Registration cost of new private companies slashed

““I am pleased to inform the House that as part of changes in the fees, we have reduced the fee of registration of a Private Limited Company by as much as Rs 11000,” Bathiudeen told Parliament today. Minister Bathiudeen was making a statement on the increase of Company registration fees by the Registrar of Companies (RoC) as a follow-up to the proposal made in the 2016 Budget. The registration cost of new private companies has been slashed by the Government, Minister of Industry and Commerce Rishad Bathiudeen said.Bathiudeen said that new companies registered in Sri Lanka last year surged by 7 percent while the key state institution in charge of such new company registrations reported an enormous revenue flow to it’s coffers in 2016. The proposal made in Section 419 of the 2016 Budget speech was to review the fees and charges made by different Government entities every three years by all the Chief Accounting Officers and Accounting Officers including Revenue Accounting Officers in the public sector. “I am pleased to inform the House that as part of changes in fees we have reduced the fee of registration of a Private Limited Company under Form 1 by as much as Rs 11000. In that we reduced this fee from Rs 15000.00 to 4000.00 to develop entrepreneurship in Sri Lanka. All fee changes are effective from January 1, 2017,” he said. (Colombo Gazette)

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