Official Name: Sri Lanka
Sri Jayawardenepura Kotte, Colombo
Sinhala, Tamil
Sri Lankan rupee
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Sri Lanka
Sri Lanka, formerly known as Ceylon, is a vibrant and diverse country with a rich history, unique culture, evolving economy, and dynamic political landscape.
The history of Sri Lanka spans over 2,500 years, with evidence of ancient human settlements dating back to the prehistoric era. The island has been ruled by several kingdoms, including the Anuradhapura, Polonnaruwa, and Kandy kingdoms, each leaving behind remarkable architectural marvels and cultural heritage. The influence of Buddhism, introduced in the 3rd century BCE, has played a significant role in shaping Sri Lanka’s cultural identity. The country is also home to a substantial Tamil population, which has contributed to its multicultural fabric.
Sri Lankan culture is a tapestry woven with diverse influences. Traditional dance forms like Kandyan, Sabaragamuwa, and low-country dances showcase the island’s rich artistic heritage, while the Sinhala and Tamil New Year celebrations bring the entire nation together in colorful festivities. Sri Lankans are known for their warm hospitality, respect for elders, and strong family ties. The country’s cuisine is flavorful and spicy, with staples like rice and curry, string hoppers, and roti forming an integral part of the culinary tradition.
The economy of Sri Lanka has undergone significant transformations over the years. Historically, the country’s economy relied heavily on agriculture, particularly tea, rubber, and coconut exports. In recent times, the service sector, including tourism, information technology, and finance, has emerged as a major contributor to the economy. Sri Lanka has also been tapping into its potential as a hub for international trade due to its strategic location in the Indian Ocean.
The political landscape of Sri Lanka has witnessed its fair share of challenges and transitions. The country gained independence from British colonial rule in 1948 and adopted a parliamentary democratic system. However, political tensions, ethnic conflicts, and periodic shifts in governance have shaped the nation’s political history. In recent years, Sri Lanka has focused on national reconciliation, fostering peace, and addressing post-war issues.
While Sri Lanka has made significant progress in various sectors, it faces ongoing challenges. The country has experienced natural disasters, including the devastating Indian Ocean tsunami in 2004, which led to the loss of many lives and caused widespread destruction. Additionally, socioeconomic disparities, regional disparities, and the need for infrastructure development remain key areas of focus.
Types of Companies in Sri Lanka
Private Limited Company:
The most common and widely used form of business entity in Sri Lanka.
Requires a minimum of two shareholders and can have a maximum of 50 shareholders.
The liability of shareholders is limited to their shares in the company.
Offers flexibility in terms of ownership, management, and transferability of shares.
Should have at least one director who is a resident in Sri Lanka.
Public Limited Company:
Can raise capital from the general public by offering shares for sale.
Requires a minimum of seven shareholders and no maximum limit on the number of shareholders.
The liability of shareholders is limited to their shares in the company.
Must have a minimum share capital of LKR 500,000 and comply with additional regulatory requirements.
Sole Proprietorship:
A business owned and operated by a single individual.
The owner has unlimited liability for the debts and obligations of the business.
Easy to set up and manage, but the owner bears all the risks and responsibilities.
Partnership:
An association of two or more individuals carrying on a business together.
Partners have unlimited liability for the debts and obligations of the partnership.
Can be registered as a general partnership or a limited liability partnership (LLP).
In an LLP, partners have limited liability for the partnership’s debts beyond their capital contribution.
Branch Office:
A foreign company can establish a branch office in Sri Lanka.
The branch office operates as an extension of the parent company and conducts business on its behalf.
Required to appoint a resident agent in Sri Lanka to represent the branch office.
Joint Venture:
A business arrangement where two or more parties collaborate and contribute resources to carry out a specific project or activity.
Parties share the profits, losses, and risks based on the terms of the joint venture agreement.
Can be formed between local and foreign companies or between two foreign companies.
Non-Governmental Organization (NGO):
A non-profit organization established for a specific social or charitable purpose.
Requires registration with the Department of Social Services and/or other relevant authorities.
Operates based on a constitution or bylaws and is governed by a board of directors or trustees.
Advantages of company registration in Sri Lanka
Limited Liability: Registering a company as a private limited company or a public limited company provides the advantage of limited liability. Shareholders’ liability is limited to the amount they have invested in the company. This means that their personal assets are protected from the company’s debts and obligations.
Separate Legal Entity: A registered company in Sri Lanka is considered a separate legal entity distinct from its owners. This separation allows the company to enter into contracts, acquire assets, and engage in legal proceedings in its own name. It provides a clear distinction between the personal affairs of the owners and the business operations of the company.
Credibility and Trust: Registering a company enhances the credibility and trustworthiness of the business. It signals to customers, suppliers, and partners that the business is committed and legally compliant. It instills confidence in potential investors, lenders, and stakeholders, increasing the likelihood of business opportunities and collaborations.
Access to Funding: Registered companies have better access to funding options compared to unregistered businesses. They can attract investors, issue shares, and raise capital through equity financing. Registered companies also have the opportunity to apply for loans, grants, and financial assistance from banks, financial institutions, and government programs.
Perpetual Succession: A registered company enjoys the advantage of perpetual succession. The life of the company is not dependent on the life of its shareholders or directors. Even if there are changes in ownership or management, the company continues to exist and operate. This ensures continuity in business operations, contracts, and relationships.
Tax Benefits and Incentives: Sri Lanka offers various tax benefits and incentives to registered companies, particularly those engaged in certain industries or located in specific areas. These incentives may include tax holidays, reduced tax rates, exemptions, and allowances. Taking advantage of these incentives can lead to significant cost savings and improved profitability.
Brand Protection: Registering a company allows for the protection of the company’s brand name, trademarks, and intellectual property. It provides legal recourse against any infringement or unauthorized use of the company’s assets, protecting its reputation and market position.
Opportunities for Expansion: A registered company has the flexibility to expand its operations, open branches or subsidiaries, and enter into new markets. It can take advantage of Sri Lanka’s growing economy, favorable investment climate, and trade agreements to explore business opportunities both domestically and internationally.
“Our team can provide assistance if you need help registering a company in Sri Lanka.”
Common questions:
What are the types of companies that can be registered in Sri Lanka?
In Sri Lanka, several types of companies can be registered, including private limited companies, public limited companies, guarantee companies, sole proprietorships, partnerships, and branches of foreign companies.
What is the minimum number of shareholders required to register a private limited company?
In Sri Lanka, a private limited company can be registered with a minimum of one shareholder. However, it is common to have multiple shareholders.
What is the minimum share capital requirement for a private limited company?
There is no specific minimum share capital requirement for a private limited company in Sri Lanka. The company can be registered with any amount of share capital as determined by the shareholders.
Can a foreign individual or company register a company in Sri Lanka?
Yes, foreign individuals and companies are allowed to register a company in Sri Lanka. However, there are certain restrictions and regulations that they need to comply with, such as obtaining necessary approvals and adhering to foreign ownership restrictions in certain sectors.
What are the steps involved in the company registration process?
The company registration process in Sri Lanka typically involves the following steps:
- Name reservation
- Preparation of company documents
- Submission of documents to the Registrar of Companies
- Payment of registration fees
- Obtaining the Certificate of Incorporation
What documents are required for company registration in Sri Lanka?
The documents required for company registration in Sri Lanka may include:
- Memorandum and Articles of Association
- Form 1 – Declaration of Compliance
- Form 18 – Consent and Certificate of Director
- Form 19 – Consent and Certificate of Secretary (if applicable)
- Form 13 – Consent and Certificate of Auditors (if applicable)
- Copy of the national identity card or passport of directors and shareholders
- Proof of address for directors and shareholders
- Other supporting documents as required
Is it necessary to have a local director for a registered company in Sri Lanka?
Yes, it is mandatory for a registered company in Sri Lanka to have at least one local director who is ordinarily resident in Sri Lanka. However, if the company is a private company with a single shareholder, the sole shareholder can also act as the director.
What are the ongoing compliance requirements for registered companies in Sri Lanka?
Registered companies in Sri Lanka are subject to various compliance requirements, including:
- Filing of annual returns
- Holding annual general meetings
- Maintaining accounting records
- Appointment of auditors
- Complying with taxation regulations
- Updating company details with the Registrar of Companies
How long does it take to register a company in Sri Lanka?
The time required to register a company in Sri Lanka can vary depending on various factors, such as the completeness of the documentation and the workload of the Registrar of Companies. Generally, it may take around 7 to 14 working days to complete the registration process.
What is the validity period of the registration certificate?
The registration certificate issued upon the registration of a company in Sri Lanka does not have a specific validity period. It remains valid as long as the company continues to comply with the legal and regulatory requirements.
Can a registered company change its name after incorporation?
Yes, a registered company in Sri Lanka can change its name after incorporation. However, the company needs to follow the prescribed procedure, which includes obtaining the approval of the shareholders, preparing the necessary documentation, and submitting the required forms to the Registrar of Companies.
Can a registered company change its business activities?
Yes, a registered company in Sri Lanka can change its business activities. However, the company must comply with the necessary legal and regulatory requirements, which may include updating the company’s articles of association, obtaining necessary approvals, and notifying the relevant authorities.
Are there any restrictions on foreign ownership of companies in Sri Lanka?
Yes, there are certain restrictions on foreign ownership of companies in Sri Lanka. The extent of foreign ownership allowed may vary depending on the sector and the nature of the business. Some sectors may require obtaining specific approvals or meeting certain conditions for foreign investment.
What are the tax implications for registered companies in Sri Lanka?
Registered companies in Sri Lanka are subject to corporate income tax on their taxable income. The current corporate tax rate is 28%. Additionally, companies may also be liable for other taxes such as value-added tax (VAT), withholding tax, and capital gains tax, depending on their business activities.
How can a registered company obtain a tax identification number?
A registered company in Sri Lanka can obtain a tax identification number (TIN) by registering with the Inland Revenue Department (IRD). The company needs to submit the necessary application form along with supporting documents to the IRD to obtain the TIN.
“Our team can provide assistance if you need help registering a company in Sri Lanka.”
Are registered companies required to maintain accounting records?
Yes, registered companies in Sri Lanka are required to maintain proper accounting records that accurately reflect the financial position and transactions of the company. The accounting records should comply with the applicable accounting standards and be kept for a period of at least six years.
What are the penalties for non-compliance with company registration requirements?
Non-compliance with company registration requirements in Sri Lanka may result in penalties and legal consequences. The penalties can vary depending on the nature and severity of the non-compliance and may include fines, prosecution, and potential dissolution of the company.
Can a registered company open a bank account in Sri Lanka?
Yes, a registered company in Sri Lanka can open a bank account with a commercial bank operating in Sri Lanka. The company needs to provide the necessary documents, including the certificate of incorporation, memorandum and articles of association, and identification documents of authorized signatories.
Can a registered company own property in Sri Lanka?
Yes, a registered company in Sri Lanka can own property, including land and buildings, subject to compliance with relevant laws and regulations regarding property ownership by companies. Foreign companies may have additional restrictions or requirements when owning land or property in certain sectors.
Is it possible to register a company with a single shareholder?
Yes, it is possible to register a company with a single shareholder in Sri Lanka. A private limited company can be formed with a minimum of one shareholder, who can also be the sole director of the company.
Can a foreign company establish a branch office in Sri Lanka?
Yes, a foreign company can establish a branch office in Sri Lanka with the approval of the Board of Investment (BOI) or other relevant authorities. The foreign company needs to fulfill certain criteria, including demonstrating the benefits to the economy of Sri Lanka and complying with sector-specific regulations.
What are the requirements for registering a branch office in Sri Lanka?
The requirements for registering a branch office in Sri Lanka may include submitting an application to the Registrar of Companies, providing the necessary supporting documents such as the parent company’s constitutional documents, financial statements, and details of the local representative, and obtaining approvals from relevant authorities.
Can a registered company have a virtual office in Sri Lanka?
Yes, a registered company in Sri Lanka can have a virtual office, which provides a business address and communication services without physical office space. This allows companies to maintain a presence in Sri Lanka while minimizing costs.
What are the options for company name reservation in Sri Lanka?
When registering a company in Sri Lanka, there are two options for name reservation: (1) Reservation of a name without a pre-check, which allows immediate reservation but requires subsequent name approval, and (2) Reservation of a name with a pre-check, which involves a preliminary check for availability before reservation.
Is it mandatory to have a registered office address in Sri Lanka?
Yes, it is mandatory for a registered company in Sri Lanka to have a registered office address. This address should be a physical location in Sri Lanka where official correspondence and notices can be sent.
Can a registered company have multiple business addresses?
Yes, a registered company in Sri Lanka can have multiple business addresses. These addresses can include branch locations, warehouses, or other places where the company conducts its business activities.
What is the process for appointing a director for a registered company?
The process for appointing a director for a registered company in Sri Lanka involves obtaining the consent of the individual to act as a director, completing the necessary declaration forms, and filing these forms with the Registrar of Companies. The appointment should be in accordance with the company’s articles of association.
“Our team can provide assistance if you need help registering a company in Sri Lanka.”
Can a foreign director serve on the board of a registered company?
Yes, a foreign individual can serve as a director on the board of a registered company in Sri Lanka. However, at least one director must be a local resident of Sri Lanka. Foreign directors must comply with the relevant regulations and obtain any necessary work permits or visas.
Can a registered company change its registered office address?
Yes, a registered company in Sri Lanka can change its registered office address. The company needs to pass a resolution, update its articles of association, and file the necessary forms and documents with the Registrar of Companies to reflect the new address.
What are the regulations for the transfer of shares in a registered company?
The transfer of shares in a registered company in Sri Lanka is governed by the company’s articles of association and the provisions of the Companies Act. Share transfers typically require the execution of a share transfer instrument, updating the company’s share register, and notifying the Registrar of Companies.
Can a registered company issue different classes of shares?
Yes, a registered company in Sri Lanka can issue different classes of shares. These different classes may have different rights, privileges, or restrictions attached to them, as outlined in the company’s articles of association.
Is it possible to convert a sole proprietorship into a registered company?
Yes, it is possible to convert a sole proprietorship into a registered company in Sri Lanka. The conversion process involves preparing the necessary documentation, obtaining approvals, and transferring the assets and liabilities of the sole proprietorship to the new company.
Can a registered company be converted into a partnership?
Yes, a registered company in Sri Lanka can be converted into a partnership. The conversion process involves winding up the company, settling its obligations, and entering into a partnership agreement among the former company’s shareholders.
Are there any specific requirements for registering a non-profit organization in Sri Lanka?
Yes, there are specific requirements for registering a non-profit organization in Sri Lanka. Non-profit organizations need to be registered under the Voluntary Social Service Organizations (Registration and Supervision) Act. They must fulfill certain criteria, such as having a charitable purpose and adhering to regulations set by the Registrar of Voluntary Social Service Organizations.
Can a registered company have a corporate bank account?
Yes, a registered company in Sri Lanka can have a corporate bank account. The company needs to provide the necessary documents, including the certificate of incorporation, memorandum and articles of association, and identification documents of authorized signatories, to open a corporate bank account.
What are the permitted business activities for a registered company?
The permitted business activities for a registered company in Sri Lanka are generally determined by its stated objectives and the provisions of the Companies Act. However, certain activities may require specific licenses or approvals from relevant authorities.
Can a registered company engage in import-export activities?
Yes, a registered company in Sri Lanka can engage in import-export activities. However, certain import-export activities may require obtaining appropriate licenses, permits, or registrations from the relevant government agencies.
What are the restrictions on the use of certain business names?
Certain business names may be restricted or prohibited from use in Sri Lanka. The Registrar of Companies maintains a list of names that cannot be used due to their similarity to existing registered names, offensive nature, or violation of legal or ethical standards.
Can a registered company have a foreign company as a shareholder?
Yes, a registered company in Sri Lanka can have a foreign company as a shareholder. Foreign companies can hold shares in a Sri Lankan registered company, subject to compliance with foreign ownership restrictions, if applicable, and necessary approvals.
What are the regulations for foreign investments in registered companies?
Foreign investments in registered companies in Sri Lanka are governed by the Foreign Exchange Management Act and regulations issued by the Board of Investment (BOI) and other relevant authorities. Foreign investors may need to obtain specific approvals, fulfill investment criteria, and comply with sector-specific regulations.
Can a registered company have different classes of shareholders?
Yes, a registered company in Sri Lanka can have different classes of shareholders. The company’s articles of association can define different classes of shares, each with its own rights, privileges, and restrictions.
Is it mandatory to have a company seal for a registered company?
No, it is not mandatory to have a company seal for a registered company in Sri Lanka. The use of company seals has been abolished, and the execution of documents can be done through the signature of authorized individuals.
Can a registered company have multiple directors?
Yes, a registered company in Sri Lanka can have multiple directors. The number of directors can be determined by the company’s articles of association, but there must be at least one director, and at least one director should be a local resident of Sri Lanka.
What are the options for raising capital for a registered company?
Registered companies in Sri Lanka can raise capital through various options, including issuing shares, obtaining loans from financial institutions, attracting investments from shareholders or venture capitalists, and utilizing retained earnings.
Can a registered company have a nominee shareholder?
Yes, a registered company in Sri Lanka can have a nominee shareholder. A nominee shareholder is a person or entity who holds shares on behalf of the beneficial owner but appears as the registered shareholder in the company’s records.
“Our team can provide assistance if you need help registering a company in Sri Lanka.”
Can a registered company have a nominee director?
Yes, a registered company in Sri Lanka can have a nominee director. A nominee director is an individual appointed to act on behalf of the beneficial owner but appears as the official director in the company’s records.
What are the requirements for changing the company constitution?
Changing the company constitution in Sri Lanka typically requires passing a special resolution during a general meeting of shareholders. The proposed changes must be submitted to the Registrar of Companies for approval, along with the necessary supporting documents.
Can a registered company have a trading name different from its registered name?
Yes, a registered company in Sri Lanka can have a trading name that is different from its registered name. However, the trading name must be registered with the Registrar of Companies, and the company’s official registered name must still be displayed in certain documents and communications.
What are the regulations for hiring employees in a registered company?
Hiring employees in a registered company in Sri Lanka is subject to various labor laws and regulations. Companies must adhere to requirements related to employment contracts, minimum wages, working hours, employee benefits, social security contributions, and other employment-related obligations.
Can a registered company have a corporate secretary?
Yes, a registered company in Sri Lanka is required to have a corporate secretary. The corporate secretary ensures compliance with legal and regulatory obligations, maintains company records, handles corporate filings, and assists in the administration of the company.
Is it possible to register a company online in Sri Lanka?
Yes, it is possible to register a company online in Sri Lanka. The Registrar of Companies provides an online platform where the necessary documents and information can be submitted for company registration.
Can a registered company have a website with a .lk domain?
Yes, a registered company in Sri Lanka can have a website with a .lk domain. The .lk domain is the country code top-level domain (ccTLD) for Sri Lanka, and companies can register and use it for their websites.
What are the regulations for holding general meetings in a registered company?
General meetings in a registered company in Sri Lanka are governed by the company’s articles of association and the Companies Act. The regulations cover notice periods, quorum requirements, voting procedures, and other aspects related to conducting general meetings.
Can a registered company have a different fiscal year-end?
Yes, a registered company in Sri Lanka can have a different fiscal year-end. While the default fiscal year-end is December 31st, companies can choose a different date with the approval of the Registrar of Companies.
What are the regulations for the dissolution of a registered company?
The dissolution of a registered company in Sri Lanka involves following the procedures outlined in the Companies Act. This typically includes passing a special resolution, settling any outstanding obligations, and submitting the necessary documents to the Registrar of Companies.
Can a registered company have a foreign address as its registered office?
No, a registered company in Sri Lanka is required to have a registered office address within Sri Lanka. The registered office is the official address for receiving legal correspondence and notices, and it must be a physical location within the country.
What are the requirements for maintaining statutory registers for a registered company?
A registered company in Sri Lanka is required to maintain various statutory registers, including the register of members, register of directors, register of charges, and register of debenture holders. These registers must be kept up to date and made available for inspection by relevant authorities.
Can a registered company have a non-resident director?
Yes, a registered company in Sri Lanka can have a non-resident director. However, at least one director must be a resident of Sri Lanka.
Can a registered company have different classes of directors?
Yes, a registered company in Sri Lanka can have different classes of directors, such as executive directors, non-executive directors, independent directors, or nominee directors. The specific composition and roles of directors may vary based on the company’s articles of association and governance structure.
Is it possible to register a company with a unique name that is not in the English language?
Yes, it is possible to register a company with a unique name that is not in the English language in Sri Lanka. The name can be in any language as long as it complies with the guidelines and requirements set by the Registrar of Companies.
Can a registered company have a different business name for marketing purposes?
Yes, a registered company in Sri Lanka can have a different business name for marketing purposes. This can be done by registering a separate trademark or trade name with the relevant authorities, allowing the company to operate under a different name while maintaining its registered name for legal and official purposes.
What are the regulations for transferring company shares to a foreign shareholder?
The transfer of company shares to a foreign shareholder in Sri Lanka is subject to the regulations outlined in the Foreign Exchange Act. Approval from the Exchange Control Department of the Central Bank of Sri Lanka may be required, and certain restrictions and reporting obligations may apply.
Can a registered company change its business activities after incorporation?
Yes, a registered company in Sri Lanka can change its business activities after incorporation. However, such changes may require amending the company’s articles of association and obtaining the necessary approvals from relevant authorities, such as the Registrar of Companies or sector-specific regulators.
Can a registered company have a different trading name in different regions of Sri Lanka?
Yes, a registered company in Sri Lanka can have a different trading name in different regions or locations within the country. This can be achieved by registering separate business names or trademarks for each region or location.
What are the regulations for issuing bonus shares in a registered company?
The issuance of bonus shares by a registered company in Sri Lanka is subject to the regulations and guidelines specified in the Companies Act. The company must meet certain financial and legal requirements, and the issuance must be approved by the shareholders in a general meeting.
Can a registered company have a registered office address outside Sri Lanka?
No, a registered company in Sri Lanka is required to have a registered office address within the country. The registered office is the official address for receiving legal correspondence and notices, and it must be a physical location in Sri Lanka.
Can a registered company have a nominee secretary?
Yes, a registered company in Sri Lanka can have a nominee secretary. A nominee secretary is an individual or a corporate entity appointed to fulfill the role of secretary on behalf of the company.
What are the regulations for conducting an annual audit for a registered company?
The regulations for conducting an annual audit for a registered company in Sri Lanka are outlined in the Companies Act and the Sri Lanka Accounting and Auditing Standards Act. Companies are generally required to appoint a qualified auditor who will conduct an independent audit of the company’s financial statements.
Can a registered company have a different financial year for tax purposes?
No, a registered company in Sri Lanka is required to have the same financial year-end for both accounting and tax purposes. The financial year-end is typically December 31st, unless the company has obtained approval from the Registrar of Companies to choose a different date.
“Our team can provide assistance if you need help registering a company in Sri Lanka.”
Can a registered company issue preference shares?
Yes, a registered company in Sri Lanka can issue preference shares. Preference shares are a type of share that gives certain preferential rights to shareholders, such as a fixed dividend payment or priority in receiving dividends or assets upon liquidation.
Is it possible to register a company with a post office box address?
No, it is not possible to register a company in Sri Lanka with a post office box address. A registered company is required to have a physical registered office address, which serves as its official address for legal and official purposes.
Can a registered company have a different business name in different countries?
Yes, a registered company can have a different business name in different countries where it operates. However, the company must ensure compliance with the registration and trademark laws of each respective country.
What are the regulations for distributing dividends to shareholders?
The regulations for distributing dividends to shareholders in Sri Lanka are governed by the Companies Act and the company’s articles of association. The distribution of dividends typically requires approval from the company’s board of directors and shareholders, and the company must have sufficient profits or reserves to make the distribution.
Can a registered company have a different registered office address for legal and mailing purposes?
No, a registered company in Sri Lanka is required to have a single registered office address for both legal and mailing purposes. This address must be a physical location within the country.
Can a registered company issue bearer shares?
No, bearer shares are not permitted in Sri Lanka. The Companies Act prohibits the issuance of bearer shares, and shares must be registered in the names of the respective shareholders.
Is it possible to register a company with a foreign director and no local director?
No, it is not possible to register a company in Sri Lanka with only a foreign director and no local director. The Companies Act requires that at least one director of a registered company be a resident of Sri Lanka.
What are the regulations for transferring company shares to a family member?
The transfer of company shares to a family member in Sri Lanka is subject to the regulations outlined in the Companies Act and the company’s articles of association. The transfer must be in accordance with the company’s procedures for share transfers, and any necessary approvals or documentation must be obtained.
Can a registered company have a different trading name for different product lines?
Yes, a registered company in Sri Lanka can have different trading names for different product lines. This can be achieved by registering separate trademarks or trade names for each product line.
Can a registered company have a different company name for a subsidiary?
Yes, a registered company in Sri Lanka can have a different company name for a subsidiary. Each company, including subsidiaries, must have a unique name that is registered with the Registrar of Companies.
What are the regulations for issuing employee stock options in a registered company?
The issuance of employee stock options in a registered company in Sri Lanka may be subject to the regulations outlined in the Companies Act, the Securities and Exchange Commission of Sri Lanka Act, and any applicable rules or guidelines set by the regulatory authorities.
Can a registered company have a different registered office address for different branches?
Yes, a registered company in Sri Lanka can have different registered office addresses for different branches or locations within the country. Each branch must have a physical address where its official documents and records are maintained.
Can a registered company have a nominee shareholder and a nominee director?
Yes, a registered company in Sri Lanka can have a nominee shareholder and a nominee director. A nominee shareholder holds shares on behalf of the actual shareholder, while a nominee director acts as a representative of the company’s shareholders or a third-party entity.
What are the regulations for appointing a foreign director to the board of a registered company?
The appointment of a foreign director to the board of a registered company in Sri Lanka is subject to the Companies Act and any other applicable regulations. The foreign director must meet the eligibility criteria, obtain necessary approvals, and comply with any requirements set by the regulatory authorities.
Can a registered company issue convertible preferred shares?
Yes, a registered company in Sri Lanka can issue convertible preferred shares. Convertible preferred shares are a type of preference share that can be converted into ordinary shares or another class of shares at the option of the shareholder.
Is it possible to register a company with a registered office address shared with other companies?
No, it is not possible to register a company in Sri Lanka with a registered office address that is shared with other companies. Each registered company must have its own unique registered office address.
Can a registered company have a different business name for franchised outlets?
Yes, a registered company in Sri Lanka can have a different business name for franchised outlets. However, it is important to ensure compliance with trademark laws and obtain any necessary approvals or licenses for the use of the different business names.
“Our team can provide assistance if you need help registering a company in Sri Lanka.”
What are the regulations for issuing bonus shares to foreign shareholders?
The issuance of bonus shares to foreign shareholders in a registered company in Sri Lanka is subject to the Companies Act and any other applicable regulations. The company must comply with the procedures and requirements outlined in the law for issuing bonus shares, regardless of the nationality of the shareholders.
Can a registered company have a different business name for an e-commerce platform?
Yes, a registered company in Sri Lanka can have a different business name for an e-commerce platform. It is important to ensure compliance with trademark laws and any other applicable regulations when using different business names.
Can a registered company have a different registered office address for tax purposes?
No, a registered company in Sri Lanka is required to have a single registered office address for all official purposes, including tax-related matters. The registered office address is the official address of the company as per the records of the Registrar of Companies.
What are the regulations for distributing dividends to foreign shareholders?
The regulations for distributing dividends to foreign shareholders in a registered company in Sri Lanka are generally the same as those for distributing dividends to local shareholders. However, there may be additional requirements, such as obtaining any necessary approvals or complying with foreign exchange regulations.
Can a registered company issue redeemable preference shares?
Yes, a registered company in Sri Lanka can issue redeemable preference shares. Redeemable preference shares are preference shares that can be redeemed or repaid to shareholders after a specified period or upon certain conditions as agreed upon.
Is it possible to register a company with a registered office address in a free trade zone?
Yes, it is possible to register a company in Sri Lanka with a registered office address in a free trade zone. Free trade zones have their own regulations and requirements for company registration, and companies operating in those zones must comply with the specific rules and guidelines set by the relevant authorities.
Can a registered company have a different trading name for different divisions within the company?
Yes, a registered company in Sri Lanka can have a different trading name for different divisions within the company. This allows companies to market their various products or services under distinct names while operating under a single legal entity.
Can a registered company have a different company name for a joint venture?
Yes, a registered company in Sri Lanka can have a different company name for a joint venture. Joint ventures often involve collaboration between two or more companies, and they may choose to operate under a separate business name specifically for the joint venture.
What are the regulations for issuing employee stock purchase plans in a registered company?
The regulations for issuing employee stock purchase plans in a registered company in Sri Lanka may vary depending on the specific details of the plan. Generally, companies must comply with applicable laws, such as the Companies Act and any relevant regulations, and adhere to guidelines set by the Securities and Exchange Commission of Sri Lanka.
Can a registered company have a different registered office address for different subsidiaries?
Yes, a registered company in Sri Lanka can have a different registered office address for different subsidiaries. Each subsidiary is treated as a separate legal entity, and they may have distinct registered office addresses depending on their operational locations.
Can a registered company have a nominee shareholder and a foreign director?
Yes, a registered company in Sri Lanka can have a nominee shareholder and a foreign director. The appointment of a nominee shareholder and a foreign director must comply with the relevant provisions of the Companies Act and any other applicable regulations.
What are the regulations for appointing a nominee director to the board of a registered company?
The appointment of a nominee director to the board of a registered company in Sri Lanka is subject to the provisions of the Companies Act and any other applicable regulations. Companies must comply with the legal requirements, such as obtaining necessary approvals and following proper procedures for the appointment of directors.
Can a registered company issue participating preferred shares?
Yes, a registered company in Sri Lanka can issue participating preferred shares. Participating preferred shares are a type of preference share that grants additional rights to shareholders, such as the ability to participate in the distribution of profits alongside ordinary shareholders.
Is it possible to register a company with a registered office address outside Sri Lanka but within the Commonwealth?
No, a registered company in Sri Lanka must have a registered office address within Sri Lanka. The registered office address is the official address of the company as per the records of the Registrar of Companies. It cannot be located outside the country, even if it is within the Commonwealth.
Major Banks in Sri Lanka
Bank of Ceylon (BOC):
The largest state-owned commercial bank in Sri Lanka.
Offers a wide range of banking products and services to individuals and businesses.
Has an extensive branch network across the country and a strong presence in international markets.
Commercial Bank of Ceylon:
One of the leading private sector banks in Sri Lanka.
Provides a comprehensive range of financial services, including retail banking, corporate banking, and international banking.
Known for its technological innovations and customer-centric approach.
People’s Bank:
Another major state-owned bank in Sri Lanka.
Offers a diverse portfolio of banking products and services, including personal banking, corporate banking, and treasury services.
Has a wide branch network and provides financial services to rural and urban communities.
Hatton National Bank (HNB):
One of the largest private sector banks in Sri Lanka.
Offers a wide range of banking and financial solutions to retail and corporate customers.
Known for its focus on customer service and innovative digital banking initiatives.
Sampath Bank:
A leading private sector bank in Sri Lanka.
Provides a comprehensive range of banking services, including retail banking, corporate banking, and treasury services.
Known for its strong customer base and efficient service delivery.
National Development Bank (NDB):
A state-owned development bank in Sri Lanka.
Offers a range of financial products and services, including project financing, SME banking, and retail banking.
Plays a significant role in promoting economic development and supporting key sectors of the economy.
Nations Trust Bank:
A private sector bank with a focus on retail and corporate banking.
Provides personalized banking solutions and innovative digital services to its customers.
Known for its strong customer service and commitment to technological advancements.
DFCC Bank:
A specialized development bank in Sri Lanka.
Offers a range of financial products and services, including project financing, trade finance, and SME banking.
Focuses on supporting economic development and infrastructure projects in the country.
Pan Asia Banking Corporation:
A private sector bank with a focus on retail and SME banking.
Offers a wide range of banking products and services tailored to the needs of individuals and small businesses.
Known for its customer-centric approach and digital banking solutions.
“Our team can provide assistance if you need to open a bank account in Sri Lanka.”
The top universities in Sri Lanka
University of Colombo
Website: https://cmb.ac.lk/
Location: Colombo
Major Courses: Medicine, Law, Engineering, Arts, Science, Management
University of Peradeniya
Website: https://www.pdn.ac.lk/
Location: Peradeniya
Major Courses: Agriculture, Engineering, Medicine, Arts, Science, Management
University of Moratuwa
Website: https://www.mrt.ac.lk/
Location: Moratuwa
Major Courses: Engineering, Architecture, Information Technology, Business Studies
University of Sri Jayewardenepura
Website: https://www.sjp.ac.lk/
Location: Nugegoda
Major Courses: Management, Humanities, Science, Medical Sciences, Technology, Social Sciences
University of Kelaniya
Website: https://www.kln.ac.lk/
Location: Kelaniya
Major Courses: Commerce, Arts, Science, Management, Medicine, Social Sciences
University of Jaffna
Website: https://www.jfn.ac.lk/
Location: Jaffna
Major Courses: Medicine, Engineering, Agriculture, Arts, Science
University of Ruhuna
Website: https://www.ruh.ac.lk/
Location: Matara
Major Courses: Medicine, Engineering, Agriculture, Science, Management
University of Colombo School of Computing
Website: https://www.ucsc.cmb.ac.lk/
Location: Colombo
Major Courses: Computer Science, Information Systems, Software Engineering
University of Moratuwa Faculty of Architecture
Website: https://www.mrt.ac.lk/foa/
Location: Moratuwa
Major Courses: Architecture, Landscape Architecture, Urban Design
University of Visual and Performing Arts
Website: https://www.vpa.ac.lk/
Location: Colombo
Major Courses: Fine Arts, Dance, Drama, Music
“If you need assistance registering for college or university, our team is here to help.”
Strange or unusual to visitors in Sri Lanka
Traffic and Driving: The traffic in Sri Lanka can be chaotic, with a mix of cars, tuk-tuks, buses, and bicycles all sharing the roads. The driving style and adherence to traffic rules may differ from what visitors are accustomed to, so it can take some time to adjust.
Spicy Food: Sri Lankan cuisine is known for its bold flavors and spicy dishes. Visitors who are not accustomed to spicy food may find it unusual or challenging at first. It is advisable to start with milder dishes and gradually build up the spice tolerance.
Greeting with Ayubowan: Sri Lankans commonly greet each other by saying “Ayubowan,” which means “May you have a long life.” Visitors may find it unusual to be greeted with this phrase instead of the more familiar “hello” or “hi.”
Betel Chewing: Betel chewing is a common practice in Sri Lanka, particularly among older generations. Betel leaves are filled with a mixture of areca nut, tobacco, and other ingredients, and chewed for their stimulant properties. Visitors may find it strange to see people with reddened mouths due to betel chewing.
Cultural Dress: Sri Lankan culture is rich in traditional attire, such as the sarong worn by men and the sari worn by women. Visitors may find it unusual to see people dressed in colorful and intricate traditional clothing, especially during special occasions and religious ceremonies.
Tea Culture: Sri Lanka is renowned for its tea production, and tea drinking is deeply ingrained in the culture. Visitors may find it unusual to see locals sipping on hot cups of tea throughout the day, often served with milk and sugar.
Religious Practices: Sri Lanka is a predominantly Buddhist country, and visitors may encounter unique religious practices and rituals. For example, it is common to see devotees making offerings at temples, tying colorful ribbons on sacred trees, and participating in religious processions.
Public Displays of Affection: In Sri Lankan culture, public displays of affection, such as kissing and hugging, are generally more reserved and less common compared to some other countries. Visitors may notice that locals tend to be more modest and conservative in expressing affection in public.
Hospitality and Curiosity: Sri Lankans are known for their warm hospitality and curiosity towards foreigners. Visitors may find it unusual to be approached by locals who are genuinely interested in learning about their background and experiences.
Wildlife Encounters: Sri Lanka is home to a rich array of wildlife, including elephants, leopards, and various species of birds. Visitors may find it unusual to come across wild animals in unexpected places, such as crossing roads or roaming near human settlements.
“Tips for Newcomers: Adjusting to Life in Sri Lanka”
Learn the Local Language: While English is widely spoken in Sri Lanka, learning some basic phrases in Sinhala or Tamil can go a long way in building relationships and navigating daily life. Locals will appreciate your efforts to communicate in their language.
Embrace the Culture: Sri Lanka has a rich cultural heritage, and immersing yourself in the local traditions, festivals, and customs can enhance your experience. Be open to trying local cuisine, participating in religious ceremonies, and exploring cultural sites.
Respect the Customs and Etiquette: Sri Lankans value respect and politeness. Familiarize yourself with the local customs and social norms, such as removing shoes before entering temples or homes, covering your shoulders and knees when visiting religious sites, and greeting others with a smile and a nod.
Develop a Support Network: Building a network of friends and acquaintances can help you navigate the challenges of settling in a new country. Connect with fellow expatriates, join social groups or clubs, and participate in community activities to meet new people and find support.
Stay Safe and Healthy: Take necessary precautions to stay safe and healthy in Sri Lanka. Drink bottled water, practice good hygiene, and be mindful of food hygiene practices. Familiarize yourself with the local healthcare system and ensure you have adequate health insurance coverage.
Understand Transportation: Get familiar with the local transportation options, such as buses, trains, and tuk-tuks. Learn about the routes, fares, and timings to make commuting easier. If you plan to drive, familiarize yourself with local traffic rules and driving habits.
Embrace the Slow Pace: Sri Lanka operates at a more relaxed pace compared to some other countries. Embrace the concept of “island time” and be patient with administrative processes, delays, and the slower pace of life.
Appreciate Nature and Outdoor Activities: Sri Lanka is renowned for its stunning natural beauty. Take advantage of the country’s picturesque landscapes, pristine beaches, and national parks. Engage in outdoor activities like hiking, surfing, wildlife safaris, and exploring historical sites.
Stay Mindful of Wildlife: Sri Lanka is home to diverse wildlife, including elephants, leopards, and monkeys. Respect their habitats, maintain a safe distance, and follow guidelines when encountering wildlife in their natural environment.
Seek Local Guidance: Don’t hesitate to seek advice and guidance from locals or long-term residents. They can provide valuable insights, recommendations, and assistance in navigating various aspects of life in Sri Lanka.
Top recruitment agencies in Sri Lanka
Hays Sri Lanka – https://www.hays.lk/
Axiom Associates – http://www.axiom.lk/
Jobfactory – https://www.jobfactory.lk/
Talent Find Recruitment Consultancy – https://www.talentfind.lk/
Evoke International – https://www.evoke.lk/
Career Builders (Pvt) Ltd – https://www.careerbuilders.lk/
Serendib Recruitment Group – https://www.srgroup.lk/
Global HR Solutions – http://www.globalhr.lk/
Randstad Sri Lanka – https://www.randstad.lk/
The HR Consortium – https://thehrconsortium.lk/
Necessary phone numbers in Sri Lanka
Emergency Services:
Police Emergency: 119
Fire and Ambulance: 110
Government Information Center: 1919
National Emergency Operations Center: 112
Medical Services:
National Hospital, Colombo: +94 11 269 1111
Police Emergency Ambulance Service: 1990
Suwa Seriya Ambulance Service: 1999
Tourist Helpline:
Sri Lanka Tourism Hotline: 1912
Transportation:
Sri Lanka Railways: +94 11 243 4213
Sri Lanka Transport Board (Bus Services): +94 11 258 1129
Bandaranaike International Airport: +94 11 225 2861
Embassy and Consulate Contact Information:
United States Embassy: +94 11 249 8500
British High Commission: +94 11 539 0639
Australian High Commission: +94 11 246 3200
Canadian High Commission: +94 11 522 6232
Indian High Commission: +94 11 268 9639
Telecom Services:
Dialog (Mobile Services): 1777
Mobitel (Mobile Services): 1717
Sri Lanka Telecom (Fixed-line Services): 1212
