Process for business setup in Sri Lanka


The Company registration in Sri Lanka and setting up a company in Sri Lanka those process is are same. Sri Lanka scored the very best amongst the South Asian countries for simple putting in a corporation within the survey conducted by “sfconsultingbd.com”. The country has a longtime, well documented method for putting in a business.

Process for business setup in Sri Lanka

  • Every company incorporated outside Sri Lanka, that establishes an area of business at intervals Sri Lanka, shall at intervals one month from the date of firm of its place of business, deliver to the registrar for the aim of registration sure stipulated documents.
  • The corporations Act contains no categorical provision for the registration of a Branch workplace or Liaison workplace of a remote company.
  • Any foreign company that’s registered underneath the businesses Act is granted a similar power to carry lands as if it were a corporation incorporated underneath the businesses Act of Sri Lanka.
  • Documents needed for the registration of a remote corporation doing business at intervals Sri Lanka:
  • A certified copy of the charter, statues or memoranda and articles of association, or different instrument that constitutes or defines the constitution of the corporate
  • A list of the administrators of the corporate together with following information:

o             Name

o             Nationality

o             Nationality of origin if apart from the current status

o             Usual residential address

o             Other business occupation or directorships, if any

  • Name and address of 1 or additional persons residing in Sri Lanka WHO is permitted to just accept on behalf of the corporate, service of documents and any notices needed to be served on the corporate.
  • A statement containing the total address of:

o             The registered or principal workplace of the corporate

o             The principal place of business of the corporate at intervals Sri Lanka

  • A certified copy, certified of recent date, of any document effecting or evidencing the incorporation of the corporate.

Process of putting in a replacement Business:

  • Reserve a novel name
  • The company secretary to sign a consent
  • Register at the Department of the Registrar of corporations
  • Public notice of incorporation
  • Register with the tax authorities and acquire a Tax number (TIN)
  • Register with the Department of Labor and acquire the EPF variety

 

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Email: srilanka@sfconsultingbd.com
Address: No. 8 2/1, Rodney Street, Cotta Road, Colombo 08, Sri Lanka
(Local contact number on request)

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Company registration fees Sri Lanka


Company registration fees Sri Lanka

Company registration fees Sri Lanka

For the primary time in Sri Lanka’s company history, serious fees levied for registering a brand new Company, has been reduced by the govt. by seventy three %.

New firms born in Democratic Socialist Republic of Sri Lanka last year surged by seven % whereas the Department of Registrar of firms itself news a massive revenue in 2016.

“ i’m happy to tell the House that as a part of changes in fees we’ve got reduced the fee of registration of a personal company below kind one by the maximum amount as Rs 11000. therein we tend to reduced this fee from Rs 15000.00 to 4000.00 to develop entrepreneurship in Democratic Socialist Republic of Sri Lanka. All fee changes ar effective from January one, 2017”, same Minister of trade and Commerce Rishad Bathiudeen yesterday (4th May) in Parliament.

Minister Bathiudeen was creating a press release on the rise of Company registration fees by thes Registrar of firms (RoC) as a follow-up to the proposal created in 2016 Budget also as news the performance of mythical creature.

The Minister same In 2016, the financial gain of the Department of Registrar of firms enhanced by decade to Rs one.78 Billion from 2015’s Rs 632 million. Also 8,289 new firms were registered in Democratic Socialist Republic of Sri Lanka in 2016. The registration of foreign firms in Democratic Socialist Republic of Sri Lanka was additionally enhanced by terrorist organization to forty one in 2016.

If you need any help about company registration or fees related any service please contact with us

Company registration Sri Lanka – Click here

How to register a company in Sri Lanka -Click Here

New company registration in Sri Lanka


New Company registration in Sri Lanka– And Step By Step Guide

New company registration in Sri Lanka

New company registration in Sri Lanka

Starting a business is also a dream however losing your personal assets that support you and your family area unit a reality which reality might transform a nightmare if your business doesn’t estimate, you’re sued, or another unforeseen loss. By registering your business, your business assets and liabilities area unit separated from one another. There area unit several different reasons to include except for the protection of you & your family is also the foremost necessary.

If you’re beginning call at business, or perhaps if area unit established and incorporated and you wish to call your business one thing apart from your forename, you’ll got to register for a “Doing Business As” name, additionally called a DBA, trade name, or alias.

When you type a business, its legal name forever defaults to the name of the person or entity that owns the business, unless you decide on to rename it and register it as a DBA name. A guarantee of protection for your distinctive business name — which can be a key propellant of your selling drive; and,

– getting Licenses and Permits

– Register with the administrative body Department and Tax Authorities

– gap a checking account or choosing bank facilities for business needs

There area unit several legal entities you’ll be able to go along with once registering your business, we’re planning to be talking regarding personal restricted corporations here in the main as a result of

Obtaining approval for your name – For new company registration in Sri Lanka

Searching for a singular name is done on-line via the web site of the Department of the Registrar of corporations. we tend to advocate grabbing a site name for your company similar to the one you registered your name for. we tend to in person use Lankahost to shop for all our .lk domains and Godaddy for our international domains & hosting.

The company name reservation is valid for three

Submitting company registration forms – For new company registration in Sri Lanka

After getting the name approval, submit type No. 1, 18, and 19.All forms ought to be written or written. (Section 475). written forms won’t be accepted.

We’ve gone ahead and connected the forms to create it easier for you.

Form one – Company Registration (Rs. 4,000 + VAT 15%)

Form eighteen – Consent and Certificate of Director (Rs. 2,000 + VAT 15%)

Form nineteen – Consent and Certificate of Secretary/Secretaries (Rs. 2,000 + VAT 15%)

Submit Articles of Association – For new company registration in Sri Lanka

A company can be adopt their quality set up Articles of Association in Table A of the businesses Act of Sri Lanka or draft its own Articles of Association. You want to submit two copies.

Give public notice of incorporation – For new company registration in Sri Lanka

After everything else is finished, the ultimate procedure is to present public notice. this is often typically done by business enterprise alittle promotional material on the native papers. this could embody the corporate number & the name of the corporate. still because the Registered workplace address of the corporate. this could air a minimum of one issue of the Gazette; and in a minimum of one issue of a daily newspaper within the Sinhala, Tamil & English languages, current within the space of business.

Total Fee Structure – For new company registration in Sri Lanka

Please contact with us for details.

Getting started – For new company registration in Sri Lanka

As a Registered company secretary, S & F consulting firm limited is capable of registering your new company for you. As a public service giving for all startups businesses in Sri Lanka.

Company registration service in Sri Lanka


Company registration service and steps in Sri Lanka

Company registration service and steps in Sri Lanka

We provide every kind of company registration services in Sri Lanka for native and foreign entities. You want to register a company in Sri Lanka? searching for an answer so consult us for company registration in Sri Lanka and foreign company registration in Sri Lanka.

Step 1

In accordance with Section six and seven of the businesses Act No. seven of 2007 the primary step is to examine the provision of the projected name of the corporate.

Step 2

Application for registration of the projected Company by submitting Articles of Association along side the forms delineated below.

Form one (1) – Company Registration : provides details of kind and name of the corporate, registered address of the corporate, Details of initial administrators, Secretary/ies and Shareholders.
Form eighteen (18) – Consent of administrators
Form nineteen (19) – Consent of Secretary/ies
If the corporate is coming back beneath the BOI regime, the draft Articles of Association ought to be submitted for approval of executive (Legal), BOI before incorporation of the corporate.

If you want to know more about company registration service in Sri Lanka please go to our official website…….

How to register a company in Sri Lanka


How to register a company in Sri Lanka

How to register a company in Sri Lanka

How to register a company in Sri Lanka

how to register a company in Sri Lanka? it’s positioned in South Asia, Sri Lanka is already domestic to lots of foreign owned companies because of the business capacity the united states holds. With its high appearing economic system, and its skilled and schooling staff available for lease, Sri Lanka has end up a logistical hub for the South Asian location. Sri Lanka is one of the quickest developing economies within the South Asian area. English is a widely spoken language in Sri Lanka, making it clean for worldwide businesses to be performed in this a part of the arena. because of the loose trade agreement that the united states is part of, it is a gateway to the Indian market, another large market which holds lots of enterprise potential. one-of-a-kind varieties of enterprise entities in Sri Lanka. when registering a business enterprise in Sri Lanka, there are several methods investor can opt to move approximately this. one of the most not unusual tactics used is registering the organization as a restricted legal responsibility organization in Sri Lanka.

how to register? here’s how you get began on registering a corporation in Sri Lanka:

Reserve a business enterprise name, make certain that the company call you’ve got selected is specific and no longer already in use or much like some other corporation in Sri Lanka. hire a agency secretary, A company secretary needs to be hired earlier than a enterprise can be included because the enterprise secretary will want to signal a consent form pointing out that they’re the new appointed Secretary for the said agency. check in your enterprise on the branch of the Registrar of agencies. Public observe of enterprise incorporation have to receive public note should take delivery of within 60 days of the incorporation of the company. Get the corporation registered with the tax authorities and acquire a Tax identity number from the Taxpayer services Unit of the Inland revenue branch. sign in for VAT with the Inland sales branch VAT registration branch. register with the department of Labour and achieve the employees Provident Fund (EPF) variety
The tax and customs practices in Sri Lanka may be complicated in case you’re not acquainted with how the machine works, that’s why it’s miles advisable to enlist the services of professional consultancies to assist you with the procedure. Accounting has the know-how and the knowledge that you want to manual you thru putting in place a commercial enterprise in Sri Lanka. For greater data, go to our internet site these days.

For request of citation and greater information about sign in organisation in Sri Lanka, please visit our internet site and make contact with with us.

Business ideas in Sri Lanka


Business ideas in Sri Lanka

Sri Lanka is situated inside the vicinity of Indian Ocean. foreign investors like to start enterprise in Sri Lanka as maritime and air conversation is higher & one of the attractive country for the travelers. As a new business thinker might imagine which business may be started there? At the beginning, small traders in contrast to to invest extra cash as a substitute pay more time and desire higher in destiny. i will percentage some small commercial enterprise ideas in Sri Lanka that can be began as follows. visit our website we mentioned that list.

Business_ideas_in_Sri_Lanka

Business ideas in Sri Lanka

How to start a small business in Sri Lanka

You’ve set your eyes on the country to set up a business of your own. There are a few felony obligations. So certain steps that much be observed before starting a brand new commercial enterprise in Sri Lanka. we mentioned here, how to start;

How_to_start_a_small_business_in_Sri_Lanka

How to start a small business in Sri Lanka

Self business ideas in Sri Lanka

You have need self ideas to establish a business.

Self_business_ideas_in_Sri_Lanka

Self business ideas in Sri Lanka

Company registration process in Sri Lanka

How to register? that raised our website.

Company_registration_process_in_Sri_Lanka

Company registration process in Sri Lanka

Sri Lanka-Company Formation


Company Formation process in Sri Lanka is easier but need to follow some rules and laws of the country especially in case of foreign investor.

Foreign Company Registration in Sri Lanka is possible (100% Foreign Investment, Joint Venture, Virtual/ Branch/ Liason Office, Foundation), let’s see how they are doing business in Sri Lanka and generate revenue.

There is many opportunity of investment in different sectors. All government gives priority to foreign investment to start business in Sri Lanka.

Company Registration/ Formation/ incorporation in Sri Lanka, FDI in Sri Lanka,

S & F Consulting Firm Limited, Email: contact@sfconsultingbd.com, Skype: forhadhossain79

Company Formation in Sri Lanka, Foreign Company Registration in Sri Lanka

Off Shore Company:
The Foreign Company may apply to the Registrar to be registered as an “Off Shore Company”. The Registrar may having regard to national interest or in the interest of the national economy issue a Certificate of Registration after the required fee is paid and a Certificate is produced from a bank that a sum of US $ 100,00 has been deposited to meet its expenses in Sri Lanka. Such company is exempted from complying with any other provisions of the Company Act (Companies Act No. 17 of 1982) of Sri Lanka.

Branch Office:
A Company incorporated outside Sri Lank, which establishes a place of business within Sri Lank need to seek registration with the Registrar of Companies within one month of the establishment of the place of business. Generally approval from the relevant ministry would be required before the registration can be completed

Such a company has the same powers to hold lands in Sri Lanka as if it was a company incorporated in Sri Lanka.

Liaison /Representative Office
A Foreign company may have a Liaison office in Sri Lanka for following purpose:-
• Marketing intelligence, planning and coordinating business promotion activities;
• Technical support and quality control;
• Sourcing of raw material and manufactured products;
• Not to engage in any import, export, trade or investment in Sri Lanka.

Application is generally directed to Ministry of Finance.
Holding & Subsidiary Company:
A company is deemed to be a subsidiary of another company if:
• the other company holds more than half of the nominal value of its equity share capital; or
• is a member of it and controls the composition of its board of directors.

A company is a Holding Company of another company if that other company is its subsidiary

Board of Investment
The Principle law applicable to foreign investment is Board of Investment law No. 4 of 1978 (BOI Act). Board of Investment of Sri Lanka is a major body, which approves foreign investments under Board of Investment law. The Board of Investment is structured to function as a central facilitation point for investors.

The BOI Act provides for two types of investment approvals.

Under Section 17 of the Act, the BOI is empowered to grant special concessions to companies satisfying specific eligibility criteria which are designed to meet strategic economic objectives of the government. The mechanism through which such concessions are granted is the Agreement which modifies, exempts and waives identified laws in keeping with the BOI Regulations. These laws include Inland Revenue, Customs, Exchange Control and Import Control.

Approval under Section 16 of the BOI Act permits foreign investment entry to operate only under the ‘normal laws’ of the country; that is, for such enterprises, the provisions of the Inland Revenue, Customs and Exchange Control Laws shall apply.

For the purpose of granting approvals and incentives, companies incorporated under the Companies Act are treated equally regardless of whether the shareholding is controlled by nationals or non-nationals.

Significantly, when an agreement is signed with the Board of Investment, the specific incentives granted to an eligible company remain valid for the life of the enterprise. The provision and the spirit of the agreement can not be changed by successive governments.

Applicable Taxes for Foreign Companies:

Income Tax:
The existing income tax in Sri Lanka is based on the Inland Revenue Act, No. 38 of 2000. An year of assessment is a period of twelve months from the 1st of April of an year to the 31st of March of the immediately succeeding year.

Company income tax is made up of a tax on corporate income and tax on dividend is 15 % of the gross dividends declared by the company. Generally, companies are liable to income tax on its taxable income at the rate of 35 per centum.

If a resident company pays dividend consisting of a qualifying distribution, it is required to pay advance company tax. A credit is given for this advance company tax paid, against company’s final tax liability.

Goods and Service tax- GST:
Is imposed on the taxable supply of goods and services by a registered person carrying on a taxable activity in Sri Lanka; and on the importation of goods in Sri Lanka by any person

The standard rate of GST is 12.5 per centum which the export of goods and certain services are zero-rated. Supply of goods and services listed under Schedule of the Goods and Service Tax Act, 1996 are exempt from tax.

Turnover Tax –TT
It is charged on the turnover of finance, money lending, pawn broking and banking business.

National Security levy
Every person who carries on the business of manufacture, insurance, banking, finance providing services of any description or imports any article is chargeable with this levy. However for the calculation of levy, certain classes of turnover are excluded.

Prevailing rate for National Security Levy is 7.5 per centum on the turnover other than the turnover from import or manufacture of any plant, machinery and equipment. Levy of 0.5 per centum is charged on the turn over from import or manufacture of any plant, machinery and equipment.

Tax incentives
Tax Incentives for Board of Investment Approved Companies:

Board of Investment has the power under the Board of Investment law to supersede the Inland Revenue Act and grant tax holiday, preferential tax rates, exemption from custom duty and foreign exchange controls in accordance with the investment criteria such as priority sectors, capital inflow, location etc.

Resident Guest Scheme
Non-citizens in Sri Lanka who come under this are deemed to be non-resident and excluded from liability of tax on profits and income arising outside Sri Lanka and income accruing from any account opened by such person in a commercial bank.

Taxations on Investment Income
Non-residents are not subject to tax on non Sri Lankan investment income.

Exemptions
Interests, annuity, ground rent and royalty received by a non – resident person from a person outside Sri Lanka are exempt from income tax.

Dividend from a non- resident company is exempt in the hands of a non-resident person. Service rendered by a non-resident is exempted from income tax, if it doesn’t exceed Rs. 144,000.

Reduced Rates
Certain interest income, royalties and employment income are taxed at reduced rates.

The following outward remittances may be made by a foreign investor under the prevailing liberal exchange control regulations:
• Profits (interim and final) of branches in Sri Lanka to their parent companies and to non-resident partners of partnership operating in Sri Lanka.
• Dividends (interim or final) accruing to non-resident shareholders of companies incorporated in Sri Lanka.
• Interest, royalties and technical service fees by enterprises established in the BOI area in accordance with the agreements entered into with the Greater Colombo Economic Commission.
• Life insurance premiums by foreign nationals temporarily residing in Sri Lanka.
• Remittance of Shares in a company incorporated in Sri Lanka (for the purpose of investing in the Economic Commission area) to a resident in Sri Lanka or to a non-resident outside Sri Lanka.
• Any unutilized balance in excess of the minimum requirement of the investor.
• Capital gains and income from investment.
• Sale proceeds of investment.
• Capital, including liquidation proceeds.
• Pensions, salaries and commission paid to non-residents.

BOI -Sri Lanka
Chairman
Board of Investment of Sri Lanka
Trade Centre, 16th Floor, West Tower
Echelon Square, Colombo 1
Tel. (0094) 1124344 03- 5
Fax. (0094) 11244 7994- 5
e-Mall: info@boi.com
Website: http://www.boi.lk