The process to start any business will vary in different countries. As opposed to other countries around the world, Sri Lanka is much more open. The formalities are easy-going and will enable anyone to make investments easily on this island. Presently, the economy in Sri Lanka is flourishing successfully as a result of lax taxation and bureaucracy, which had been driving entrepreneurs crazy for many years. This article will provide some useful information on how to start a business in Sri Lanka.
Investments will not offer immediate dividends, but it will grow steadily over time. Some of the most successful industries recommended for business in this country include Garment Technology, Rubber Industry, Tea Industry, Call Center Operations and Software Development.
Thousands of investors from around the world have shown interest in starting businesses on this small Island. This is mainly because of a higher literacy rate of 97%, significantly cheaper telecommunications, English Speaking population, just to name a few.
Steps to start a business:
Contact the Board of Investment in Sri Lanka
Put together a business proposal
Register the business with a Government agency
Find a local business consultant
Market your business concepts using local media
Generate a demand for your service and product worldwide
Assess the progress of your income
Maintain a procedure for continuous improvement
Always conduct a feasible research before carrying out any kind of investment.
Get advice only from professional consultants and successful entrepreneurs.
Requirements for Registration:
Make an application to get approval for the name of your company; this process takes three days and will cost 15% VAT + LKR 350.
Register the business at the Companies Registry. This will take three days, plus a registration cost of 15% VAT + – LKR 9550 for Form 1 and 15% VAT + LKR 350 for Forms 18 and 19.
Register with the tax authorities to get a Free TIN in two days
Register with the Department of Labor in order to get an ETF and EPF registration. This will take one day to file and roughly 1 month to get the EPF and ETF numbers issued free of cost.
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