|
|
 |
 |
 |
| Thursday, 20 May 2004 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
Sharp increase in company registrations in 2003 Company registrations increased last year despite the volatile political situation in the country. According to Registrar of Companies 3,939 entities were registered last year. This is an increase from 3,116 the previous year. There were 3,631 private companies registered during the period while 112 Associations, and 91 public companies were formed last year. In addition 44 foreign institutions, 39 guarantee and 21 people's companies were also stamped last year. Only one offshore company was registered in 2003. According to Registrar of Companies (Statistics Section) D. Ananda the first legislation was passed in 1939. "Since then 44,887 companies were registered." He said that one of the main reasons to overlook foreign investments was the unstable tax structure which prevailed. He said that new labour legislation which was to be in place reduced the number of local investors. The small and medium scale entrepreneurs (SME) are very keen to register their companies mainly because they could obtain bank loans. "It also helps the SME sector institutions to gain international recognition," he said. These companies have expressed concern that they lack skilled labour to commence their business. "This is a gray area which the government should address," he said. There were many small time hotels and restaurants, which are urgently looking for skilled workers. (SS) |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
