Monday, 31 May 2021 22:42

Presidential Secretary makes BOI nod compulsory for register foreign firms Featured

The Government has decided to make Board of Investment (BOI) approval mandatory for the Registrar of Companies to certify foreign-owned entities

A directive to this effect has been sent to the ROC by Secretary to President Dr. P.B. Jayasundera.

The ROC has to ensure that applications received for registration of a company by a foreign national or entity are accepted and processed only if the BOI’s approval has been granted to such an individual or entity to start a project or business operation in Sri Lanka.

The BOI has also been instructed to ensure such approvals are processed subject to criteria that will add to higher value creation activities and a recognised negative list.

Sri Lanka’s registrar of companies has suspended incorporation foreign owned companies in the island.

“Incorporation of foreign owned companies in Sri Lanka with (sic) Registrar of Companies is temporarily suspended until further notice,” registry said ina public notice

No reason was given in the notice published in January 14 2020 qn official said adding that the directive had come from the President’s office.

Foreigners can usually incorporate companies in Sri Lanka provided the activity is not on a negative list for foreign investment.

A determination on whether a company can engage in the activity can be decided on the disclosure of the objects clause.

 

 

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