Sri Lanka makes business registration easy via Internet
Sri Lanka’s newly launched online business registration system cuts down the registration process from six to one day, reducing unnecessary time consuming paper work and eliminating red tape.
The Department of the Registration of Companies (DRC) launched its online registration portal on Monday making business registration much easier and less cumbersome with effective and efficient service.
After 80 years of manual company registration process in Sri Lanka, the DRC has installed the new web based system with an investment of Rs.57 million borne by the department, Registrar General of Companies D.N.R. Siriwardena said.
KPMG Sri Lanka was the supplier of the automated solution for this e-Registration of Companies Project (e-ROC), while Informatics Co has developed the software and web based platform.
Under the first phase of the project, it will provide business name approval service and in the second phase the online facility will be extended to the procedure of company closures offering access to the public to obtain local company information, and issuance of certified information.
Entrepreneurs can now view the company name approval and company registration status online
Foreigners can register their companies in Sri Lanka from their country via this web portal by paying a fee through the nominated credit card.
The online process will be fully completed by August this year, he disclosed adding that entrepreneurs based in the outstations especially in rural areas will be able to register their companies and make payments online without coming to Colombo.
This will reduce the paper work and expedite the company registration process, he said, adding that entrepreneurs will have to simply fill the details of their companies online or via SMS and make payment using their credit or debit cards, he pointed out.
Addressing the launching ceremony, Industry and Commerce Ministry Secretary Ranjith Asoka said that 9,782 new company registrations had been made by the department in 2017 and it was an increase of 18 per cent compared to 2016.
The department has recorded a revenue of Rs. 792 million, he disclosed.
Telecommunication and Digital Infrastructure Ministry Secretary Wasantha Deshapriya, also at the meeting, emphasised the need to make drastic changes in the organisation structure of the department to streamline business registration with the launch of the online platform.
He said that it is also essential to use e-signatures to ensure security as well as the digital identity of the key members of the organisation to eliminate the time lag and red tape.