Simplified business registration process in the offing
View(s):The National Enterprise Development Authority (NEDA) under the Ministry of Industries and Entrepreneurship Development will be simplifying business registration processes in Divisional Secretariats in a bid to attract sole proprietorships and partnerships into the economic fold, top officials said.
“The idea is to take away the ambiguities and cumbersome process which is complicated. Through this new process we can attract more business registrations from sole proprietorships and partnership companies,” an official said. He said in the 340 Divisional Secretariats, despite the business registration process being electronic, many approvals are needed, which takes as long as a month. He also noted that the Ministry of Industries had realised that there are only 200,000 companies registered in the country, which means that there are more than one million enterprises that are individually owned or partnerships. “This is a big informal economy, because many do not bother to register their business due to the complexities in the registration process. The idea is to relax these processes,” he said.
The ministry, he added, is setting up “Industry and Enterprise Development Centres” in divisional secretariats to provide services under one roof. This initiative will clear barriers to promote entrepreneurship and will support the growth of the SME sector in Sri Lanka.
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