Business Reforms in Sri Lanka

Sri Lanka has been eager to promote investment in its rapidly growing economy, and this is reflected in the many changes it has made to its policies to create a more favorable investment climate. Here we look at the reforms that have been implemented over the years that make it easier for local entrepreneurs to start a business in Sri Lanka while encouraging foreign investors to enter the market.

Business registration

In 2007, the Sri Lankan government began simplifying the process of starting a business. It adopted a new Companies Act which eliminated the cumbersome process of obtaining multiple approvals from various authorities and introduced a standardized registration fee. It also made it optional for companies to obtain notary and official company seals to commence business operations. It was taken a step further in 2013, when the government computerized its Employee Provident Fund and Employee Trust Fund systems, which made the process…

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