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.
- Sole proprietorship business
- Partnership business
- Private Limited Company
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.
- The Pros & Cons of a sole proprietorship
- Partnership Business Registration in Sri Lanka
- Private Limited Company Registration Sri Lanka
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.
Business registration forms for a sole proprietor
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.
- Application form
- Grama Niladhari certification (This has to be certified by the divisional secretariat)
- A copy of your NIC
- Business premises ownership documents (You have to provide one of the below documents)
- Deed – If the premises is owned by you
- Lease agreement – If the premises is rented by you
- Consent letter – If the premises is owned by a family member
- Varipanam assessment notice
- Affidavit confirming the initial capital of the business
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.
Business registration forms for a partnership
If you are registering your business as a partnership between 2 or more people, the forms you have to complete are very similar.
- Application form
- Grama Niladhari certification (This has to be certified by the divisional secretariat)
- A copy of your NIC
- Business premises ownership documents (You have to provide one of the below documents)
- Deed – If the premises is owned by you
- Lease agreement – If the premises is rented by you
- Consent letter – If the premises is owned by a family member
- Varipanam assessment notice
- Affidavit confirming the initial capital of the business
Business registration forms for a Private Limited Company
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.
- Article of Association
- Form 01 – Application of Incorporation
- Form 18 – Consent of Directors
- Form 19 – Consent of Secretary
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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How can Simplebooks help you?
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.
