In 2012 International Monetary Fund estimate Sri Lanka economy which was 64 billion and its per capita is about $7900. In recent year the Sri Lanka’s economy has grown rapidly, which makes this country a favorable place for starting a business.
Though Sri Lanka is ranked 81st of the ease of business rank, this does not exclude the fact that there are many opportunities for investors to make money in the country.
However, compared to other countries the business registration fees in Sri Lanka is comparatively low. This article is going to describe more details about company registration fees in Sri Lanka.
Company Registration Process Step by Step
Before we decide to discuss further about the company registration fees, lets first talk about the company registration process.
The company registration process includes–Company Name Registration, Appointment of Company Secretary, Address Registration, and Business Constitution.
Depending on the type of business you need to obtain a license and open bank account to incorporate your business.
It takes about 21 days to complete the process of Private Limited Company registration in Sri Lanka.
From our experience of company registration in Sri Lanka— it may take around three weeks to three months to complete the entire registration process of business including (export, import, other licenses).
|Types of Company||Cost in Rs|
|Private Limited Company Registration||Rs. 4,000|
|Public Limited Company Registration||Rs 20,000|
|Unlimited company Registration||Rs 15,000|
|registration of a company limited by Guarantee||Rs 30,000|
|Mortgages Registration, charge and debentures||Rs 7,500|
|off-shore company registration||Rs 150,000|
The table above shows the company registration fees for various types of company. Beside this, you need to pay around Rs 6000 for the registration of annual return. 15 % Tax is included to the amount of registration.
Other Necessary Costs
|Company name approval||Rs 2 000|
|File Inspection Cost||Rs 1000|
|Company Secretaries- registration costs (individual)||Rs 5000|
|proprietorship / partnership as Company Secretaries registration||RS 10000|
|Limited Companies Secretaries registration costs||Rs 10000|
|Business place registration in Sri Lanka (Overseas Company):||Rs 60000|
|Other existing company registration||Rs 10000|
|Registration of Auditors (as individual)||Rs 6000|
|Registration of partnership as Auditors||Rs 15000|
|Individual auditor individual registration costs||Rs 4000|
Societies (Fees) Regulations
|Registration within a society||Rs 3000|
|Changes in the constitution of societies||Rs 1500|
|Issuing the certified copies of Society||Rs 500|
|Society file search fess||Rs 200|
|Yearly return of society||Rs 1000|
|Additional 15% are applicable to the above fees|
Company Name Registration Process via Online
Recently Sri Lankan government introduce “eROC” service. Through this service now you can register your business through online instead of visiting DRC office physical to submit the forms. This does not mean that you will never visit the government office.
The government makes the process easier for company registration.
However, sometimes registering your business online can also be problematic. Therefore, to ease the process the steps of company registration via online is described below–
Firstly, you need to check your Company name availability. You can do this by searching through the website of – “Department of the Register of Companies.”
You can check the name availability without creating an account. You need to book the domain name that is identical to the name of your company. You need to register your domain under Lanka-Host (.lk).
Account Registration with eROC:
For accessing the other part of company registration, you must open an account. Creating an account is completely free. All you have to do is to enter a valid email address (must be your company email) and create a password.
Name reservation process:
You need to login to your newly created account. Once you logged in you will find an application page for name reservation. Fill up the forms with necessary information. Remember without entering a unique company name you cannot process the next steps.
The other process of name reservation includes– personal details, company sectary details, submitting an article of the association and paying necessary fees (Rs 2300).
You can pay the fees through credit and debit card. Once your name is registered, you will get the confirmation message in your email. The other process of company registration can also be done through your account within the department of the Registrar of Companies.
Registering a company in Sri Lankan is much easier than other countries. The Sri Lankan government makes the registration process much easier by introducing online registration system -eROC.
However, the company registration fees depend on the type of company. Compared to other countries the company registration fees in Sri Lanka is much reasonable.
If you face any problems with registering your company in Sri Lanka, you can contact us. Since 2012 S&F Consulting Service is working with many foreign investors and helps them to set a foreign-owned company.