A pilot project aimed at simplifying, streamlining and improving the efficiency of business name registration in Sri Lanka has been launched in Anuradhapura under the leadership of Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe.
The programme, introduced in collaboration with the Ministry of Industry and Entrepreneurship Development and Provincial Councils, aims to simplify the registration process for sole proprietorships and partnerships while introducing a uniform system across the island.
The previous registration system, which had been in place since 1918, involved complicated requirements, including land ownership documents and approvals from various institutions.
Under the new reforms, business name registration will be separated from the process of obtaining other legal permits and licences. Registration is expected to be completed within as little as five days based on basic identity and residential information.
The initial phase will operate as a three-month pilot project across 20 selected Divisional Secretariat divisions in the Central, Northern, North Central and North Western Provinces.
Following an evaluation of the pilot project’s progress, the government plans to expand the system islandwide and further improve its efficiency through a digital platform.
The main objective of the reform is to reduce administrative barriers for aspiring business owners and small and medium-sized enterprises (SMEs), enabling them to enter the formal economy more easily.
