How do you register your company in Sri Lanka?

Would you want to register a company in Sri Lanka? Here is the short description of Sri Lankan company registration.

Posted March 3,2019 in Economics and Trade.

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How do you register your company in Sri Lanka?

The process of registering businesses in Sri Lanka is simple. On average, it takes about 10 days to start the whole process.

1) Online online registration by the Registrars company, you will also need to find and book a company name. This reservation will be valid for three months. Its value is equivalent to 1,000 Sri Lanka Rupees (LKR), or about 6 €. Your registration will be verified within two days.

2) Then, the company secretary and director will have to sign a consent form. It works personally and lasts only one day. If you do not have any secretaries, local organizations will work to provide a company secretary for a small monthly fee (LKR 30,000 and LKR 45,000).

3) Submit the following forms by the Company Registry: Form 1 (Company Registration), Form 18 (Combination and Certificate of Directors), Form 19 (Secretary's Approval and Certificates) and two copies of their Statutes. This process usually ends in 3 days. Costs 15,000 LKR for Form 1 There is a fixed fee, as well as a fixed fee of 1,000 LPG and 11% VAT for other forms.

4) Give daily publications about your company's founding in daily newspapers and the Government Office for Publications. Within 60 days of this notice, the notice and the newsletter will announce your notice within two weeks. It will cost Rs 7 lakh.

5) Get a Tax Identification Number (TIL) from the Tax Service Unit of the Internal Tax Administration. It's not a cost and it lasts for one day. This should be done in person.

6) If applicable, register for Value Added Tax (VAT) with a branch of VAT Department of the Internal Revenue Office. It takes one day and there is no cost. If you include more than 3,750,000 LKR per quarter, you can get a permanent VAT registration.

7) The Department of Labor obtains one (EFP) number. The company registers it for a shift from the Central Bank of Sri Lanka for more than five years. It takes one day and there is no cost.