Nearly 6,000 firms incorporated :

Rise in company registrations

Sri Lanka's new start-ups have risen by 40.35%. "Up-to September this year, 5,993 new companies were incorporated under the 2007 Companies Act by the Department of Registrar of Companies under the Industry and Commerce Ministry. By end of September this year, 24,823 companies also have been re-registered" said Industry and Commerce Minister Rishad Bathiudeen.

Minister Bathiudeen was delivering the performance review of the Industry and Commerce Ministry at the Committee Stage Debate on Saturday 17 December in Parliament.

"This 65th budget of the government has granted incentives for investment at all levels, specially since SMEs consist of more than 75% of Sri Lanka's industries and enterprises. I must mention here very categorically, that the 2012 budget is the most SME-friendly budget this country has seen in recent times. The President has rightly recognized the valuable contribution of the SME sector to Sri Lanka's economy, and in bridging growth disparities across provinces" Minister Bathiudeen said. "I am glad to say that my Ministry has been successful in bringing Private Public Partnership model to the SME sector as well" he added.

According to the Registrar of Companies Department, the newly incorporated companies in Sri Lanka have risen by 40.35% in Jan-Sept 2011. The total number of companies registered under the new Companies Act No 7 of 2007 as at September 30 is 5,993 and it is an increase of 40.35% over the same period in 2010 which stood at 4,270. The total number of existing companies as at September 30, 2010 stood at 48,961. Two senior officers who report directly to the Registrar General of Companies have been assigned the task of approving the names of companies and incorporation of new companies. Usually a name is approved the day after the application is presented and in the case of incorporation the certificate is issued on the day after the documents are issued.

Meanwhile, the Re-registration Unit of the Registrar of Companies which was established in May 2007 with the introduction of the Companies Act No 7 of 2007 to facilitate the re-registration of firms has also completed the bulk of its work. 26,202 applications were received by the Unit for re-registration while 24,823 were registered with 1,120 applications pending as of September 2011 end.