In my point of view Sri Lanka is born with silver spoon to carry out new business for the foreigners. This island has many resources gifted by the nature. Company formation in Sri Lanka in a Piece of cake!! First the company should provide Registration Form, Articles of Association to the Companies Registrar of Sri Lanka to obtain incorporation certificate.
Then the ROC will provide PV number with incorporation certificate to the company. Then the Company should fill Form 1, Form 18 (Details of the directors), Form 19 (Details of the company secretary) to the Registrar of the Companies.
There are some limitations to form companies in Sri Lanka for Foreigners as Follows,
Foreigners Cannot form companies under following categories.
- Money Lending
- Coastal Fishing
- Pawn Broker
- Retail business Investment more than US$ 01 Million
40% Foreign Ownership and 40% special Approval needed
- Shipping Agencies
- Travel Agencies
- Mass Communication
Line Ministry approval Needed
- Mining of Gem
- Air Transport
- Coastal Shipment
100% Foreign investment is allowed for Other business activities
Cinnamon, Cardamom, Pepper exportation is leading money-making activity in Sri Lanka. Exporter should be registered under Sri Lanka Customs of Exportation. Tea, Rubber, Coffee, Coconut Export and by product export is traditional business in Sri Lanka. Ceylon Tea is Categorized as BPBF, Silver Trip, White Tea, Green Tea etc and Cinnamon is Categorized as C4.C5. Alba, M4, H2 Etc and with Powder form and Sticks.
Coconut can be export as Ready to consumable or such as King coconut, Vinegar, Coconut Shell Craft. Batik industry is also one of the success trends in Sri Lanka, You Can earn Rs.5,500- 10,000 per Batik Saree.
Company should consider some social responsible as well, Following Social responsible are carried out from current entities.
- Proper Waste management.
- Factories should not carry out Sound and Air pollution.
- Eco -Friendly products such as Organic Products, Paper Bags, Cloth Bags, Less Polyethene and Plastic uses, Stainless Straws, Spoons, Forks and Knife usage
- No Animal Test.
- No harmful chemical use in the product or less usage of chemical.
- Drugs should be approved by Health Ministry.
- Factories should be located out of residential areas,
- Factory wastage should not mix with the sea.
Let’s make our Sri Lanka most economic leading company in Sri Lanka with our full interest and Social Responsible. Our Economy should be should encourage more investment with less resource usage such as Time, Money and Man power. Our Country should be the world 1st rank leading one by 2050.
Lets make our dream with foreign and local investment. Foreigners can’t buy properties in Sri Lanka therefore we give full support for them to invest in our country without fighting for religious. Make our Mother land happy with welcoming more investments and innovation.IT Technology should be improved more in Sri Lanka to lead the world race very fast.