Online Company Registration Aims to Boost Local Economy - International Law Office

In keeping with the present government's efforts to boost the local economy by encouraging investment, the Department of the Registrar of Companies (DRC) has created a website, accessible at www.drc.gov.lk.

Intended to streamline and simplify the incorporation procedure, the website contains all information required by parties wishing to incorporate a company. The Companies Act (17/1982) and all relevant guidelines have been posted online to enable laypersons to tackle the incorporation process with ease.

Those wishing to incorporate a company may apply for name approval and submit draft memoranda and articles of association through the website. Existing company names have been listed in a database available on the website, which a requestor may search when selecting a name. Whereas it previously took about a week to have a name approval request form processed, this may now be done within a day. The various statutory forms required have also been made available on the website and may be filled in and submitted electronically. Payment must be made via credit card. Any queries regarding the completion of the forms may be channelled via email.

The home page of the website provides useful links to the Board of Investment of Sri Lanka, the two main English-language daily newspapers, and a website that provides browser access to Sri Lankan legislation and reported judicial decisions.

Sri Lanka is one of the first South Asian countries to introduce an online company incorporation process and the DRC is the first government department to opt for an online payment gateway (through a private bank) to enable those visiting the site to make payments by credit card.

It is envisioned that the website will expedite the incorporation procedure and upgrade services provided by the DRC while enabling foreign investors to liaise directly with the DRC regarding the procedure to be followed before and after incorporation.

For further information on this topic please contact Simon Senaratna at Simon & Associates by telephone (+94 1 38 19 06) or by fax (+94 1 38 19 07) or by email (simona@eureka.lk).