How to Register Your Business as a Sole Proprietorship in Sri Lanka: A Step-by-Step Guide
Starting a business in Sri Lanka is an exciting journey, and one of the first steps you’ll need to take is choosing the right structure for your business. If you’re looking for a simple and cost-effective way to get started, registering your business as a sole proprietorship (or individual business) could be the perfect solution. Whether you’re a first-time entrepreneur or a seasoned professional, registering as a sole proprietor offers numerous benefits that can help you grow your business with ease.
In this guide, we’ll walk you through the entire process of registering your individual business in Sri Lanka, highlighting the advantages, the potential challenges, and everything you need to get started.
5 Simple Steps to Register Your Sole Proprietorship in Sri Lanka
1. Choose and Approve Your Business Name
The first step is selecting a name for your business. We will help you check the availability of your chosen name, reserve it, and secure official approval from the authorities. A catchy, professional business name is key to setting the right tone for your brand.
2. Complete and Submit the Registration Forms
Once your business name is approved, we’ll take care of all the paperwork. We’ll fill out and submit essential forms like Form 01, 18, and 19, ensuring your registration is done accurately and quickly.
3. Create and Submit Articles of Association
As a sole proprietor, you’ll need to establish the legal framework for your business. We’ll assist you in drafting and submitting the Articles of Association, which outlines how your business will operate.
4. Open Your Business Bank Accounts
After your registration is complete, it’s time to get your finances in order. We’ll guide you through the process of opening business bank accounts, making it easier to manage your funds and maintain a professional financial setup.
5. Ensure Legal Compliance
Staying compliant with Sri Lanka’s business laws is critical for long-term success. We’ll help ensure your business meets all local regulations, so you can focus on running and growing your business with confidence.
What You Need to Get Started: Key Information
To begin the registration process, we’ll need some basic details about your business and its key players:
Company Information
- Business Name
- Business Activities
- Permanent Business Address
- Grama Seva Division
- Email Address
Shareholder Information
- Share Distribution
- Full Names and Contact Information
- Full Names and Contact Information
Director Information
- Director Information
- Full Names and Contact Information
- NIC/Passport Copies of Directors
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