Five-day business registration pilot launched

Daily Mirror, EconomyNext and Newswire report that Sri Lanka has begun a pilot to simplify the process for registering business names, with registration intended to take five working days. Daily Mirror says the reform covers sole proprietorships and partnerships, while EconomyNext identifies the initiative as the Simplified and Unified Business Name Registration pilot.

EconomyNext reports that the programme was launched in Anuradhapura on November 10 by the Ministry of Industries and Entrepreneurship Development, working with the Chrysalis institute and provincial councils. The outlet says the pilot will run for three months in 20 selected Divisional Secretariat divisions across the Central, Northern, North Central and North Western provinces.

EconomyNext reports that the existing framework dates to 1918 and required applicants to provide proof of land ownership and seek approvals from multiple institutions. Under the proposed process, registration will be separated from obtaining other legal licences and will use basic identity and residence details, according to the outlet.

EconomyNext reports Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe said the reform is intended to reduce administrative barriers for people starting businesses and small and medium-sized enterprises, helping them enter the formal economy. The outlet also attributes to a ministry official the explanation that the simplified documentation is intended to allow approvals within five days.

EconomyNext reports that the government plans to evaluate the pilot before expanding the unified process across the island, and intends to introduce a digital platform in the future. Ada Derana (සිංහල) and Ada Derana (தமிழ்) also report on a change or new procedure for business-name registration.