18 January 2019 12:23 am
Sri Lanka will activate the partly completed South Asia’s most sophisticated, national-scale electronic company registration system next week, which is expected to boost the country’s Doing Business Index ranking significantly.
The first stage of the new system, called E-ROC, to register companies and associations online has been successful and as a result now anyone can register a company within one hour through this online process, Industry and Commerce Ministry said in a statement.
“From next Monday (21st), 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,” Industry and Commerce, Resettlement of Protracted Displaced Persons & Cooperative Development Minister Rishad Bathiudeen said.
He also expressed confidence of launching the finalised full E-ROC system at the end of March this year.
Registrar General of Companies D.N.R. Siriwardena said the full cost of E-ROC system is only US $ 260,000 (Approx.Rs.48mn), and that too has been entirely paid by the earnings of Registrar of Companies (RoC).
Under the E-ROC system, an even company registration from abroad is possible, RoC officials said.
Sri Lanka made significant gains on the World Bank’s 2019 Doing Business Ranking by gaining 11 places last October, to be ranked 100 among 190 economies.