Registering a company name in Sri Lanka
Factors Should Consider In the Name Approval Stage.
If you want to start your own business first thing you want is a Business Registration. Without a Business Registration (BR) your company will not be recognized as legal entity in Sri Lanka. Finding the best name for your company is a critical task at beginning of the Business Registration process. So, you should come up with a name first which should adhere to some requirements. Let’s see how we can select a better name for your business.
What you should know about a registering a Company Name?
Every company should be registered under a unique name. This name should differ from other companies which is already registered. You have to request approval for the company name from the Department of Registrar of Companies and it will be received under New Companies Act No. 07 of 2007.
The standard suffix of a Company Name
If you are registering a Private Limited Company the company name should end in the words “(Private) Limited” or by the abbreviation “(Pvt) Ltd”
The Importance of the Public Notice of a Company Name
Communicating the Registration of Your Company to the country is considered a critical requirement. Due to that, The Company Name, Registration Number and Company Registered Address should be published in Sinhala, English and Tamil Newspapers and Government Gazette. This should be done within 30 working days in the event of incorporation of the Company.
Why your Company need a name?
Other than identification there are several other needs for your company. Let’s see what they are.
• Using for Business Letters of the Company to build a trust
• For the notices and official publications of the Company
• For financial requirements as Bills of exchanges, Promissory notes, endorsements, cheques, and orders for money or good sign on behalf of the Company.
• For sales requirements as invoices, receipts, and letters credit of the Company
• For legal documents issued or signed by the Company which create or is evidence of a legal obligation of the Company; and
• For the Company Seal if any.
• For Branding and Marketing Purposes
What you should do to change the name of your Company?
Maybe, you will want to change the name of your company at somepoint of your business journey. You may wonder whether it can be done. Yes, if you need to change the Company name you they have to pass a special resolution. Then within ten working days of passing this resolution, the Notice of Change with the Form 3 (along with the consent letter of the subject clerk who is handling the Company file at ROC) should be submitted to the Department of Registrar of Companies. You can then have a new Certificate of Incorporation which indicates the New Name of the Company.
What you should be aware when deciding the Company Name
When deciding a Company Name, You have to face some restrictions provided by the Companies Act No. 07 of 2007
• Cannot use Similar Name of any other Company or any registered overseas Company.
• Cannot use “ Chamber of Commerce” (unless the Company is a company which is to be registered under a license granted under section 34 without the addition of the word “Limited”)
• Cannot use a Misleading Name
• Cannot use words of “President”, “Presidential” or Words which are connected with the President or, Sri Lanka Government or Government departments.
• Cannot use words of “Municipal”, “incorporated” or words which are connected with any Municipality, Local Authority, Society or Body incorporated by an Act of Sri Lankan Parliament.
• Cannot use words of “ Co-operative” or “Society”
• Cannot use words of “National”, “State” or “Sri Lanka” or Words which are connected with Sri Lankan Government or Government departments.
• Following words shall be disregarded by the Department of Registrar of Companies, if you use the following words in Your Company Name