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The Department of the Registrar of Companies had introduced the registration of companies online with the launch of its web site. Sri Lanka thus becomes one of the first Asian countries to implement the online process for incorporation of companies.

The project which came under the guidance of Commerce and Consumer Affairs Minister Ravi Karunanayake was aimed at streamlining the Company Registration System, which would save time and expenditure on consultation.

Ajith Dandeniya, Head of Information Technology at the Ministry said: "The online registration process now reduces the time of incorporation to 24 hours compared to a week in the past".

The site also accompanies an online payment gateway system, which was an arrangement with Sampath Bank Ltd.

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