As established in the Code of Commerce:
“Every employer must keep an organized accounting, fitting his company activity, allowing a chronological tracking of all operations and the regular production of balance sheets and inventories”
Companies are required to present their accounts annualy in the Registro Mercantil (a procedure known as “presentación de cuentas” o “depósito de cuentas”), together with the obligation to legalize their accounting records. The purpose of these procedures is to record and seal the company information to be unable to make further changes in its accounting, which became official by a registerer. The provision of these data in a register publicly accessible helps project a true and fair view of the assets and situation of the company to the eyes of any public or private agent who would like to make business with it, as well as monitoring their proper fulfillment of tax obligations.