Private limited companies in Sri Lanka

5 min read
Private limited companies in Sri Lanka

Private limited companies in Sri Lanka

The private limited companies in Sri Lanka are one topic that never bores me to seek in or write about. These companies have clearly left significant mark in today’s business world almost in every relative country they act in. The Private Limited Companies in Sri Lanka are also known as the Limited Liability Companies or LLC in Sri Lanka. All these Private Limited Companies incorporated and established all over Sri Lanka surly makes a clear and immense impact in the steady growth and stability of the country’s economic scale.

Such type of business entity is highly recognized and cherished by the locals as they bring in new changes, challenges and rewards for everyone in the country by the means of their quality products and services they operate. The Sri Lankan Government has been taking several steps and precautions to make the registration steps and procedures of all these private limited companies in Sri Lanka easier, simpler, straightforward and hassle-free and to the most in concern CHEAPER. These is mainly because almost 80% of foreign investors who come along to Sri Lanka to set off their business in Sri Lanka clearly choses LLC due to the outrageous level of benefits and advantages the company bring along with itself. As a matter of fact, the most interesting point to be concerned about all these companies are that their shares are limited and act as a individual legal entity who keeps the right to be sued or sue another business company, go in disruption, change company directors, shareholders and other authority figures. Above all these Private Limited Companies in Sri Lanka does play in major role to build scopes and opportunities for jobs for various locals and foreign candidates to seek to build their career in a corporate field.
So, what actually is a Private Limited Company and how can its structure, demonstrations and outcomes be well defined in words – Well, have a bit patience and just read on my article as I will try my most to explain it all to you to most I can.

Well as I mentioned above earlier all these Private Limited Companies in Sri Lanka are the most common type of business forum that are registered or incorporated in today’s date and is considered to be the first choice for foreign investors coming in various nations to set off their own business in Sri Lanka. These is mainly because of the amazingly policies, business strategies, benefits and outcomes these companies have to offer to the investors, well few of them are — With no minimum capital share to be deposited and only One Company Director and Two Company Shareholders any foreign investors and business owners can easily register a business Company in Sri Lanka. The company shares are limited and does have the right to act as an individual legal entity. All these private limited companies can be fully foreign owned as per government concern and fundaments.
All these Private Limited Companies does require to hire an eligible and worth company secretary who will act as the main face of the company in absence of other company directors and authorized figures. All these company secretaries do have huge responsibilities to follow in i.e. Obtaining the Articles of Association (AoA) and other related documents, Creating Relative Company Board Resolutions, Fixing Board Meetings for taking right decisions for the company future, Filing and submitting authentic paperwork and documents of company resolutions at Companies House, Signing important documents and other paper work on behalf or absence of the company director or other related authentic heads, Maintaining and validate Company’s registered address. One of the major roles of all these company secretaries plays in is to file Annual Tax Return and maintain Audited Clearance of Bank Accounts and other financial statement of the company sells and profits.

One of the important facts of consideration that has to be taken in count that the company secretary hired and at least one of the company directors of all these Private Limited Companies incorporated and established in Sri Lanka has to be a Sri Lankan resident.

Registration Procedure and Steps to look in for incorporating and establishing a Private limited companies in Sri Lanka:

Well the registration procedures to follow up for a Private Limited Company in Sri Lanka or a Limited Liability Company in Sri Lanka is simple, straightforward and way too easy to adopt for any one. It usually involves 5 steps to follow in — selection and approval of a desired company name, some forms to be filled, publications or advertising your company and lastly achieving the Certificate of Incorporation and TIN Certificate. All these steps are mainly conducted, regulated and monitored at the Company Registrar Office in Sri Lanka, a sole statutory body where all sort of company registration policies and regulatory affairs are consoled.

So, what are those Five steps of Incorporation that need to be followed – Well, here I will be just stating the steps you can check further update and detailed explanation of these steps in other articles in our company blog site.

Step 1 – The first and most crucial step is going to select, submit and reserve a unique company name for your company, From the Registrar of Companies in Sri Lanka (ROC).

Step 2 – The next step will be submitting company registration forms for your Private Limited Company registration in Sri Lanka.
Form 1 – Company Registration form
Form 18 – Consent and Certificate of Director
Form 19 – Consent and Certificate of Secretary/Secretaries

Step 3 — Submit Articles of Association

Step 4 – Promote your company by given public notice in newspapers and other related facilities in all appropriate languages for your company’s arrival in town.

Step 5 – The last step of business registration of Private Limited Companies in Sri Lanka  will be obtaining Tax Identification Number (TIN). Well these is not necessary for all companies incorporated but for some few which mainly depends upon their business nature and operation methods. The TIN Certificate usually comes after achieving the Certificate of Incorporation.

You are welcomed to knock us or give a small buzz to know more in details about the steps and pricing of all these company struct and registration fees set by the government along with consultancy fees in separate.

Please feel free asking me or any business associate members of our company, S & F CONSULTING FIRM LIMITED, through online if you have any sort of queries and concerns to know about then please feel free to contact me and my company S & F CONSULTING FIRM LIMITED. Trust me or not me and my entire team are there 24/7 just to assist you with any questions regarding Private Limited Company and other business registration facts and foes.