If you have a brilliant product or service that you want to offer to customers, the first thing you’re going to want to do is to register your company or business. This process is not exactly a difficult one to do, but it is a tad time consuming though.
It’s all in the name
The general procedure to register a company begins with getting the company name approved. If your company is a Private, Public, Public Quoted, Guarantee, Foreign, Off-Shore, Unlimited Companies or Associations, it would be mandatory to reserve your company name.
This process is usually done by searching a database of registered companies through an online portal or by manually going through books that are kept at the information counter of the Registrar-General of Companies. This is to make sure that your company name is not already in use and that there are no similar names either.
Performing the actual Company Registration
This process has its own set of documents and forms to be filled such as Form 1, Form 18 and Form 19. Once that is done, you would have to submit a set of Articles of Association and then give public notice via local newspapers. This is essentially a notice saying that the company is now a registered company under the Registrar of Companies.
It seems easy, or is it?
Like we said, the process seems easy. But in reality it is a tad more complicated and also time consuming. For example, it would take close to 9 days to properly carry out a company registration in Sri Lanka. Of these 9 days, around 3-4 are spent at the Registrar of Companies.
The eROC speeds up the registration process
With the intent of making the process smoother and hopefully faster, the Registrar of Companies launched eROC. This is an online system that would enable you, the applicant to register your business within a day, from the comfort of your own homes.
Accessible via this link, the eROC platform offers users a number of services. These include the ability to check registered companies, perform name reservation, submit registration applications, view the status of name approvals, status of registrations and have access to a company dashboard as well.
In order to access some of these features, you will need to create an account for yourself. This is easy to do and requires your name, email address and a unique password. Once created, you will have access to all the features of eROC.
Searching for company names, however, doesn’t require you to login to the site. All you need to do is to enter the Company name or Registration number and hit the Search button and the results will be displayed.
Is this new Company Registration system effective?
Granted that most of the features of the system require you to actually register a company, we cannot exactly say how effective the system is. However, If it actually does work properly and a company registration can be carried out within a day, then that would definitely be a boon for those looking to setup new business ventures.
On the other hand, if the system is just about gathering the application forms and you still have to visit the Registrar of Companies to carry out the company registration then it’s not exactly the solution that people would be looking for. For example, there appears to be no method to carry out a payment for the company registration forms. This would suggest that you still have to physically to go the Registrar of Companies to carry out the rest of the process.
Overall though, the launch of the eROC is certainly a welcome addition to the digitization of Sri Lanka. It makes everything easier because its online, alleviating the need to physically go to offices to get work done. Hopefully, the system will be maintained as well.
Have you tried a company registration via eROC? Is it easy? Let us know in the comments below.