Opening a new chapter in Sri Lanka’s private sector development, incorporation of a new company in Sri Lanka is now possible from the comfort of one’s own home. The Department of Registrar of Companies has already introduced this online facility while increasing its revenues.
“Name reservation of companies could be obtained online. Company registration and incorporation could be done online and there is no need for physical attendance at the Department of Registrar of Companies,” said the Minister of Industry and Commerce, Rishad Bathiudeen.
He was moving regulations in parliament under the Public Contract Act and accordingly, fees payable (VAT excluded) on four types of contracts have been amended.
In that, the new fee of Rs 2000 is applicable for application for registration as an agent, sub-agent, representative or nominee for or on behalf of a tenderer, the new fee of Rs 10,000 for application for registration of a public contract, the new fee of Rs 2000 for application for renewal of a registration and the new fee of Rs 10,000 for application for re-registration of a public contract.
The Department of Registrar of Companies earned a revenue of about Rs 600 million and Rs. 664 million in 2017 and 2018 respectively.
He was moving regulations in parliament under the Public Contract Act and accordingly, fees payable (VAT excluded) on four types of contracts have been amended.
In that, the new fee of Rs 2000 is applicable for application for registration as an agent, sub-agent, representative or nominee for or on behalf of a tenderer, the new fee of Rs 10,000 for application for registration of a public contract, the new fee of Rs 2000 for application for renewal of a registration and the new fee of Rs 10,000 for application for re-registration of a public contract.
The Department of Registrar of Companies earned a revenue of about Rs 600 million and Rs. 664 million in 2017 and 2018 respectively.
According to the World Bank's 2019 Ease of Doing a Business index, Sri Lanka has been ranked 100 among 190 countries.
The “Starting a Business Indicator” of Ease of Doing Business rankings for Sri Lanka (at 87.87 out of 100) showed the country ranked at second in South Asia just after Maldives (at 89.17).
The South Asian regional average for Starting a Business Indicator is 85.44.
Furthermore, the 2018 revenue of the Department of Registrar of Companies increased by 11% (from 2017) to Rs 664 Mn.