With a new
chapter in the development of the private sector in Sri Lanka, it is now
possible to incorporate a new company in Sri Lanka from the comfort of one's
own home, reported Minister of Industry and Commerce. According to Minister
Bathiudeen, online company name reservations could obtain, and company
registrations could also submit online.
"Physical
attendance at the company registrar's department is not necessary," the
minister said. The Minister declared this in parliament on Tuesday (October 08)
when shedding light on the House's regulations made by him with the President's
consent to the Public Contract Act regulations. The Minister declared this in
parliament on Tuesday (October 08), thus shedding light on the House's rules
made by him with the President's consent to the Public Contract Act
regulations.
Accordingly,
fees payable, except VAT on four types of contracts, have amended. The new payment
will be Rs. 2,000 for a registration application as an agent, sub-agent,
representative or nominee for or on behalf of a tenderer, Rs. 10,000 for a
public contract registration application, Rs. Two thousand for a registration
renewal application and the new fee will be Rs. 10,000 for a federal contract
re-registration application. Minister Bathiudeen added that if you have a
computer with internet facilities, you can easily do the necessary procedures
at home.
He said the
company's registrar department plays a vital role in the country's economy. All
expenses related to the Department covered through the business fund except for
officials ' salaries. The Company Registrar's Department received revenue of
approximately Rs. Six hundred million in 2017 and the Department's revenue for 2018
rose by 11 per cent (from 2017) to Rs 664 million.
Sri Lanka was
ranked 100 among 190 countries in the 2019 Doing Business Index of the World
Bank. Ease of Doing Business ratings for Sri Lanka's "Beginning a Business
Indicator" (at 87.87 of 100) placed the country in second place in South
Asia just after the Maldives (at 89.17). The regional average in South Asia for
starting a business indicator is 85.44.
OSL Take: Sri
Lanka’s latest positioning in the World Bank’s Doing Business index for 2019
will undoubtedly help attract foreign investments to the country. By climbing
11 notches in the index, Sri Lanka has indicated the improvements made in the
country’s ease of doing business environment. Therefore, foreignbusinesses/investors should explore investment opportunities in Sri Lanka.
VBS/AT/20191118/Z_TB1
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