When starting a business in Sri Lanka there are several types of businesses you can choose from. There are 3 main types of businesses that you can register and depending on the type of business you will operate, the best fit for you may change.
Each of these business types has their benefits and disadvantages. It is up to you to carefully consider which type of business you want to register. If you want to find more information, we have covered these extensively in our blogs. If you’re just starting out, these will be an excellent starting point for you.
While you can refer to the above blogs to get more information, each type of business requires you to submit various documents in order to get your business registered. In this article, we are going to walk you through each form you’d need to complete for each type of business to simplify this process.
To set up a business under your own name, you must submit a sole proprietorship business registration form or individual business registration form in Sri Lanka. To get this process started you must visit the relevant provincial council and mention that you are trying to register a business as a sole proprietor.
You might also be required to provide additional documentation depending on the type of your business. These would be either recommendations and certification from relevant authorities for that industry. For a complete list of industries and where you should obtain certifications or recommendations from click here.
If you are registering your business as a partnership between 2 or more people, the forms you have to complete are very similar.
The customs registration process can get tricky. Let us help you figure it out.
We have covered the process of creating a Private Limited company extensively. You can read about the entire process through Company Registration in Sri Lanka – A Step by Step Guide article. The forms you are required to fill out are different from sole proprietorship or a partnership.
In addition to the above, we also recommend having a Shareholder’s agreement as it grants higher protection to the shareholders while making sure responsibilities of shareholders are clearly laid out. This will be critical if you run into shareholder disputes during the course of operating your business.
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We’ve helped set up hundreds of private limited companies, sole proprietorships and partnerships in Sri Lanka across a range of industries. If you’re thinking of setting up a business in Sri Lanka and need assistance in going through the process, reach out to us for a free consultation.
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