Monday, 17 February 2020 07:01

Foreign company registration suspension in Sri Lanka lifted

The temporary suspension on the registration of foreign companies in Sri Lanka has been lifted. This was confirmed by a senior official of the Department of Registrar of Companies .


On the 14th of January, the ROC posted a notice on its official website “Incorporation of foreign-owned companies in Sri Lanka with Registrar of Companies is temporarily held until further notice (except BOI approved companies)”.
The notice of the decision to suspend the registration of foreign companies did not include any explanations or further clarifications.the decision was reached as per the directions from the Presidential secretariat.
The rationale behind the decision saying that the intent was to safeguard local industries. He added that they were instructed to refrain from granting further approval for small scale foreign shareholding companies.
However the ROC senior official confirmed that the decision to suspend registration has been reversed.
He added that they received further instructions from the President’s Office to register the companies as previously and there are some restrictions on personal services.
Likewise itwill have some restrictions. The requirement is still there for reviewing the existing regulations and in future, it will review the existing laws and will give further directions. At the moment these are the instructions ROC received, he said.

(LI)

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