Sri Lanka to further simplify company registration procedures to help country’s doing business environment
The government of Sri Lanka is to further simplify procedures involved in the registration of companies through reforms that will enable applicants to get more done through the registrar of companies, the local media has reported.
The government will do away with the need for a public notice in registering a new company, Champika Gunaratne, project manager of the Information and Communication Technology Agency has been quoted as saying in the local media.
“We are changing section 91 of the companies act to remove the procedure of a business start up being required to have a public notice, which takes three days now,” he has told a forum on reforms to improve Sri Lanka’s ranking in the World Bank’s Ease of Doing Business Index.
“They will also have no need to go to the Inland Revenue and Labour departments. All three can be done through the ROC (Registrar of Companies) which will notify Inland Revenue and the Labour Department and get registration in two hours.”
According to the official, new reforms are expected to take place within one month.
OSL take:
The move to simplify the procedures involved in the registration of companies in Sri Lanka by the state would definitely improve the ease of doing business environment in the island nation. The reduction in the red tape involved in setting up a business in Sri Lanka would definitely be encouraging for foreign businesses/investors to set up base in the country. The increasing number of development projects in the country has increased the business/investment opportunities as well.
| Article Code : | VBS/AT/11032019/Z_3 |