• Phase 1 of one-stop shop initiative aims to automate internal processes
• Online platform will provide investors with increased visibility of application status
• Phase 2 will integrate other Govt. agencies into online platform
• Completion timeline for Phase 2 depends on inter-agency coordination

As part of its vision of realising a one-stop shop for investments, the Board of Investment (BOI) will be providing an online application process for prospective investors from June.

Speaking to The Sunday Morning Business, BOI Director General Renuka M. Weerakone revealed that they were currently developing a system to allow for online applications from prospective investors. 

She explained that this development amounted to Phase 1 in the establishment of a one-stop shop for investments within the BOI. 

“What we are proposing is to automate the BOI application process. We have commenced work on it and hope to have it completed by mid-year,” she said.

Accordingly, she stated that through the automation of the application process, the BOI was attempting to provide prospective investors with increased visibility of the internal departments of the board so that they may gauge the status of their application.

“Initially, we will automate the internal processes. This will allow for visibility within internal departments so that an investor knows that their application is at the environment or engineering departments; they can then track it,” she added.

Weerakone further revealed that Phase 2 in the establishment of a one-stop shop would involve other Government agencies joining the BOI online platform so that prospective investors could track the respective approval processes. 

She noted that Phase 1 would become operational by June and that they were hopeful of completing Phase 2 by the end of the year.

However, she stated that quantifying an exact timeline for the completion of Phase 2 was difficult as it would require coordination between other Government agencies.