Saturday, November 29, 2014

Sri Lanka Foreign Company Registration, Formation

Sri Lanka Foreign Company Registration, Formation

Why foreign investors plan to setup business in Sri Lanka? It’s not the biggest economically developed countries. GDP is not higher; fdi is not much higher than many countries of Asia. Entrepreneurs plan to register a company in Sri Lanka due to recognition and earning expected amount from investment capital. Many sectors are remarkable for business in Sri Lanka like real estate, restaurant, IT, consultancy, online, cleaning, Garments, chain shop, glossary, service business, manufacturing, assembling and many more.
<img src="Images/srilanka.png" alt="Sri Lanka Foreign company registration, formation"/>
Sri Lanka-Foreign company registration, formation

Every investor plans to do business expecting a good return and repatriate the profit to mother country. Bank account opening as foreigners is not difficult but only registered business entities are allowed to open account. New company registration in Sri Lanka as foreigner is not same like other country and not free from bureaucracy. Every government tries to increase foreign direct investment-fdi and attract the foreign entrepreneur to invest. The following services are provided for the foreign entrepreneurs:
a)      Foreign business registration b) income tax filing c) accounts and audit service d) virtual office rent e) nominee directorship f) Repatriate consultancy g) annual return filing h) company secretarial

Company incorporation in Sri Lanka

There are minimum two partners required as rules of company incorporation in Sri Lanka. Proprietorship business is not permitted by the foreign investors in Sri Lanka. Name approval comes first as steps of company incorporation in Sri Lanka. Prescribe forms have to fill up such as form 1, form 18, form 19 as section 474 of Company Act. Memorandum and article of association shall have to be prepared as consultant or lawyer for the directors. All papers have to submit in ROC for approval and registration fees should deposited to bank before submission of application. Paper advertisement is another task for the new company registration in Sri Lanka as foreign investor. BOI, Board of Investment issue will come in picture in case of visa, setup manufacture company, project business and business setup in tax free zone area.

Time of registration completion in Sri Lanka

Total approximate time may need 30 days to 90 days because of number of permission and government official procedure and approval.

Cost, fees of registering a company

Visit here: to have look the fees, charges or cost.

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