Online Company Registration in Sri Lanka
Online company registration in Sri Lanka has taken a crucial pickup in recent times. The process has been made simpler, easy to understand and hassle free. One just need a computer with a good internet connectivity to run the program intended for Online Company Registration
Recently the Sri Lankan Government has successfully introduced and promoted “eROC”, an online service station where one can easily register their business company through online. The aim of creating this online portal is to make the online company registration in Sri Lanka for the investors easier, hassle free and eventually eliminating the need of visiting the DRC and other authorized government bodies to submit the forms, approvals and articles. Now, this is important to keep in mind that one might need to visit some of the authorized agencies or Government offices in person rather completely relying on these online services.
Online company registration procedures can often be confusing, grueling and time-consuming task to perform. To make things easier and simple, this article configures the guidelines step by step for the investors to complete the registration method.
The online registration process is mainly a two-step procedure with additional sub steps at each station. The entire method is shown below:
# Step 1 – “Name reservation” and is considered as the first and most vital step for online company registration in Sri Lanka.
1. Check availability of your proposed company name.
Searching a desire and unique name for your company can be easily by performed online through the website of the Department of the Registrar of Companies. One does not require an authorized account to access this section of the website. One just need to click the blue icon to search and check whether the desired proposed name is currently available to be registered. One can easily ensure the availability of their future company name by using this service easily and in the simplest manner. Yet it is very important to grab a domain name similar to the proposed name of one’s company is going to be registered under.
2. Registering your account with eROC:
To access all the other options and facilities available in the site other than just checking the availability of the proposed company name one must need to have an account with eROC. The account can be made for free, no charges are applied. One just has to provide a valid email address, either a private or company email, and set a password.
3. Process of name reservation
One must now login to their desired account and click the yellow option at the left-hand side of the screen. Once the application page for name reservation appears to your screen start filling out each section with valid and corresponding information.
- Propose a company name
If one has already got the desired name ready for the future company then they have to select the type of company and simply enter their desired company name. If the company name is available and ready to be registered, one can now proceed to the next step. If the proposed name is already taken or is not available to be used it indicates that the proposed company name needs to be changed. If one applies any abbreviation to their proposed company name, it has to be explained.
- Personal Information Inputs
Every single field is mandatory to be filled with appropriate and valid details. One must enter their name, permanent address, postal code, available telephone & mobile number and valid email address.
– Now the company’s Director and secretary details has to be provided:
In these steps one has to enter all sort of details of their company directors, which includes their name, permanent address, postal codes, contact information and valid NIC numbers. Next step that will appear in the screen is to enter all same and valid information about the company secretary. If one does not have a company secretary, there is nothing to be worried about. S & F Consulting Firm limited and other business advisories will help you get in touch to the right person who can be appointed or hired as your company secretary.
– Other documentation often required for Online Company Registration in Sri Lanka. (NOT COMPULSORY)
This step is not compulsory and can be avoided to proceed to the final step in name approval. However, in a case if your proposed name is similar a group name of another organization, one has to produce a letter of consent. Under restricted words and limits one can provide an explanation letter and submit Articles of Association. One requires the assistance of the company secretary to draft these letters of consent.
– Fees, Rate and Mode of Payment related to Online Company Registration in Sri Lanka:
Company Registration cost in Sri LankaOne of the best things about business registration through online is one can easily presume and assume there total costing required. The total cost for name reservation is about LKR 2,300. One can pay by the means of a debit or a credit card.
# Step 2 – are the steps involved for Online Company Registration in Sri Lanka:
Once the proposed company name is approved one will soon receive an electronic email with the name approval number. Now click the dark green tab to continue the process from there.
Once the provided approval number is entered in the first field, automatically the ‘Name’ fields are completed. Unfortunately, one cannot progress to the next step of filling the forms and data without this confirmation approval number.
One just now have to select the type of company according to their nature of business and simply provide all basic and valid company details which involves the registered office address, territory, district, and email address of the company. The main objective of the company can be selected from the options available in the menu to that best suits the company business nature. Examples that are provided in the list are manufacturing, water supply, Technology Information etc.
– Stakeholders
Well in the stakeholder’s portion or tabs one would just have to provide all valid details for the director and company secretary. Enter all information about each individual’s first name, permanent address, passport number, NIC number, valid and current phone number, mobile number and email address. One can even click the add button to enter details of multiple directors if needed.
After adding the directors comes the turn of the designated, registered company secretary. Similar information is needed to be provided.
– Necessary documents that are required for registrations:
The system itself generates Form 1, Form 18 and Form 19. One can easily download to receive pdf versions of the forms available. The forms do require valid and authorized signature and some additional details that one has to manually enter. The Article of Association (AoA) needs to be drafted by the individual director or by any company secretary.
After completion of filling the forms with appropriate signature of the directors and company secretary and one’s signature, simply scan these documents and save it as a pdf file. The system does not accept any other file type other than pdf format. Make sure to upload each individual file carefully and ectra attention must be provided that each individual file is being uploaded to its relevant field.
Form 1 – Company Registration (Rs. 4,000 + VAT 15%)
Form 18 – Consent & Certificate of Company Director (Rs. 2,000 + VAT 15%)
Form 19 – Consent & Certificate of Company Secretary (Rs. 2,000 + VAT 15%)
– Fees, Rate and Mode of Payment related to Online Company Registration in Sri Lanka:
Similar as before one can easily chose the payment method on their own by either a debit card or a credit card.
- Public notice of incorporation
The process for online company registration in Sri Lanka doesn’t end here as one vital step which is called the Public Notification of Incorporation has to be performed. This step of incorporation is done by publishing a small blurb on the local papers. Sadly, this is the only step that cannot be completed online. This step is rather is compulsory and keeps great importance as the registration application would not be accepted, if this step isn’t completed. It is important for the business entities to go through proper advertisement and branding of their business company, services, business nature or the type of goods that they are going to bring in for the people of Sri Lanka. Thus, appropriate and authorized notice is published all over Sri Lanka for the company’s incorporation at various newspapers and Government Publication Bureau. One must publish this notice within 60 days of company incorporation. The newspaper company will publish the notice for two weeks. It requires of LRK 7,500 for this publication procedure to be completed.
Although is suggested by many that registration and other incorporation methods is always better performed in person rather then using online support. Investors often come up with several issues and mistakes that cost them a lot. If one has problems then there is no need to be scared or get tensed, business advisory firms like S & F Consulting Firm Limited and other business agents are available all over the country to help the investors with all their queries and problems they come up with. These business advisory firms has all sort of solutions for company registration issues regarding taxation, approvals, laws form filling and filing along with other obligations and ligations.