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| Friday, 14 November 2003 |
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Lanka records highest company registrations in 2003 The number of companies incorporated under the Companies Act during a year since 1982, will be the highest ever in 2003, Registrar of Companies D.K. Hettiarchchi said. The Department of Registrar of Companies said despite the current political crisis, year 2003 is likely to set a record for the largest ever Incorporation of new Companies under the Companies Act. The Registrar of Companies D. K. Hettiarachchi said already 2,900 new companies have been registered under the Companies Act during this year, and expects this figure to surpass the previous best of 3,116 that was recorded in 2002. Hettiarachchi said that 90 percent of the newly incorporated companies during this year are private sector ventures and added that it has been the trend since 1982. According to sources at the Department of Registrar of Companies the lowest number of incorporations recorded was in 1983, which was 714. Referring to this year's performance he said from the beginning of the year his department has been receiving a large number of applications from investors requesting to be incorporated under the Companies Act and added that the situation did not even change following the latest political crisis that erupted after President Chandrika Bandaranaike Kumaratunga took over three Cabinet Portfolios, held by the UNF Government. The Department of Registrar of Companies has received 80 applications from investors during the post political crisis week that started on November 4 requesting to incorporate their ventures under the Companies' Act, in comparison to the 92 applications received in the previous week. It is also reported that none of the applicants have withdrawn their applications. Meanwhile Minister of Commerce and Consumer Affairs Ravi Karunanayake has asked The Department of Registrar of Companies to explore ways to normalise the procedure which the applicant has to undergo during the process of incorporation which would help him towards starting his business quickly once incorporated. |
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