal entity that has significant influence or control over a company[1][2].
2. Someone is considered a PSC if they meet one or more of these conditions:
- Hold more than 25% of shares in the company
- Hold more than 25% of voting rights in the company
- Have the right to appoint or remove the majority of the board of directors
- Have the right to exercise significant influence or control over the company
- Have the right to exercise significant influence or control over a trust or firm that meets any of the above conditions[1][3][4]
3. The PSC register was introduced to enhance transparency and accountability in corporate governance[3].
4. Most UK companies are required to identify their PSCs, record their details in a PSC register, and file this information with Companies House[1][4].
5. The PSC register must include details such as the PSC's name, date of birth, nationality, address, and the nature of their control over the company[3][6].
6. Companies must keep their PSC information up to date and report any changes to Companies House within specified timeframes[4].
7. PSCs can be individuals, companies, LLPs, and other legal entities. They can be of any nationality and based in any country[4][6].
8. Failure to comply with PSC requirements can result in criminal penalties for company directors[5].
9. PSC information is made available on the public register at Companies House, contributing to corporate transparency[6].
10. If a company has no PSCs, this fact must be declared to Companies House. The PSC register can never be left blank[3][6].
Citations:
[1]
https://www.gov.uk/guidance/people-with-significant-control-pscs [2]
https://www.vestd.com/help/pscs [3]
https://www.informdirect.co.uk/company-records/who-is-a-psc-person-with-significant-control/ [4]
https://www.qualitycompanyformations.co.uk/blog/people-with-significant-control/ [5]
https://www.thegazette.co.uk/all-notices/content/101438 [6]
https://www.starlingbank.com/resources/business-guides/person-with-significant-control-explained/ [7]
https://www.lawbite.co.uk/resources/blog/what-is-a-person-with-significant-control-psc
Personal Property Securities Act (PPSA)
Legislation that governs the creation, registration, and enforcement of security interests in personal property, providing a framework for creditors and debtors.
Personal Property Securities Register (PPSR)
A public registry that records security interests in personal property, enabling creditors to register their interest and establish priority over collateral in the event of a debtor's default.
Any movable property that is not fixed to land, including goods, equipment, vehicles, and intellectual property.
Phoenixing refers to the practice of transferring assets from an indebted company to a new company to avoid paying debts and continue operating, while leaving the old company's creditors unpaid. Here are the key points about phoenixing:
1. The term comes from the mythical phoenix bird that rises from its own ashes. In this case, a new company "rises" from the ashes of the old failed company[1][5].
2. Typically, phoenixing involves:
- Creating a new company ("NewCo") that is very similar to the old company ("OldCo")
- Transferring assets from OldCo to NewCo, often for little or no consideration
- OldCo enters liquidation, leaving creditors unpaid
- NewCo continues operating the same or similar business[4]
3. Legal phoenixing can occur when a legitimate new company takes over an insolvent business, following proper procedures[5].
4. Illegal phoenixing involves deliberately transferring assets to a new company to avoid paying debts, taxes, or other liabilities. This is considered fraud[5].
5. Red flags of illegal phoenixing include:
- Creating new companies for each project
- Using variations of the same company name
- Frequently changing directors/shareholders
- Unexplained competitive pricing[5]
6. Illegal phoenixing can result in severe penalties, including fines, imprisonment, and personal liability for company debts[3][6].
7. There are strict rules and exceptions governing phoenix companies to prevent abuse while allowing legitimate business restructuring in some cases[3][6].
8. Phoenixing is often done to avoid paying creditors, taxes, or employee entitlements, which can damage the economy and erode trust in businesses[5].
The key distinction is between legal business restructuring and illegal attempts to defraud creditors through deliberate asset-stripping and company abandonment. Proper phoenixing follows legal procedures, while illegal phoenixing involves deception and leaving debts behind.
Citations:
[1]
https://gocardless.com/guides/posts/how-does-a-phoenix-company-work/ [2]
https://www.begbies-traynorgroup.com/pre-pack-administration/what-is-a-phoenix-company-and-the-rules-around-this-process [3]
https://www.laneneave.co.nz/news-events/rising-from-the-ashes-what-is-a-phoenix-company/ [4]
https://www.dissolve.com.au/information-centre/what-is-a-phoenix-company/ [5]
https://williambuck.com/nz/news/business/general/illegal-phoenixing/ [6]
https://www.shieffangland.co.nz/blog/news/rising-from-the-ashes-phoenix-companies/ [7]
https://norlinglaw.co.nz/blog-posts/phoenix-companies-the-how-the-why-and-what-to-avoid/
A purchase money security interest (PMSI) is a special type of security interest in secured transaction law that gives certain creditors priority over other secured creditors, even those who filed earlier.
A PMSI is created when a creditor loans money to a debtor specifically to finance the purchase of certain goods, and in return, the debtor grants the creditor a security interest in those goods[1][2]. The UCC defines it as "a security interest in goods...to the extent that the goods are purchase-money collateral with respect to that security interest"[1].
The main advantage of a PMSI is that it allows the secured creditor to gain "super priority" over other creditors who may have perfected their interests earlier[1][4]. This is an exception to the general "first-in-time" rule of priority in secured transactions.
In case of the debtor's insolvency, PMSI holders often have more senior interests in the collateral than other creditors. This means they are more likely to recover their investment if the debtor defaults[3].
Remember, while PMSIs offer significant advantages, creditors must carefully follow the UCC requirements to ensure they properly perfect their interest and maintain their priority status.
Citations:
[1] https://www.wolterskluwer.com/en/expert-insights/what-is-a-purchase-money-security-interest
[2] https://www.investopedia.com/terms/p/purchase-money-security-interest-pmsi.asp
[3] https://www.law.cornell.edu/wex/purchase-money_security_interest
[4] https://www.wolterskluwer.com/en/expert-insights/backtoschool-with-ucc-basics-pmsi
Protection of Personal Information
Posession refers to the physical or legal ownership of an asset.
The People, Process, and Technology (PPT) framework is a strategic model designed to enhance organizational performance and drive successful change management by harmonizing three critical elements:
People
This refers to the human capital within an organization - the employees, managers, and stakeholders responsible for driving innovation, making decisions, and executing tasks[1][2]. The "people" component focuses on:
- Recruiting and retaining talented individuals with the right skills and expertise
- Providing training and development opportunities
- Fostering a culture of innovation and collaboration
- Ensuring employee engagement and motivation
Process
Processes are the systematic approaches that structure and streamline operations[2]. Well-defined processes ensure tasks are executed efficiently and consistently, leading to improved productivity and quality. Key aspects include:
- Establishing clear workflows and procedures
- Optimizing and automating processes where possible
- Ensuring processes align with organizational goals
- Continuously improving processes based on feedback and data
Technology
This encompasses the tools, systems, and platforms that support and amplify human efforts and processes[1][2]. The technology component involves:
- Selecting and implementing appropriate technological solutions
- Ensuring integration and compatibility with existing systems
- Leveraging technology for data-driven decision making
- Staying updated on emerging technologies that can provide competitive advantages
The PPT framework is crucial because it recognizes that these three elements are interdependent and must work in harmony for successful business operations and change management[3][4]. Some key benefits of applying this framework include:
- Improved organizational efficiency and productivity
- Enhanced ability to adapt to change and drive innovation
- Better alignment between business goals and operational activities
- More effective technology implementation and adoption
By balancing and coordinating people, processes, and technology, organizations can create synergy where each component enhances the others, ultimately leading to better business outcomes and a competitive edge in the marketplace[1][4].
Citations:
[1]
https://whatfix.com/blog/people-process-technology-framework/ [2]
https://blog.invgate.com/people-process-technology [3]
https://document360.com/blog/people-process-technology-framework/ [4]
https://www.walkme.com/blog/people-process-technology-framework/ [5]
https://www.plutora.com/blog/people-process-technology-ppt-framework-explained
The Finnish Patent and Registration Office
Primacy refers to the principle that certain records or data within a registry are recognized as the authoritative or primary source of truth. This ensures that the most accurate and up-to-date information is used for decision-making and legal purposes, minimizing discrepancies across different data sources.
PRINCE2 (PRojects IN Controlled Environments) is a widely recognized project management methodology that emphasizes organization and control. Here's a comprehensive overview of PRINCE2:
PRINCE2 was first established in 1989 by the Central Computer and Telecommunications Agency (CCTA) in the United Kingdom[1][3]. It evolved from an earlier methodology called PROMPT (Project Resource Organization Management Planning Technique), which was used by the UK government for information system projects[2]. Initially focused on IT projects, PRINCE2 was rewritten in the 1990s to be applicable to any type of project and was officially launched in 1996[1][3].
PRINCE2 is characterized by:
1. A focus on business justification
2. A defined organizational structure for the project team
3. A product-based planning approach
4. An emphasis on dividing the project into manageable stages
5. Flexibility to be tailored to the project environment[5]
PRINCE2 is based on seven core principles:
1. Continued Business Justification
2. Learn from Experience
3. Defined Roles and Responsibilities
4. Manage by Stages
5. Manage by Exception
6. Focus on Products
7. Tailor to Suit the Project Environment[2][5]
## Seven Themes
The methodology addresses seven themes throughout the project lifecycle:
1. Business Case
2. Organization
3. Quality
4. Plans
5. Risk
6. Change
7. Progress[3]
## Seven Processes
PRINCE2 outlines seven processes that guide the project from start to finish:
1. Starting Up a Project
2. Directing a Project
3. Initiating a Project
4. Controlling a Stage
5. Managing Product Delivery
6. Managing Stage Boundaries
7. Closing a Project[2][3]
## Key Roles
PRINCE2 defines specific roles within the project structure:
1. Project Board (including Executive, Senior User, and Senior Supplier)
2. Project Manager
3. Team Manager
4. Project Assurance
5. Change Authority
6. Project Support[3][4]
## Benefits of PRINCE2
- Provides a structured approach to project management
- Widely recognized and used globally, especially in the UK, Europe, and Australia
- Applicable to projects of any size or type
- Emphasizes business justification throughout the project lifecycle
- Offers clear roles and responsibilities
- Focuses on delivering products and managing by exception[5][6]
PRINCE2 offers certification at two main levels:
1. PRINCE2 Foundation: Entry-level certification
2. PRINCE2 Practitioner: Advanced certification for experienced project managers[6]
Citations:
[1]
https://asana.com/sv/resources/prince2-methodology [2]
https://www.projectmanager.com/blog/prince2-methodology [3]
https://www.whatisprince2.net [4]
https://en.wikipedia.org/wiki/PRINCE2 [5]
https://prince2.wiki/extras/what-is-prince2/ [6]
https://www.simplilearn.com/what-is-prince2-and-why-is-it-important-article
Privacy Impact Assessment
A process for evaluating the potential privacy risks associated with a project or system, ensuring that personal data is protected in compliance with regulations.
privacy-by-design principles
Privacy-by-Design principles are an approach to system and process design that embeds privacy and data protection from the outset, ensuring that personal data is handled with confidentiality, security, and compliance.
The documented history or origin of an asset, particularly in terms of ownership, custody, and authenticity, often used to establish trust and value.
A person or entity authorized to act on behalf of another, particularly in decision-making or voting matters within corporate governance.
Poslovni Register Slovenije - The Slovenian Business Register (PRS)
The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, Qatar[1][2]. Established in March 2005, QFC serves as a platform for both local and international companies to conduct business in Qatar and the broader region[1][3].
The primary goals of QFC include:
- Advancing Qatar's economic policy and contributing to the country's economic diversification[1].
- Attracting investment by offering a favorable business environment[1].
- Promoting growth in four focus sectors: digital, media, sports, and financial services[1].
- Providing a conduit for financial services providers to access nearly $1 trillion of investment across the GCC over the next decade[1].
QFC is supported by affiliated organizations that ensure a comprehensive business ecosystem:
- Qatar Financial Centre Regulatory Authority (QFCRA): Serves as the independent financial regulator, authorizing and regulating firms and individuals conducting financial services in or from the QFC[4].
- Qatar International Court and Dispute Resolution Centre (QICDRC): Provides a judicial system consisting of a Civil and Commercial Court and a Regulatory Tribunal[1].
https://www.qfc.qa/en
Citations:
[1] https://en.wikipedia.org/wiki/Qatar_Financial_Centre
[2] https://www.weforum.org/organizations/qfc/
[3] https://waifc.finance/profiles/the-qatar-financial-centre-qfc/
[4] https://www.qfcra.com
The RBO (Register of Beneficial Ownership) in Ireland is the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies. It serves as a central repository for statutory information about the natural persons who are the beneficial owners or controllers of relevant entities incorporated in Ireland[1][2].
1. Purpose: The RBO aims to increase transparency and accountability in the corporate sector and assist law enforcement authorities in combating money laundering and terrorist financing[2].
2. Scope: All Irish companies and cooperative societies registered with the Companies Registration Office (CRO) are required to register with the RBO, unless specifically exempted by law[2].
3. Information collected: The RBO stores details of beneficial owners, including their name, date of birth, nationality, country of residence, and the nature and extent of their ownership or control[2][4].
4. Definition of beneficial owner: A beneficial owner is defined as any natural person who ultimately owns or controls more than 25% of a company's shares, voting rights, or interest, or who has the power to appoint or remove directors or managers[2].
5. Filing requirements: Companies must file their beneficial ownership information within 5 months of incorporation. For companies incorporated before June 22, 2019, the deadline was November 22, 2019[2][4].
6. Penalties: Non-compliance with RBO requirements can result in fines of up to €5,000 for individuals and €500,000 for companies or cooperatives[2].
7. Access: The RBO register is accessible to the public, but with limited information disclosed. Full details are available only to certain competent authorities[2].
8. Legal basis: The RBO was established as part of Ireland's implementation of the 4th EU Anti-Money Laundering Directive (AML4D)[3].
Citations:
[1]
https://rbo.gov.ie [2]
https://peakaccountingsolutions.ie/rbo-a-complete-guide-to-irish-companies/ [3]
https://www.companyformations.ie/company-secretarial/register-of-beneficial-ownership-filing/ [4]
https://www.incorporate.ie/central-register-of-beneficial-ownership-for-irish-companies/ [5]
https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/beneficial-ownership-register [6]
https://osservi.ie/understanding-registered-beneficial-owners-in-ireland-a-step-by-step-guide/
Registre du Commerce et des Sociétés - RCS is the Commercial and Companies Register in France, a public database that records essential information about businesses and legal entities operating in France.
RDF (Resource Description Framework) vocabulary, also known as RDF Schema (RDFS), is a set of classes and properties used to describe and structure RDF resources. It provides a basic framework for creating ontologies and defining relationships between data elements in the Semantic Web. Here are the key aspects of RDF vocabulary:
RDF vocabulary serves several important functions:
1. It allows the creation of custom vocabularies to describe specific domains or types of data[2].
2. It provides a way to define classes, properties, and relationships between resources[1].
3. It enables the structuring of RDF resources, making data more meaningful and machine-readable[2].
Citations:
[1]
https://www.w3.org/2001/sw/RDFCore/Schema/200212bwm/ [2]
https://en.wikipedia.org/wiki/RDF_Schema
RealMe is a secure online identity verification and authentication service provided by the New Zealand government. Here are the key aspects of RealMe:
RealMe offers two main services:
1. RealMe Login: This service allows users to access multiple online services across government agencies and businesses using a single username and password[2][5]. It provides a secure and convenient way to authenticate yourself online.
2. RealMe Verified Identity: This service enables users to prove their identity securely online[2][5]. It's a more comprehensive form of verification that can be used for services requiring a higher level of identity assurance.
- Single Sign-On: Users can access multiple services with one set of login credentials, eliminating the need to remember multiple usernames and passwords[2][3].
- Enhanced Security: RealMe provides a secure, privacy-protective, and standards-compliant authentication service[2].
- Identity Verification: Users can prove their identity online without the need for physical documents in many cases[3][5].
- Wide Acceptance: RealMe is used by various government agencies, financial institutions, educational institutions, and other organizations in New Zealand[3][5].
- Cost and Time Savings: It reduces the need for manual identity checking processes and helps prevent identity fraud[2].
- RealMe is managed by the Department of Internal Affairs (DIA) in New Zealand[2][6].
- Government agencies are required to use RealMe services rather than developing new authentication and identity verification systems[2].
- The technical solution is provided and supported by Unify on a Microsoft Azure business-to-consumer (B2C) platform[2].
Citations:
[1]
https://www.realme.com/global/ [2]
https://www.digital.govt.nz/products-and-services/products-and-services-a-z/realme [3]
https://www.aa.co.nz/about/identity-verification/realme/ [4]
https://leadiq.com/c/realme/5de6722094535a8f046aee01 [5]
https://www.govt.nz/browse/passports-citizenship-and-identity/proving-and-protecting-your-identity/use-realme-to-prove-your-identity-online/ [6]
https://www.govt.nz/organisations/realme/
a statutory register that persists legal entity records within a legislative base.
A registered agent is a crucial entity in the context of US corporate law, serving as an official point of contact between a business and legal authorities.
A registered agent, also known as an agent for service of process, resident agent, or statutory agent, is an individual or organization appointed by a company to receive important legal documents and government correspondence on behalf of the business[1][3]. The primary purpose of a registered agent is to ensure that a company can be reliably contacted for legal matters and remains compliant with state regulations.
The main duties of a registered agent include:
1. Maintaining a physical address (registered office) in the state where the business is registered[2].
2. Receiving and forwarding legal process, notices, and demands to the represented company[2].
3. Accepting service of process in case of lawsuits[1][3].
4. Notifying the company of any changes in the registered agent's address or resignation[2].
5. Ensuring timely alerts about upcoming deadlines or necessary actions[3].
Appointing a registered agent is a legal requirement for certain types of businesses, including:
- Limited Liability Companies (LLCs)
- Corporations
- Partnerships (except general partnerships)[3]
These entities must designate a registered agent at the time of formation, as the agent's information must be included in the formation documents[1].
To serve as a registered agent, an individual or organization must meet specific criteria:
- Be at least 18 years old
- Have a physical address in the state of registration
- Be available during regular business hours
- Cannot be the business itself (i.e., an LLC or corporation cannot serve as its own registered agent)[3]
Businesses have several options when choosing a registered agent:
1. An individual within the company (e.g., owner, partner, LLC member, corporate officer, or employee)
2. A trusted person outside the company (e.g., lawyer, spouse, relative, or friend)
3. A professional registered agent service[4]
Citations:
[1]
https://legal.thomsonreuters.com/en/insights/articles/what-is-a-registered-agent [2]
https://www.capitolservices.com/core-duties-of-a-registered-agent/ [3]
https://www.legalzoom.com/articles/what-is-a-registered-agent [4]
https://www.nolo.com/legal-encyclopedia/what-registered-agent.html
An official or entity responsible for maintaining and managing a registry, ensuring that records are accurate, up-to-date, and accessible.
A Registration Authority is the official body or organization responsible for maintaining and managing a registry. This authority has the legal mandate to register entities, verify data, enforce compliance, and provide public access to registry information, ensuring that all operations align with applicable laws and standards.
Registry Aware is a term used to describe the Verne Platform and its products, which include a set of specialized features designed to meet the unique needs of statutory-based registries. These features ensure that Verne understands and accommodates the specific legal and regulatory requirements of registry systems, providing tailored solutions as part of its platform.
Registry Capability Maturity Model (RCMM)
Foster Moore's trademarked framework to assess and enhance the capabilities of registry systems. It provides a structured approach for evaluating the maturity of a registry's processes and functions, guiding improvements in areas like data management, security, and user services. The RCMM helps registries progress from basic to advanced levels of performance by outlining key stages of maturity and offering best practices for achieving higher levels of capability.
a single grouping of similar legislative bases of register operators such as Land or Business.
The core features and capabilities of a registry system, such as data entry, storage, retrieval, and compliance with legal requirements.
Registry Transformation Roadmap
A detailed plan that outlines the steps, milestones, and criteria for successfully evolving and enhancing registry operations.
RegTech (Regulatory Technology)
The use of technology to help organizations comply with regulations efficiently and effectively, often involving automation and data analysis tools.
(Spanish) Registro de Empresas y Sociedades de Chile - Chilean register of businesses and enterprises
Registro delle Imprese, Companies Register of Italy
Risk-Based Approach (RBA)
A strategy that focuses resources and controls based on the level of risk posed by a particular entity or activity.
(Spanish) Registro Mercantil - Business Register of Spain
RNE (Registre National des Entreprises) is Tunisia's National Business Register Center.
RNE is a public non-administrative establishment created by law in 2018 to manage Tunisia's national register of companies[5]. It operates under the supervision of the Presidency of the Government and has legal personality as well as financial and administrative autonomy[5].
The primary mission of RNE is to manage the National Register of Companies, which serves as a public database that collects and makes available data and information related to companies in Tunisia[5][6].
RNE's main functions include:
1. Registering and maintaining records for businesses, including legal entities and individuals[6].
2. Collecting and managing metadata for all companies, organizations, NGOs, and professionals established and resident in Tunisia[3].
3. Serving as the central business database through which all amendments to company information must pass[3].
4. Providing search mechanisms for quick retrieval of company and related individual information[3].
5. Facilitating the digitalization of business processes, including registration, electronic document signing, online payments, and publication of public business information[3].
The following entities are required to register with RNE[6]:
- Tunisian and foreign individuals engaged in commercial, artisanal, or professional activities
- Companies with headquarters in Tunisia
- Foreign commercial companies with branches or agencies in Tunisia
- Non-resident companies established in Tunisia
- Legal constructions with managers or trustees residing in Tunisia
- Non-administrative public institutions and enterprises
- Associations and association networks
- Other legal entities required by law to register
RNE plays a crucial role in Tunisia's digital transformation efforts. It represents the core of an ecosystem aimed at fully digitizing all business-related processes[3]. This includes enabling users (entrepreneurs, freelancers, lawyers, accountants) to participate in business creation and information change processes online[3].
Citations:
[1] https://home.registre-entreprises.tn
[2] https://www.cia.gov/the-world-factbook/countries/tunisia/
[3] https://www.thinktank.de/en/references/development-of-the-national-company-register-rne/
[4] https://www.registre-entreprises.tn/rne-public/
[5] https://www.devex.com/organizations/national-business-register-center-registre-national-des-entreprises-rne-tunisia-191738
[6] https://home.registre-entreprises.tn/a-propos/
(Portuguese) National Register of Collective Persons of Portugal - National Register of Collective Persons of Portugal. This registry enables access to acts and facts regarding the legal status of companies, partnerships and other entities or sole traders in Portugal.
Robotic Process Automation (RPA)
is an optimisation method that uses AI, machine learning, or virtual bots to execute tasks humans would otherwise handle.
Registrar of Companies of India
(Spanish) Registro Único Empresarial y Social - Companies Registry of Colombia
A SARL (Société à responsabilité limitée) is a popular form of limited liability company in France and other French-speaking countries.
A SARL is a commercial company where the liability of its partners (associates) is limited to the amount of their contributions to the company's capital[1][2]. It is an intermediate form between a simple individual enterprise and a more complex public limited company (société anonyme)[3].
1. A SARL requires a minimum of two associates and can have up to 100 associates[1][2]. It can also be formed with a single associate, in which case it is called an EURL (Entreprise Unipersonnelle à Responsabilité Limitée)[1].
2. There is no minimum capital requirement for a SARL. The associates are free to determine the amount of share capital based on the company's size, activity, and capital needs[5].
3. The liability of associates is limited to their contributions to the company's capital. This means their personal assets are generally protected in case of company debts or financial difficulties[3][5].
4. The company's capital is divided into social shares, which are not freely transferable. Transfers typically require the agreement of at least half of the shareholders, except for transfers to spouses, descendants, or close relatives[4].
5. A SARL is managed by one or more managers (gérants) who can be associates or non-associates of the company[2][5].
6. By default, a SARL is subject to corporate tax (Impôt sur les Sociétés or IS)[5].
To create a SARL, founders must draft articles of association (statuts) and complete the necessary registration procedures. The company must have a commercial purpose, and certain activities, such as financial and insurance activities (except for insurance brokerage), cannot be carried out under the SARL form[7].
Citations:
[1] https://www.dougs.fr/blog/quest-ce-quune-sarl-definition-et-guide-complet/
[2] https://www.lecoindesentrepreneurs.fr/sarl-definition-et-fonctionnement/
[3] https://www.legalplace.fr/guides/sarl-societe-a-responsabilite-limitee/
[4] https://en.wikipedia.org/wiki/S.a.r.L.
[5] https://www.monceaucpa.com/post/societe-a-responsabilite-limitee-sarl
[6] https://www.legalstart.fr/fiches-pratiques/sarl/definition-sarl/
[7] https://monentreprise.gouv.mc/thematiques/creation-et-gestion-d-activite/creation-d-activite/formes-juridiques-a-vocation-commerciale/qu-est-ce-qu-une-sarl
Serbian Business Registers Agency
In the context of registry systems refers to the ability of the system to handle increasing amounts of data, users, and transactions without compromising performance or functionality.
Swiss Commercial Registry
The Securities and Exchange Commission of Pakistan (SECP) is t