Sri Lanka is increasingly attracting foreign entrepreneurs and investors, but starting a company requires proper legal registration and compliance with national business laws.
Can foreigners start a company in Sri Lanka?
Yes, foreigners can legally register companies in Sri Lanka and in many cases can fully own them depending on the industry.
What is the company registration process?
The company registration process is structured and must be completed step-by-step.
It includes:
- Choosing a company structure (private limited, branch, etc.)
- Reserving a company name
- Preparing incorporation documents
- Registering with the Registrar of Companies
- Opening a corporate bank account
Can foreigners own 100% of a company?
Yes, full foreign ownership is allowed in many industries, but certain sectors may require approvals or restrictions.
What is BOI approval?
BOI approval is required for specific types of investments and provides regulatory clearance and incentives.
BOI may be required for:
- Large-scale investments
- Regulated industries
- Foreign investment incentive schemes
How long does it take?
Company registration can take:
- A few days for simple structures
- Several weeks for BOI or complex setups
Do I need a lawyer?
A lawyer is not mandatory, but strongly recommended because it helps:
- Avoid structural mistakes
- Ensure compliance
- Prevent banking delays
- Handle approvals correctly