Sri Lanka online company registration by March 2018
ECONOMYNEXT – Sri Lanka’s Department of the Registrar of Companies (DRC) has signed a deal with audit firm KPMG to automate company registrations, reducing the time taken to just one day by March next year.
The present manual process, which will be continued for those without online access, currently takes three days, the Ministry of Industry and Commerce said in a statement.
The ‘eROC’ project will cost Rs 57 million and is funded by the Companies Fund of the Department with the online system scheduled to go live in March 2018 with all required documentation and payments being done online.
“The main objective is to reduce unnecessary time consuming paperwork and help more startup registration as well as to speed up the process,” Registrar General of Companies D. N. R. Siriwardena said.
The total number of companies registered in Sri Lanka under the Companies Act rose 11% to 85,587 in 2016, from 77116 in 2015.
(COLOMBO, May 30, 2017)