Sri Lanka is a beautiful island country located in South Asia, known for its rich culture, stunning beaches, and delicious food. In recent years, Sri Lanka has become an attractive destination for entrepreneurs and investors looking to start a business in the country. Registering a business in Sri Lanka is relatively straightforward, but it is important to understand the legal requirements and procedures before starting the process. In this article, we will guide you through the process of registering a business in Sri Lanka.
Table of Contents
Step 1: Choose a Business Structure
The first step in registering a business in Sri Lanka is to choose the appropriate business structure. There are several business structures to choose from, including Sole Proprietorship, Partnership, Limited Liability Company (LLC), Public Limited Company (PLC), and Branch Office. Each structure has its own advantages and disadvantages, and it is important to choose the structure that best suits your business needs. For example, a sole proprietorship is a simple structure suitable for small businesses, while an LLC provides limited liability protection for its owners.
Step 2: Register Your Business Name
Once you have chosen your business structure, the next step is to register your business name. The name of your business must be unique and not already registered by another company. You can search for available business names on the Department of Registrar of Companies (DROC) website.
Step 3: Obtain Necessary Licenses and Permits
Depending on the type of business you are starting, you may need to obtain certain licenses and permits before you can operate legally in Sri Lanka. For example, if you are starting a restaurant, you will need to obtain a food license from the Ministry of Health. You can find a list of licenses and permits required for different types of businesses on the DROC website.
Step 4: Register with the Registrar of Companies
To register your business in Sri Lanka, you must submit an application to the Registrar of Companies. The application must include the following documents:
- Articles of Association (for LLCs and PLCs)
- Memorandum of Association (for LLCs and PLCs)
- Form 1 (Application for registration of a company)
- Form 18 (Consent and certificate of director)
- Form 19 (Consent and certificate of secretary)
- Form 13 (Notice of situation of registered office of the company)
- Form 14 (Declaration of compliance with the provisions of the Companies Act)
Step 5: Obtain a Tax Identification Number (TIN)
After registering your business, you must obtain a Tax Identification Number (TIN) from the Inland Revenue Department. The TIN is a unique identification number used for tax purposes.
Step 6: Open a Bank Account
To operate your business in Sri Lanka, you will need to open a bank account. You will need to provide the bank with your business registration documents and TIN to open an account.
Generis Global can help you with your business in Sri Lanka Starting a business in a new country can be challenging, especially when it comes to navigating the legal requirements and procedures. Generis Global is a professional firm that provides legal and business consulting services to clients in Sri Lanka. We can help you with every step of the business registration process, from choosing the right business structure to obtaining necessary licenses and permits. Contact us today to learn more about how we can help you with your business journey in Sri Lanka.