How to start a business in Sri Lanka
How to start a business in Sri Lanka
You may find answers in detail of how to start a business in Sri Lanka as foreigner?
|Type of business||Required capital to start a business|
|Import, export, retail business||US$ 1 million is required to start a business|
|Service and small business||Any amount|
Sri Lanka is a republic and a unitary state represented by a semi-presidential framework With an economy worth $80.591 billion and a for every capita Gross domestic product of about $11,068.996. Sri Lanka has for the most part had solid development rates in late years. The Sri Lankan economy has seen hearty yearly development at 6.4 percent through the span of 2003 to 2012, well over its provincial companions. In Gross domestic product per capita terms, it is in front of different nations in the South Asian locale. Since the finish of the three-decade fear based oppression, Sri Lanka is currently concentrating on long haul key and basic advancement challenges as it endeavors to change to an upper center wage nation.
How to start a business in Sri Lanka and process of company registration step by step:
The procedure for enlisting an organization in Sri Lanka is clear. By and large, the whole procedure takes around ten days all the way.
Here are the means:
- Through the Registrar of Companies on the web, you’ll have to look for and hold your organization name. This reservation will stay substantial for three months. It costs 1,000 Sri Lankan rupees (LKR), or what might as well be called around 6€. Your enlistment will be affirmed inside two days.
- Next, the organization secretary and chief must sign an assent shape. This is done face to face and just takes a day. On the off chance that you don’t have a secretary as a top priority, neighborhood associations will serve to give an organization secretary to a little month to month charge (between 30,000 LKR and 45,000 LKR).
- Submit structures through the Registrar of Companies give open notice of your organization’s consolidation at the Daily Newspapers and Government Publication Bureau. You should give this notice inside 60 days of joining, and the daily paper will distribute your notice inside two weeks. It will cost LKR 7,000.
- Obtain a Tax Identification Number (TIN) from the Taxpayer Services Unit of the Inland Revenue Department. There’s no charge and it takes one day. This must be done face to face.
How to start a business in Sri Lanka as lawful or legal issue?
As per Sri Lankan work law, a representative is qualified for 14 days of paid yearly leave in the wake of serving a year consistently at the organization. Specialists are qualified for one and a half days off every week, and in addition pay on all open and religious occasions. They are additionally qualified for a large portion of a month’s compensation for each finished year of administration following at least five years in case of an end. Maternity leave is 12 weeks in Sri Lanka.
Installment of wages
All workers are qualified for be paid a month to month wage. Installment of wages in view of a day by day rate or on contract premise won’t be allowed. The workers should be paid their wages inside ten days of the expiry of the wage time frame.
Just approved reasoning’s, for example, loans, credits acquired by the workers, and so on with the assent of the representatives, pay charge, representatives commitment to EPF and whatever other conclusions affirmed by the magistrate of work can be produced using compensation. The total of such derivations ought not exceed 83;
- a) half of the wages due for the period on account of representatives secured by choices of wages sheets for all exchanges other than tea, elastic, cocoa and coconut developing exchanges, and
- b) 60% of the wages due for the period on account of office representatives.
The level of remote workers for a specific outside business in Sri Lanka is reliant on the nature and estimation of venture. Once the organization is endorsed under the Board of Investment in Sri Lanka, the speculator can look for authorization on these respects from the Investment Appraisal Department of the BOI. The Board of Investment in Sri Lanka is the key leader in such manner
As of August 2016, rental expense for office premises in Colombo 1-3 is around 250Sri Lankan rupees for every square foot every month. Be that as it may, these expenses are liable to foundation and different offices that are given in the workplace. In this manner, the costs may differ
A profit charge, which is presently at 10%, will be payable at 14% according to spending recommendations on the gross profits circulated by an inhabitant organization, other than such profits dispersed out of any profit got from another occupant organization (and couple of different special cases).
Sri Lanka-S & F Consulting Firm Limited
Colombo 08, Sri Lanka