Jan 18, Colombo: Sri Lanka's Registrar of Companies will activate the second stage of electronic company registration system on January 21, enabling even company registrations from abroad, Minister of Industry and Commerce Resettlement of Protracted Displaced Persons & Cooperative Development Rishad Bathiudeen said.
The Minister addressing a progress review of many institutions under his Ministry on Thursday (17) commended the Registrar of Companies for completing the second stage of South Asia's most sophisticated, national scale hi-tech electronic company registration system on time just as promised in April 2018.
"My effort is to support PM Ranil Wickremesinghe's vision of moving higher in the Doing Business Index ranking," said the Minister.
Minister Bathiudeen was joined by Ministry Secretary KDN Ranjith Ashoka, Additional Secretary M Thajudeen, and Registrar General of Companies D.N.R. Siriwardena.
"Today Sri Lanka's corporate and private sectors are directly supported by our Ministry through the Department of Registrar of Companies. The first stage of the new system, called E-ROC, to register companies and associations online is successful. As a result now anyone can register a Sri Lankan Company within one hour through this online process, compared to four days of registration under the manual system we practiced earlier," said Minister Bathiudeen.
He added that from next Monday (21), when the second stage of E-RoC takes off, immediate registration of Secretaries, Auditors, Public Contracts, Societies and issuing of certified copies too will be automated.
"This marks successful halfway-milestone completion of this project. I am confident that we can launch the finalized full E-ROC system at end-March this year. In the meanwhile, I direct the officials to install a public Complaints Box at the RoC and promptly attend to all the complaints received."
Registrar General of Companies D.N.R. Siriwardena and his officials informed Minister Bathiudeen that the full cost of E-ROC is only US$ 260,000 (Rs 48 Million), and that too has been entirely paid by RoC's earnings without any funds from the Treasury.
Sri Lanka's E-ROC system is also South Asia's first national level E-RoC integrating registrations from all corners of the island. Even Company registrations from abroad is enabled. Provided all required documentations are properly submitted, registrations could be completed within one hour.
In Phase I of Stage I, name approval and incorporation of companies were achieved.
When E-ROC Second Phase completes by March, E-ROC will integrate the most updated Company Database in Sri Lanka with latest details of directors and changes in ownership and many other corporate details of the firms listed in it. Certificates of Registration shall not be issued online due to security issues and they have to be personally collected by applicants.
As for Ease of Doing Business, Sri Lanka rose 11 places in the World Bank's 2019 Doing Business Index last October. It was ranked 100 among 190 economies and rose up from Rank 111 in 2018.