The Business Registry is a public office existing in all provincial capitals and other cities based on the regulations and supervised by one or more Business Registrars. It reports to the Directorate General of Registries and Notaries of the Ministry of Justice.
There is only one Registry in each provincial capital in Spain. There are also registers in the cities of Ceuta, Melilla, Ibiza, Mahon, Arrecife, Puerto del Rosario, Santa Cruz de la Palma, San Sebastian de la Gomera, Valverde and Santiago de Compostela. There is also a single Central Registry that takes care of everything related to the names of companies and business entities.
Companies acquire their legal status with the Business Registration for its head office, which means that their registration is mandatory and constitutive.
Each registry is supervised by one or more business registrars. The registrar is a juriconsultant who exercises a public function: he qualifies and controls, under his own responsibility, the legality of all documents entered in the registry.
The Registry is the main legal instrument for the formalisation of companies. It is essential for economic development as a means of reducing transaction costs.
Registry entries are made after pre-qualification by the registrar: control of legality and the validity of the acts and social arrangements and the capacity and legitimacy of the subscribers.
As a result of that registry control, the entries have important legal effects:
In this way, businesses, citizens and public administrations avoid high transaction costs, having at their disposal sufficient information about the entities accredited by those with which they intend to enter into contract and their legal and economic status.
a) The contents of the record are presumed accurate and valid.
b) The events listed are effective against third parties in good faith.
c) The registry entries are under the protection of the courts and have effect until a legal declaration of inaccuracy or invalidity is signed.
d) The legal declaration of inaccuracy or invalidity thereof does not prejudice the rights of third parties in good faith, acquired in accordance with the law.
Anyone can obtain real-time access the interactive businesss information that the Association of Registrars provides through its website www.registradores.org in the paragraph on interactive market information. The information for certain corporate data, and the exact content of the annual accounts filed can be obtained immediately, 365 days a year, 24 hours a day. The information provides an updated and accurate database of registered corporate events.