Data-Driven Company Registry : Guidance Note
The accelerated expansion of digital economy ecosystems mandates company registries to digitalize and connect to these ecosystems responding to new business dynamics. Achieving data-driven company registries requires considerable effort to improve...
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
Washington, DC
2022
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/099435008302231899/P17553401702c10490be6e02112bae75050 http://hdl.handle.net/10986/37948 |
| Summary: | The accelerated expansion of digital
economy ecosystems mandates company registries to digitalize
and connect to these ecosystems responding to new business
dynamics. Achieving data-driven company registries requires
considerable effort to improve data management. Some
jurisdictions achieved significant automation of company
registration procedures through digitalization. Real-time
company registration requires fraud prevention mechanisms.
Significant levels of simplification of company registration
and removal of in-person interactions require improvement in
fraud prevention and detection. The digitalization of a
company registry requires a seamless cross-border digital
identity. Jurisdictions are looking to simplify the
onboarding for digital identity and the requirements for
digital signature in the company registration procedures.
Making company registration accessible for domestic and
foreign founders and investors has become a mandatory
improvement. Recent solutions involve the use of blockchain
for digital business identity and online onboarding using
biometrics and AI/machine learning for identity validation.
Furthermore, some initiatives at the regional level aim to
interconnect national business registers belonging to a
region, allowing business intelligence through cross-border
comparability of data and improving access to information on
companies in a cross-border context. |
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