Business license in Sri Lanka
Business license in Sri Lanka
As requirement of business license in Sri Lanka whether foreign or local investor has to get permission of new company registration from government registrar companies.
|Act of business license in Sri Lanka|
- Company Act. Number 7 of 2007
- Society Ordinance Number 16 of 1891
- Public Contracts Act Number 3 of 1987
|Company name approval BEFORE business license in Sri Lanka|
- Proposed name availability is an important in Sri Lanka as parent company like to choice same name and style in any place. Search name of proposed company,
- Firstly, search through online as proposed name to find database stock of Registrar Office if name is available or booked by someone.
- ·You are requested to collect form A 16 from counter of registrar office and fill the information up.
- Clear payment option of name search paying by cash or card of Rs. Less than Twelve Hundred.
- Database admin officer will search name and approve IF same name is vacant.
- Registrar general deserve right to approve name or cancellation.
- Approved name is valid or live till ninety days only.
|Steps of business license in Sri Lanka|
- Other steps will start AFTER approval of company name
- Prepare Memorandum and Article of association draft with other supporting papers such as Form 1, 18 and nineteen.
- Form 1: Company registration information
- Form 18: Directors’ certification of the company
- Form 19: Certificate of the Company Secretary
|Prepare draft Article of Association as part of business license in Sri Lanka|
- As company act 2007 of 7, company shall be formed as limited liability EXCEPT of guarantee.
- Share holder’s number shall not be extend of fifty
- Preparing draft article, submit the paper to registrar office paying fees of Rs nineteen thousand nine hundred only.
- Forwarding day, certificate can be received if all information and documents seems fine.
|Advertisement as part of business license in Sri Lanka|
- A notice will be published once company is incorporated within period of thirty days of inception.
- As advertisement procedure, some information shall have to be written as following :
- Company name and registration number shall be clearly written in paper advertisement
- Address of the company and contact detail shall be written
- Position of business entity, place of parent company etc shall be written in advertisement, provided that advertisement shall be published in daily English news paper.
- Notice: Company can be incorporated or registered by permission of BOI (Board of Investment) or may not necessary of approval from BOI, depend on business category.
Fees of company registration in Sri Lanka
|As Form 1 (Government fees)||Rs. Fifteen Thousand (Rs. 15,000)|
|For, Form 18 (Government fees)||Rs. One thousand (Rs. 1000)|
|For, Form 19 (Government fees)||Rs. One Thousand (Rs. 1000)|
|For, article of association (Government fees)||Rs. One Thousand (Rs. 1000)|
|Note: ||Fifteen percent VAT will be applicable on all above fees. |
|Consultancy fees “A”||US Dollar Two Thousand ($ 2000), for small investment company.|
|Consultancy fees “B”||US Dollar Three Thousand ($ 3000), for medium investment company.|
|Consultancy fees “C”||US Dollar Seven Thousand ($ 7000), for big investment company.|
Time frame of business license in Sri Lanka
|Business license in Sri Lanka as limited by guarantee|
- As section 34 of Company Act 2007, upon satisfaction of registrar limited by Guarantee Company is incorporated and allowed to promotional activities.
- Company can be registered without name and style of LIMITED word in case of limited company by guarantee.
- Objectives, rights, obligations, management and administration information should be clearly written and without contradiction.
- Each member of the entity undertakes for assets, cost, charges, and expenses.
- Company will follow section 203, 221
|Time frame of company registration in Sri Lanka|
- As normal procedure of business license in Sri Lanka may require 30 days including BOI permission and registrar office.
Note: As expert in this field for a long period, we can guide foreign investors to obtain business licensing and company registration in Sri Lanka under FDI rules.
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