Economic growth is based on multiple factors and drivers. One key driver is investment, which has a ripple effect on numerous fields, including employment, revenue generation for citizens and governments, as well as infrastructural and social development. Governments worldwide hence have a challenge to meet, in providing the right environment for promoting investment through the setting up of businesses, whatever be their scale.
Countries hence want to promote domestic investment and attract FDI. To foster efficiency and attractiveness in this regard, governments are revamping their processes for business registration. In this context, company registrars are deploying information and communication technology (ICT) applications so as to reduce the time and effort required for new businesses to register, improve regulatory oversight by government and facilitate access to company information.
The first stage of the life cycle of a business starts at the business registration level and, in order to encourage new business, the registration process needs to be very fluent and efficient.
– World Bank Group, Doing Business 2015
The Corporate and Business Registration Department (CBRD) key role is facilitating and speeding up the registration and monitoring process for businesses. Our system has contributed to Mauritius being the leader in the region in terms of number of days needed to start a business. During the last decade, the average number of days needed to start a business in Mauritius has decreased from 46 days to 6 days.
- Our system is an automated system which is to help business facilitation and to better meet the expectations of stakeholders. Prescribed application forms are being used to facilitate data capture and migration.
- Applications can instantly be validated or rejected if submitted documents are incomplete. Companies’ information can be directly updated on the system – hence saving time and reducing paperwork.
- Company name availability and reservation are managed by the system.
- Payment can be done within minutes and the administration of registered companies is carried out automatically by the system.
- The system includes alerts related to critical dates, maintaining up to date information about a company name and generation of Certificates of Incorporation for companies.
- The system also provides for the necessary security and audit features to ensure the integrity of system data.
- The system provides real time reports and statistics suitable for different levels of management, which help in decision-making processes and effective long term planning.
- The system can provide government agencies with an electronic notice about newly registered business.