A foreign entity may register its entity name or its entity name with any changes required by § 1-502 or § 1-503 of this subtitle, if the name is distinguishable upon the records of the Department as provided in § 1-504 of this subtitle. A foreign entity shall register its entity name by delivering to the Department for filing an application setting forth its entity name, or its entity name with any changes required by § 1-502 or § 1-503 of this subtitle, the state or country and date of its organization, and a brief description of the nature of the business in which it is engaged. The name is registered for the applicant’s exclusive use upon the effective date of the application. A foreign corporation whose registration is effective may renew it for successive years by delivering to the Department for filing a renewal application, which complies with the requirements of subsection (b) of this section, between October 1 and December 31 of the preceding year. The renewal application when filed renews the registration for the following calendar year.