Starting Business in Sri Lanka is a mind-blowing opportunity as Sri Lanka is a rapidly growing nation in the Asian Region with a GDP growth of 8%. After the end of the 30-year ethnic conflict, it is heading to an era of prosperity and development. However, when it comes to starting a business in Sri Lanka, it has been a tough task. Especially those who start from the scratch level have to face a lot of challenges before they start to run. Recently we show rapid growth in start-up businesses in Sri Lanka, especially in the IT and Tourism Sector. Company registration in Sri Lanka.
Starting a Business in Sri Lanka has to be done after a great deal of research. If you are a foreign investor it’s better to come through the Board of Investment (BOI) which is the government authority for Foreign Direct Investment (FDI). BOI can help you in many ways such as giving lands, technical supports, making links with other government bodies, marketing helps, market information, etc… We do highly recommend Digital Road (Pvt) Ltd. services to start your company or business registration in Sri Lanka with quicker service in the market compared to other competitors. Digital Road (Pvt) Ltd. have very experience bookkeeping service and company registration solutions for Sri Lankan business entrepreneurs and foreign business entrepreneurs to acquire 100% ownership of the company in Sri Lanka. Starting a Business in Sri Lanka or company registration in Sri Lanka is now so easy. For a few years, back company registration in Sri Lanka was costly, and start-up companies were not able to get their business registration at that stage. But Digital Road (Pvt) Ltd. has to change the game by helping young entrepreneurs to start company registration in Sri Lanka and start their very own business legally.
Step 1 – Registration There are three categories where you can register your business.
- Proprietorship
- Partnership
- Company
- Private Limited Company
- Public Limited Company
- Limited by Guarantee
According to the Company act of 2007 one director can be on the board of a Private Limited Company. It gives the flexibility of starting a company only with one director. To start a Public Limited Company (PLC), a particular company must have issued share capital.
Step 2 – Website design, Email, and Phones
The cost of Web designing is very less in Sri Lanka. You can develop a website by investing just $2500 dollars. It’s that affordable web design in Sri Lanka. Check out a very hot deal from Orix Marketing, the first-ever online advertising company in Sri Lanka which gives a host of services for start-up businesses.
There are three fixed-line phone service providers and five mobile service operators. If you are looking for a cost-effective communication method try Sri Lanka Telecom (sltnet.lk) if you want a total communication solution check out lankabell.net. They more hot deals to suit your requirements.
Step 3 – Advertising and Marketing
Once everything is settled; start to promote your business. Set an advertising plan, find your target market, and start your campaign. There over 50 newspapers and magazines are in Sri Lanka and over 15 TV channels & radio stations. TV adverts are a little bit expensive than radio and press ads. Tv channel advertising and radio advertising is one of the mass media solutions to reach a large audience in Sri Lanka. Among tv advertising companies in Sri Lanka, we strongly believe that our media buying Sri Lanka solutions
If you are starting draft some articles and send them to media outlets. It’s an easy way to bring the message properly. We are done If you are done with all the above six steps you can start making money in Sri Lanka. If your idea is creative and totally new Sri Lanka making money won’t be a big issue.
Unfavorable factors in Sri Lankan Business Environment. Since Sri Lanka has a higher literacy rate it does not mean all Sri Lankans are well educated. But there are educated up to a certain level. People who live in main cities like Colombo and Kandy are well educated and they have a higher purchasing power. This would limit the expansion of your business.
Most Sri Lanka business people are not trustworthy. We strongly advise you to write whatever the deal you make. Whenever you make some contracts put it in writing it will help you avoid unnecessary troubles in the future. Be strong in getting payment. If not, you will waste a lot of time following up with your clients and paying a visit to their office. Keep an eye on the political situation and try to fix some appointments with key political figures.
So now starting a business in Sri Lanka very easy and we will help to start and develop your business with our bookkeeping, accounting, auditing, business registration in Sri Lanka, and other digital marketing to tv advertising solution to enhance your business towards success. If you have any further clarification please feel free to follow the Digital Road website for your business registration in Sri Lanka