A Walk-Through Guideline on Company Incorporate in Sri Lanka that You Need to Know
Have you been searching for where to invest your money in Sri Lanka? If so, then company incorporate in Sri Lanka is the way to go and enjoy all the benefits that come along with it. Each opportunity is out there, but one can seek business solution services from a known consultant company to get the process rolling. And with 3E Accounting Indonesia, you’re bound to enjoy some of the best services on a wider spectrum including:
- Business license renewal
- Legal and corporate secretarial services
- Incorporation of the company
- Accounting and taxation services
- Business advisory
- Auditing services
For you to access these services while doing business in Sri Lanka, contact us today through our lines or visit our premises and get the best business solution services at your disposal.
The Process of Company Incorporate in Sri Lanka
Company incorporation in Sri Lanka begins with you registering your company name. But before you do that you must first search for a distinct name that is simpler and easier to pronounce.
Then you proceed to the Registrar Office and fill Form A16 for the name endorsement. The name reservation will only be valid within 3 months, and you’ll be required to pay a nominal fee of Rs. 1, 100.
Any foreign investor with plans to invest in a business in Sri Lanka must first appoint a Sri Lanka company secretary. The company secretary will oversee the endorsement of the stipulated forms for registration purposes.
Before deciding to register a company, you must identify the type of business entity you wish to have. For a Limited Liability Company, you’ll need to fill some forms with each form having its own requirements.
- Form-1: stipulated for company registration.
- Form-18: requires the director’s certificates and authorization
- Form-19: comprises the company’s secretary approval and two copies of the Articles of Association.
Now, each of these forms must be typewritten as the authority will not accept any handwritten forms.
Company incorporate in Sri Lanka falls under the Company’s Act guidelines requires that you prepare your Articles of Association outlining your constitution. The constitution which governs the running of the affairs of your company should also specify the purpose of the business and how it will benefit society. Besides that, you must register for a local address with the local municipality and the Act requires you to put a public notice of the company registration under 60 working days. You must put one issue on both the Gazette and Daily newspapers in three languages (Sinhala, Tamil & English).
Registering for Tax in Sri Lanka
As part of the post-registration process, each company must ensure that it meets the requirement of taxpayer compliance. You must register with the tax authorities to acquire your Tax Identification Number (TIN). Now, the Inland Revenue Department is the body organization that is responsible for the registration of VAT. On certain occasions, the process might be complicated especially if you’re new in business and do not understand the laws, but 3E Accounting Indonesia offers you a chance to take you through the process hassle-free.
The laws under the Employment’s Act when it comes to company incorporate in Sri Lanka stipulate that once you have employees in your business, you must register with the Department of Labour to attain the Employees Provident Fund number (EPF).
Once you’re through with that, you’re only eligible to conduct your business if you have a business license. And, therefore, get to the local municipality within where locality and register for your business license. This will go a long way together with your certificate of incorporation in assisting you in opening your corporate bank account.
Save your time and get the best business solution services at 3E Accounting. Contact us for more information.