Business setup Sri Lanka
If you would like to setup business Sri Lanka, S & F consulting firm limited can assist you about that. The globe Bank ranks the country 109th out of 189 countries on its ‘Ease of Doing Business’ index. However, Sri Lanka has seen the emergence of additional startups inside the past decade. The Gov’t has created efforts to encourage trade and entrepreneurship.
While putting in an organization involves minor body hurdles, the method is fast and simple. Registration is best done in-person, not online. Here are a unit some vital tips for the potential bourgeois in Sri Lanka.
Business registration Sri Lanka
There are many sorts of business structures in Sri Lanka. These are:
- sole proprietary
- limited liability company registration in Sri Lanka
- public company
- overseas company
- offshore company
The structure of a sole proprietary is analogous in most countries. after you register as a sole merchandiser, you’re taxed at a private financial gain rate. You’re liable for all company obligations. this can be the simplest and fastest business to line up. As a sole merchandiser, you’ll still be able to use alternative people.
Registered a partnership is analogous to a sole proprietary, however the possession is shared. From a legal and tax perspective all partners share the obligations of the corporate. Partnerships aren’t taxed as separate legal entities, thus partner’s area unit subject to private financial gain rates.
Limited Liability Company (LLC)
The financial obligation company is that the most typical kind of business in Sri Lanka. It needs one director and 2 shareholders. Minimum share capital isn’t needed. the corporate secretary should be a private UN agency resides in Sri Lanka.
Public company (PLC)
A public company doesn’t need minimum share capital, either. This kind of business is needed to possess 2 shareholders and 2 administrators. Administrator’s area unit needed to file annual returns, beside audited accounts and monetary statements. Shares area unit allowed to be issued on the exchange.
An overseas company is foreign-owned and might function a branch. this kind of company’s operations area unit outlined by the parent company. the corporate should register with the Treasury and is subject to a tenth branch tax on profits.
An offshore company will conduct business outside of Sri Lanka. However, it cannot conduct business inside the country, however can still be registered there.
Procedure of – Business Setup Sri Lanka
However, for those beginning an organization, the report could function a guide. Here’s their list of what needs to be done to induce a startup registered within the Pearl of the Indian Ocean:
Time of company registration
- Reserve a singular company name – 2 days
- The company secretary and director sign a consent – 1 day
- Register at the Department of the Registrar of Companies – 2 days
- Public Notice of Incorporation – 3 days
- Register with the tax authorities and procure a Tax number (TIN) from payer Services Unit of administrative unit Department – 1 day (simultaneous with procedure 4)
- Register for VAT with the administrative unit Department VAT Registration Branch – 1 day (simultaneous with previous procedure)
- Payment of stamp tax on the issued shares at stamp tax Branch of administrative unit Department – 1 day (simultaneous with previous procedure)
- Give notice to the Department of Registrar of corporations concerning the problem of shares – 1 day (simultaneous with previous procedure)
- Register with the Department of Labor and procure the EPF number – 1 day (simultaneous with procedure 4)
Company registration or Business setup Sri Lanka all process and cost has in this Page Go there
Calculating off the prices declared on the report, all of this adds up to Rs twenty nine,520 plus 0.5% of the overall capital declared.
Sri Lanka’s success story as one of the world’s top destinations for offshoring is evident with the number of organizations that is setup business in Sri Lanka
If would you want to setup your business in Sri Lanka you can directly contact with us:
Office address – Sri Lanka
S & F Consulting Firm Limited
Address: No. 8 2/1, Rodney Street, Cotta Road, Colombo 08, Sri Lanka