How to Register a company in Sri Lanka
How to register a company in Sri Lanka
Under the guidelines of the companies Act No. 7 of 2007, in order to establish a business or any legal entity you have to register your company at the Department of Registrar of Companies. And it is a legal process if you register the company in accordance with the aforementioned Act.
For this purpose, you can visit the website www.drc.gov.lk and for easy online registration. We are here to support you by doing all your secretarial documentation work. If you want to appoint an unqualified secretary, please consider that one of the directors can be appointed for the position of secretary under the following conditions;
● Only if the company’s annual Turnover is less than one million.
● Stated capital should be below 500,000LKR.
● A foreigner can’t hold the position of the secretary of the company
● Single director cannot be appointed as the secretary of the company.
If you want to appoint a qualified secretary, any third-party individual or entity can be appointed as the secretary.
Process of registering a Private Limited Company.
1. Name reservation You can simply search for a unique name on the EROC website as you wish. (Please note that the name you select should not be similar with any other company name as shown below). If the name you propose is unique you will get the approval for your name. Then you have to select either type of the company. Because your company name in the business registration certificate is issued based on the name reservation type. After doing the required payment you can reserve the proposed name for your company for 3 months.
2. Adding stakeholders to the EROC system. Generally, the main stakeholders of a company are directors, shareholders and the company secretary. Therefore, it is necessary to provide all the important details of the stakeholders as they are the major
strengths of your company.
3. Draft articles of Association The information like the company's objectives, the management and administration of the company,
and rights and responsibilities of the shareholders of the company are disclosed by the Article of Association.
4. Upload documents to the EROC system. Form 1 - Summary details of Company, Shareholders, Directors and Secretary
Form 18 - Consent of the Directors
Form 19 - Consent of the Secretaries.
Article of Association
5. Make payments to EROC. BR Certificate - Business Registration Certificate or the BR Certificate is the document which proves that your company is registered under the companies Act.