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    Lets finish the race of Company Incorporation

    How Incorporation of a Company Helps your Business?

    1. You will be able to raise capital.
    2. It gives Due Recognition.
    3. It gives Separate Legal Identity.
    4. It gives protection of personal assets from business risks and liabilities.
    5. Right to take Legal Actions by the Name of your Company

    What is a Company?

    Company is an organization of individuals conducting a commercial or industrial enterprise.

    What is “Limited company”: It’s a Company that issues shares, the holders of which have the liability to contribute to the assets of the company.

    A Private Limited Company is the most common Business Type in Sri Lanka. The name of every private company, should end the words “(Private) Limited” or by the abbreviation “(Pvt)Ltd”

    Sri Lankan citizens and Foreign Nationals are eligible to be Directors. Every Director should give Form 18 (consent of the director).

    Applicable Law is Companies Act, No. 07 of 2007

    All Companies are registered at Department of Registrar of Companies, also call as “Samagam Medura” in Sinhala. 400 D. R. Wijewardena Mawatha, Colombo.

    Phone: 011- 2 689209

    • Name Reservation
    • Appointing Directors and A Company Secretary
    • Registering with the Registrar of Companies
    • Giving Public Notice of Incorporation
    • Regular Updates- On Do’s and Don’ts
    • Fill The Online Application Form.
    • Online Application Submit

    Day 1

    • We will Contact you.
    • Make your Payment.
    • We will Reserve your Suggested Unique Company Name

    Day 2-4

    • We will send you
      Draft Form 18
      And
      Draft Article of Association
    • (You will suggest any changes you need in the Article of Association )

    Day 5-7

    • Submit the documents at ROC
    • We will Collect the Certificate of Incorporation
    • Regular Updates

    ADVANTAGES OF INCORPORATING A COMPANY

    Legal Protection

    Protect Your Personal Assets

    It establishes a Separate Legal Entity.

    Business Opportunity

    Have Easier Access to Capital.

    Perpetuity

     

    Growth Of Your Business

    Enhance Your Business Credibility

    Brand protection

    1.What is a Company?

    A company is an organization of individuals conducting a commercial or industrial enterprise.

    2. What are the Types of Companies?

    • Limited Company
    • Unlimited Company
    • Company Limited by Guarantee
    3. What are the Types of Limited Companies?

    • Public Company
    • Private Company
    • Off-Shore Company
    4. Can I Change My Company Name after incorporating?

    Yes, By Special Resolution with the prior approval in writing of the Registrar

     

    5. What are the Duties of Directors?

    • To act in good faith and in the best interests of the Company.
    • To comply with the Act and the Company’s articles of association.
    • Not to act in a manner which is reckless or grossly negligent but to exercise the degree of skill and care that may reasonably be expected of a person of his knowledge and experience
    • To rely on and use information and advice received from others only if he knows that such reliance is not unwarranted and if he is not put on notice after making adequate inquiries.
    • To make disclosure of interests.
    • Not use company information to get personal benifit.
    • To disclose share dealings.
    • To approve remuneration and other benefits for directors only as provided for the Act.
    • Not to give a loan or provide guarantee or security to a director unless permitted under the Act.
    • To act as provided in the event of a situation of insolvency.
    • To call an extraordinary general meeting if it appears that there will be a serious loss of capital.

     

    6. What are the required documents?

    7. Do I really Need a Company Secretary?

    No, If there is more than one person any one of them can act as Company Secretary.

     

     

     

    8. When do I need a Company Secretary?

    • If One Person is incorporating a Company same person cannot act as a Company Secretary.
    • Foreigner cannot act as a Secretary
    • If the Annual Turnover not less than One Million or paid-up Capital exceeds Five Hundred Thousand a Qualified Secretary should be appointed.

     

    9. Can a Foreigner be a shareholder of a Company?

    If a foreigner is investing in a Private Company it should be either BOI Projector in accordance with the Extraordinary Gazette notification published on 19 of April 2002 and number 1232/1 issued by the Controller of Exchange.

    10. How many shareholders can I include in a Private Limited Company?

    One Person or Persons (not exceeding 50).

    11. How long can I reserve my approved name?

    The validity of the name approval is three months from the date of application – Form 16A

    12. What are the office hours of ROC?

    Working days : Monday to Friday

    Department open Hours : 8.30am to 4.15pm

    Document Checking Time: 8.30am to 2.45pm

    Shroff Counter : 9.00am to 3.00pm

    Holidays : All public and Mercantile Days

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