Foreign Embassies In Sri Lanka
Wednesday, 04 February 2009 13:48
administrator
 These are some useful foreign embassies and High Commissions located in Sri Lanka. You may want to contact them before you make an investment in Sri Lanka, for country specific laws, Passports, Travel Documents, Visas and to obtain other legal documents from your home country.
Last Updated ( Wednesday, 04 February 2009 14:03 )
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Sri Lanka Customs Import Export Procedures
Wednesday, 04 February 2009 13:40
administrator
 Sri Lanka Customs has an exclusive export division for export activities. The main features of Sri Lanka Customs Export Procedure can be categorized under following headings:
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Legal Aspects: Export of goods is subject to certain legal requirements, which are specified under various legislative enactment and regulations. The related Ordinance and Acts include Revenue Protection, Export and Exchange Controls (now much relaxed), Rubber Control, Tea Board, Coconut Development Authority, Fauna and Flora Protection, Antiquities, Forest, Wild Life, Fire Arms, Opium and Dangerous Drugs, Export Development Board, Sri Lanka Standards Institute, Textiles, Minerals and Mineral Sands, Excise Fisheries and Aquatic Resources etc. besides the Customs Ordinance
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Registration of a Company
Wednesday, 04 February 2009 13:29
administrator
 NOTE:You must incorporate your company within 3 months of name approval. Failure to do so will cancel you company name from the database. You will then need re-apply for a company name from the beginning.
Step 1: Decide the Company Name You must first search the database of the registered companies through this portal for possible similar names. You may be either a professional or a member of the public. Click here to search the DRC (Dept of Registrar of Companies - Sri Lanka) database for a company name
Last Updated ( Wednesday, 04 February 2009 13:34 )
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Starting a Company in Sri Lanka
Wednesday, 04 February 2009 13:10
administrator
 Below table shows the procedures, approximate expenses and duration taken for the steps of Company Registration. Please note that some figures and time may vary as the new procedures are introduced, altered and improved by the government of Sri Lanka
The Law Applicable
Immigrants and Emigrants Act No. 20 of 1948, it's Regulations and subsequent amendments.
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Procedure 1.
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Verify company name with the Registrar of Companies
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Time to complete:
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2 days
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Cost to complete:
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LKR 265
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Comment:
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The reservation is valid for a period of 3 months.
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Procedure 2.
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Submit draft Memorandum and Articles of Association for approval of the Registrar
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Time to complete:
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5 days
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Cost to complete:
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no charge
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Comment:
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Registrar makes his observations on the draft which draft must be submitted with the documents to incorporate the company.
The procedure takes from 2 to 7 days.
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Procedure 3.
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Submit draft Memorandum and Articles of Association for approval of the Registrar
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Time to complete:
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3 days
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Cost to complete:
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LKR 1000
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Comment:
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Table A of the Companies Act No. 17 of 1982 of Sri Lanka contains a standard set of Articles of Association which can be adopted as the Articles of Association of a company. Articles of Association can also be drafted. Professional charges are higher for drafting new Articles of Association than adopting the standard Articles of Association contained in Table A.
A notary public must witness the signature of each signatory and affix his seal on the Memorandum and Articles of the company. FourTwo copies of each are required.
The procedure takes from 1 to 5 days.
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Procedure 4.
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Register at the Companies Registry
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Time to complete:
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2 days
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Cost to complete:
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depending on the amount of the authorized capital
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Comment:
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The following forms are filed:
a). Form 5 -Statutory declaration.
b) Form 36 A -Notice of the intended situation of the registered office.
c) Form 46 A-Consent to act as the first Director/Directors/Secretary.
d) Form 47 -A list of persons who have consented to be Directors.
The registration fees are Rs 3,250 if nominal capital <= 250,000, Rs. 365 for each 50,000 up to Rs. 500,000, and Rs. 190 for each 50K up to Rs. 1,000,000. Additionally, Rs.540 is payable for the registration of Companies Forms (Rs. 135 per form) and a further Rs. 205 for the registration of Articles. Stamps have to be affixed to the M&A - the value of these is under US$ 1,. The Certificate of Incorporation will be received within approximately three days.
The procedure takes from 1 to 3 days.
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Procedure 5.
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Make a company seal
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Time to complete:
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3 days
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Cost to complete:
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LKR 800-1200
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Comment:
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Procedure 6.
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File Forms with the Registrar of Companies
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Time to complete:
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3 days
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Cost to complete:
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LKR 270 (135 each)
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Comment:
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The Registrar of Companies requires that Companies Forms 36 (Notice of the actual situation of the Reregistered office) and 48 (Particulars of the company's Directors and of its Secretary) are filed by the Company after the Certificate of Incorporation has been received.
The procedure takes from 2 to 4 days.
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Procedure 7.
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Register with tax authorities to obtain a TIN
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Time to complete:
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2 days
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Cost to complete:
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no charge
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Comment:
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Applicant has to be physically present at the Inland Revenue Department to pick up and fill in the form. TIN number and VAT registration number (temporary) can be obtained within one day. To obtain permanent VAT registration, applicant has to submit documents proving turnover of Rs. 500,000 for the consequent 3 months. This is done along with income tax registration.
The procedure takes from 1 to 3 days.
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Procedure 8.
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Submit draft Memorandum and Articles of Association for approval of the Registrar
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Time to complete:
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1 day to file and more than one month for the ETF and EPF numbers to be issued
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Cost to complete:
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no charge
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Comment:
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Companies need to register for two funds: Employees Provident fund and Employees Trust Fund. Both are government owned and maintained by the Central Bank. Procedure: Visit the office of the Ministry of Labor and fill in the forms. Companies are also liable to pay Gratuity to employees that have been in employment for a period in excess of five years. The provisions relating to Gratuity do not apply to companies that have less than 15 employees. There is no pension scheme for people in the private sector. Businesses of dangerous nature should get special Factories Ordinance check ups.
The ETF and EPF numbers may take some time to be issued - sometimes as much as 4-6 months. However, a number is allocated to the company at the time the applications are made and accordingly, the company has fulfilled its obligation and may remit monies to the Department in respect of ETF and EPF with reference to the allocated number.
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Last Updated ( Sunday, 24 January 2010 18:38 )
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