A new procedure has been introduced to make the business name registration process in Sri Lanka easier and more efficient.
Accordingly, a pilot project for a simplified and integrated Business Name Registration (BNR) system was launched yesterday (10) in Anuradhapura, with the objective of completing the registration process within a short period of just five days.
The program, inaugurated under the leadership of Chathuranga Abeysinghe, Deputy Minister of Industries and Entrepreneurship Development, is being implemented through the collaboration of the Ministry of Industries and Entrepreneurship Development, the organization ‘Chrysalis’, and the Provincial Councils.
Under the previous registration system which had been in place since 1918 applicants faced complex requirements, including the submission of land ownership documents and the procurement of approvals from various institutions. Under the new methodology, the process of registering business names has been decoupled from the process of obtaining other legal licenses, allowing for registration based on fundamental identity and residency information.
As an initial phase, a three-month pilot project is set to be implemented, covering 20 selected Divisional Secretariat divisions across the Central, Northern, North Central, and North Western provinces.