The business register is the central platform for storing data of legally relevant companies. Here all the important data of obligatory publication on companies are gathered in centralized form and they are made available to the interested parties through electronic consultations.
Through the business register, you will have access to electronic register of merchants, cooperatives and associations. Registry entries, documents presented in the registers, contents of the register of the registration courts are available, and much more.
The advantages of registering a company
Business registering authority will establish an official registry of micro, small and medium enterprises, to identify the beneficiaries of this Law. This registry will be free and of immediate effect. Any informal microenterprise that is formalized or that is constituted as of the entry into force of this Law, and is registered in this business register, will be exempt from the payment of income tax, during the first two fiscal years counted from your registration in the Authority.
Trademark and branding
Every company wants to be unique in the market, distinguish clearly from its competitors before consumers and users. To achieve such a task, it is very important to create a name, which happens to have a trade name or brand. However, it is common that both recent companies and others that have been operating for some time do not have their trade name or registered trademark, exposing themselves to several risks, the most frequent being that a third party used our brand to take advantage of its reputation or once we started the exploitation of a brand will be the cessation of our brand for violating a trademark already registered causing serious setbacks.
In the same way, having a trade name or registered trademark entails added value for the company, as it allows the granting of licenses and franchises thereof, as well as an increase in the value of the business asset.
Get the registration
Nobody else can register a company with the same name. Imagine the confusion if you do not register a name like ‘Ron’s plumbing’ and then another one called ‘Ron plumbing’ is opened, which does a lower job. Customers will inevitably confuse the two and think you are the inferior firm.
Protection of legal responsibility
Another advantage of enrollment is getting some kind of lawful risk assurance. On the off chance that you consolidate it, you won’t be by and by in charge of specific mishaps and different liabilities. Therefore, it may be easier for you to obtain insurance from companies, or attract investors since it is known that you are not personally responsible for the welfare of the company.
Benefits of registering a company as a brand
Once you know the scares that you can give the fact of not having registered the brand of your business, I’ll give you even more reasons to register it, because if it has consequences the fact of not registering it, they also obtain benefits if you do:
One: In accordance with the aforementioned, you can make exclusive use of the name, and therefore, prevent third parties from marketing identical or similar products with the same brand or using a similar brand that may create confusion.
Two: You are turning the business into an intangible value, as it revalues it. This is because consumers value brands, their reputation, their image and the set of qualities that they associate with the brand, and are willing to pay more for a branded product they recognize.
Three: You can franchise, license or sell the company (connected with the previous point), which will be an additional source of income.
Four: You will be giving more credibility to your company, by showing the public a more professional image.
Five: Even if you do not have the domain of your registered business, it is protected once you have your brand. If the third person registered it beforehand, it would be necessary to prove that he acted in bad faith because your business already had notoriety so that he has to transfer his property.
Six: You can get the ownership of users on social networks for infringing a trademark (you should study each case).
Why should incorporate the company?
The two biggest reasons to start a business, usually anywhere in the world are Protection of personal assets and tax advantages. In this section, we will explore these advantages and others that are also present in the determination of the making of this important decision.
Protection of personal assets
The biggest reason why individuals choose to pursue an activity through a company is that of the protection they achieve over their personal assets, such as their home, family savings, and other assets. In case the business fails, these personal assets cannot be touched. They will, therefore, be protected from creditors. In other words, creditors will not be able to hit the doors of the shareholders.
This limited liability of the corporations does not apply to the so-called Sole proprietorship, sole proprietorships, or partnership de facto companies, where the owners respond with their own assets for the debts of the company.
Tax advantages of business registration
While corporations can establish deductions to their profits to reduce the payment of this tax, other informal structures such as the sole proprietorship or society do not enjoy these benefits. For example, medical expenses, life insurance or disability are completely deductible for corporations. On the other hand, a corporation can own shares of another corporation, and receive 80% of the dividends free of taxes.
Overall after business registration your business will have a means to present information about your company for commercial, industrial, banking, travel, among others. Your business will be properly organized and trained. Ease of procedures for bank loan purposes. Expansion of both national and international commercial relations. Location of your company for commercial purposes. Essential for the issuance of the national taxpayer registry (RNC).