Business Registering Process in Sri Lanka
There are mainly three types of business registrations namely sole proprietorship, partnership, and private limited company. Procedures for registration process of each type of business as follows,
1. Sole proprietorship
Sole proprietorship is a business organization which one person owns and manages business operations. They are easy to start and windup, unlimited liability regarding taking the overall responsibility of the business risk, no sharing of profit and loss and fewer legal formalities. The registration process of the sole proprietorship as follows,
Step 01 - Collect relevant forms from the provincial council
Step 02 - Properly fill out the forms and prepare relevant documents.
- Application form.
- Grama Niladhari certification.
- Copy of NIC.
- Business premises ownership document.
- “Varipanam” assessment notice.
- Confirmation of initial capital of the business.
- Other documents.
Step 03- Submit duly completed documents with relevant fees.
2. Partnership
A partnership is a business organization which consists of two more people working toward one goal by sharing the ownership. These organizations have unlimited liability, Sharing profit among partners, legally and financially inseparable from owners and mutual agency. The registration process of the partnership as follows,
Step 01- Collect relevant forms from the provincial council.
Step 02- Properly fill out the forms and prepare relevant documents.
- Application form.
- Grama Niladhari certification.
- Copies of NICs.
- Business premises ownership documents.
- Partnership agreement.
- Confirmation of initial capital of the business.
- Other documents.
Step 03- Submit duly completed documents with relevant fees.
3.Private limited company
Private limited company is a business organization that owned and operate by small group of people. These organizations have limited liability, perpetual succession, separate legal entity, and capacity to sue and get sued. The registration process of the private limited company as follows,
Step 01- Get name approval from the Department of Registrar.
The name which selected for the company should be unique. (Hint – Searching for a unique name can be done through the website of the department of the registrar of companies.)
Step 02- Submit following registration forms,
- Company registration form.
- Consent certificate of directors.
- Consent certificate of Secretary.
Step 03- Submit Articles of Association.
Articles of association should specify the purpose of the company and the regulations for the company’s operations.
Step 04- Give public notice of incorporation.
The public notice of incorporation must be given within 30 working days of the incorporation of the company. The name of the company, registration number, date of incorporation and address of the registered office should consist in the notice of incorporation. It should also, publishes in a daily newspaper in Sinhala, Tamil, and English languages.