You’re finally ready and excited to start your own business. It’s time and you’re willing to take risks like quitting that job that keeps you comfortable – maybe, you already have. You’re raging to pursue your dream and change the world, solving one problem at a time.
The Government has recently introduced “eROC”, a service where you can register your business online, instead of visiting the DRC to submit the forms, one by one. Now, this doesn’t mean that you’ll never have to visit the Government office again, but it does help make the process easier.
Registering your business can be a confusing, grueling and time consuming task. To ease the burden, we’ve created this step by step guide to help you register your business online.
1. Check whether your company name is available
Searching for a unique company name can be done online through the website of the Department of the Registrar of Companies. This section of the website can be accessed without an account. Click the blue icon to start searching whether your desired name is available. By using this service, there’s a way to ensure your future company name isn’t taken.
Make sure to grab a domain name identical to the name your company is going to be registered under. Lankahost is what we use to buy all our .lk domains and Godaddy for our international domains and hosting.
2. Register an account with eROC
Unlike checking registered companies, to access the other parts of the process, an account is necessary. The account is free to make. All you have to do is enter a valid email address, either your private or company email, and create a password.
3. Name reservation process
Login to your newly created account, and click the yellow option. Once on the application page for name reservation, fill in each section with corresponding information.
-Propose a name
Have you already thought of the perfect name for your company? Select the type of company and enter your desired company name. If the company name is available, you can proceed to the next step. If not, it indicates that the company name needs to change. If there is abbreviation in the company name, the ROC requires an explanation.
Every field is compulsory to fill. Enter your name, address, postal code, telephone, mobile number, and email address.
-Director’s and company secretary details
At this stage, enter the names of the directors, their address, postal codes and NIC numbers. The screen prompts you to enter information about your company secretary, from their name to their NIC number.
If you don’t have a company secretary, don’t worry about it. We’re a registered company secretary, we’re here to assist and represent you. Simplebooks can fill in the details, regarding the company secretary. You can read more on why we believe every business is complete with a company secretary here.
This step isn’t compulsory and you can proceed to the final step in name approval. However, if your name is similar to a group name, you’ll have to produce a letter of consent. Depending on whether restricted words are used, provide an explanation and submit Articles of the Association. You’ll need a company secretary’s assistance to draft these letters.
The great thing about registering your business online is that you can understand how much it’s going to cost you. The cost of name reservation comes up to LKR 2,300. You can choose between paying through a debit or credit card.
Once your company name is approved, you should receive an email with the name approval number. Click the dark green tab to continue the process.
After entering the number in the first field, automatically the ‘Name’ fields are completed. Unfortunately, there’s no way to progress further into filling the forms without this confirmation number.
All that’s left for you to do is to select the type of company and provide basic company details such as the registered office address, province, district, and email address of the company. For the main objective of your company, select what suits your company the most from the options that are available in the menu. Examples listed are manufacturing, water supply, etc.
Under stakeholders, you would need to include all the director and company secretary details. Enter information about each individual’s first name, address, passport, NIC number, phone number and email address. By clicking the add button, it allows you to enter details of multiple directors, if your company should have any.
After adding the directors, fill in the information of your designated, registered company secretary. This includes, adding their registration number to confirm they fit the local regulations.
The system generates Form 1, Form 18 and Form 19. Click the download button to receive pdf versions of the form. It requires your signature, along with additional details that you have to manually enter. Additionally, the Article of Association needs to be drafted by you or a company secretary.
A company may either adopt the standard set of Articles of Association in Table A of the Companies Act of Sri Lanka or draft its own Articles of Association.
After you’ve completed filling the forms, with the signature of your company secretary and your signature, scan these documents and save it as a pdf file. They don’t accept any other file type, to be valid. Upload each individual file carefully and to its relevant field.
Form 1 – Company Registration (Rs. 4,000 + VAT 8%)
Form 18 – Consent and Certificate of Director (Rs. 2,000 + VAT 8%)
Form 19 – Consent and Certificate of Secretary/Secretaries (Rs. 2,000 + VAT 8%)
Similar to the previous payment process, you have the ability of making a payment through a debit or a credit card.
4.Give public notice of incorporation
The company registration process doesn’t end here. After everything else is done and confirmed, the final procedure is to give public notice. This is usually done by publishing a small blurb on the local papers.This is the only process that cannot be completed online. This is compulsory, and your registration application would not be accepted, if this step isn’t completed.
This should include the company registration number, registered office address and the name of the company. This should be on at least one issue of the Gazette; and in at least one issue of a daily newspaper in the Sinhala, Tamil and English languages, circulating in the area of business.
As a registered corporate secretary, Simplebooks is capable of registering your company for you. There are three packages to choose from, depending on your requirements.
All three packages from basic, regular to premium focuses on helping you register your business with ease, while you can focus on important tasks.
Our regular package guides you through the final stage of company registration; publishing on the Gazette which is compulsory. Our premium package lets us be with you, every single step of the way; from registering your business, to publishing a gazette notice, to producing your company seals.
It is a crucial requirement in every company to maintain accurate records of important statutory documents, and this contribution is made by a company secretary. (For example, incorporation papers, director’s consent to act, director’s resolutions, shareholder agreements, and annual returns in the company registers and files.)
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