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UNCITRAL Legislative Guide on Key Principles of a Business Registry

image of UNCITRAL Legislative Guide on Key Principles of a Business Registry

This legislative guide is prepared by UNCITRAL to promote an enabling legal environment for micro, small and medium-sized enterprises (MSMEs). The guide is based on the premise that it is in the interests of States and of MSMEs that such businesses operate in the formal economy. This guide also reflects the idea that entrepreneurs that have not yet commenced a business may be persuaded to do so in the formal economy if the requirements for formally starting their business are not considered overly burdensome, and if the advantages for doing so outweigh their interest in operating in the informal economy. The guide includes best practices from various parts of the world and 58 recommendations aiming at assisting States in streamlining their business registration procedures.

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Objectives of a business registry

Several different approaches may be taken in establishing an effective business registration system, but there is broad agreement on certain key objectives of such systems. Regardless of differences in the way business registries may operate, effi- cient business registries have a similar structure and perform similar functions when carrying out the registration of a new business or in recording the changes that may occur in respect of an existing business.

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