In 2017, Sri Lanka embarked on a groundbreaking initiative partnering with the Information and Communication Technology Agency (ICTA) to act as an external consultant to the eROC project. This transformative project, named the Registrar of Companies Digitization Solution – eROC, This project is completed, marking a significant achievement in modernizing corporate governance and business operations in the country.
The ROC, tasked with regulating and maintaining records related to companies and businesses within its jurisdiction, faced a formidable challenge. The rapid growth in the establishment of new companies created an unprecedented demand for information related to these entities. Handling this surging demand through traditional manual processes was not only unrealistic but also inefficient. To address this challenge and reduce the overwhelming workload, the digitization process of the ROC was initiated.
The e-ROC solution aimed to modernize the ROC and align its services with the needs of businesses, investors, government agencies, and the public. The overarching goals were to promote transparency, efficiency, and compliance within the corporate sector.
The scope of the project was extensive, covering multiple sides of ROC operations. Firstly, it aimed to improve the efficiency and effectiveness of ROC operations by automating core business functions. Secondly, the project sought to implement a one-stop shop for business registration, tax registration, and EPF registration, streamlining processes for entrepreneurs and businesses. Lastly, it had its sights set on enhancing Sri Lanka's ""Ease of Doing Business Index,"" a critical factor in attracting investments and fostering economic growth.
Throughout its journey, the eROC project achieved several key milestones. Iteration 1 was released in 2018, followed by Iteration 2 in 2020 and Iteration 3 in the same year. The operational acceptance of the project was achieved in June 2021, signifying the project's readiness to deliver its transformative benefits to stakeholders.
The outcomes, achievements, and impact of the eROC project are improved efficiency, resulting in time savings and cost reductions for businesses and government agencies alike. Customer service was enhanced, making it easier for entrepreneurs and investors to interact with the ROC. Accessibility to vital services was broadened. Importantly, the project contributed to increased revenue generation, supporting economic growth and development.