Oct 11, Colombo: Opening a new chapter in Sri Lanka's private sector development, incorporation of a new company in Sri Lanka is now possible from the comfort of one's own home, Minister of Industry and Commerce. Rishad Bathiudeen says.
According to Minister Bathiudeen, name reservation of companies could be obtained online and company registrations and incorporations could also be done online.
"There is no need for physical attendance at the Department of Registrar of Companies," said the Minister.
The Minister disclosed this in parliament on Tuesday (October 08) while enlightening the House on regulations made by him with the concurrence of the President to establish Regulations under the Public Contract Act.
Accordingly, fees payable, except VAT on four types of contracts have been amended. The new fee will be Rs. 2,000 for application for registration as an agent, sub-agent, representative or nominee for or on behalf of a tenderer, Rs. 10,000 for application for registration of a public contract, Rs. 2,000 for application for renewal of a registration and the new fee is Rs. 10,000 for application for re-registration of a public contract.
Minister Bathiudeen added that the necessary procedures can be easily done at home if one has a computer with internet facilities. "Societies' registrations can be done online since January 2019. Registration of auditors too can be done online. Card payments are accepted. Overseas companies and off shore companies can be registered online."
He said the Department of Registrar of Companies plays a key role of an economy of the country. Except for the salaries of officials other expenses related the Department are met through the company fund. In 2017 the Department of Registrar of Companies earned a revenue of about Rs. 600 million and the 2018 revenues of the Department increased by 11% (from 2017) to Rs 664 million.
In the World Bank's 2019 Doing Business index, Sri Lanka has been ranked 100 among 190 countries. The "Starting a Business Indicator" of Ease of Doing Business rankings for Sri Lanka (at 87.87 out of 100) showed the country ranked at second in South Asia just after Maldives (at 89.17). South Asian regional average for Starting a Business Indicator is 85.44.