About the Client
Ministry of Finance and Health – Registry of Commercial Activities
The Registry of Commercial Activities is a department under the Ministry of Finance, and Health, responsible for the incorporation and registration of companies (legal entities and arrangements) and the provision of statutory company information to the public. Thus, the Registry of Commercial Activities serves as the central repository of public statutory information on Anguillian companies.
Challenge
The objective of the project was to develop a robust, stable, secure and commercially viable electronic system for the Commercial Registry.
The goal was to develop the Commercial Registry Electronic System (CRES) that would replace the legacy Anguilla Commercial Online Registration Network (ACORN) and allow Anguilla’s financial services sector to increase revenue collections, support the wider reporting requirements and enable more digital services.
Solution
The Government of Anguilla retained the services of NRD Companies to improve the country’s business environment by developing and implementing a digital business registry system that would offer a fully digital experience to both local and foreign business owners.
Based on the requirements set by the Ministry of Finance and Health, the Commercial Registry of Anguilla was developed to enable numerous functionalities including incorporation, registration of business names, registration of documentation, enforcement of the “Registry Act”, and provision of company information to the public.
The system was designed to maintain company information and associated documentation that are required by law, and utilized to incorporate companies. The system also helps to facilitate information exchange with international law enforcement agencies with respect to the companies’ ownership information. The system is utilized by several local agencies in the furtherance of their statutory responsibilities – Commercial Registry, Financial Intelligence Unit and the Anguilla Financial Services Commission.
NRD Companies services provided
- Assessment of legal regulatory framework
- Assessment of the existing infrastructure and current state of ICT capacities
- Review of existing IT systems in use
- Identifying gaps and defining the way forward for further modernization
- Design of a Commercial Registry Electronic System and all required back-office
- Integration of the existing legacy applications
- Testing, training, support, and maintenance
Results
Implementing the Commercial Registry Electronic System has effectively done away with paper documents thus streamlining the registration and document submission processes as well as the ability to comply with new laws and regulations. Incorporation, filing, and payments can all be done online in a fraction of the time needed previously.
The new electronic register has revolutionized our financial industry and has provided the needed technical modifications to cope with international regulatory standards. The team at NRD continues to prove their capabilities and expertise irrespective of the setbacks of Coronavirus. We look forward to broadening our spectrum with this team.
Mishline LeaderView Mishline Leader’s profile, Commercial Registry, Deputy Registrar
Replicable elements
The solutions implemented in Anguilla are easily replicable and countries worldwide could enjoy the same benefits by retaining the services of NRD Companies. These benefits include the following elements:
- Assessment of legal frameworks and procedures
- Assessment of existing ICT capabilities
- Design and implementation of electronic registry systems
- Data migration from legacy systems
- Training and knowledge transfer
SDGs addressed
By improving service delivery to individuals and businesses, improving the business ecosystem, and contributing to good governance and transparency, the project addressed three major UN Sustainable Development Goals:
- Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
- Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
- Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
- Reduce inequality within and among countries
