By Newswire Editorial
Sri Lanka has launched a pilot project to simplify its 108-year-old business name registration system, with the aim of allowing entrepreneurs to register their business names within five days, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe said.
In a statement, the Deputy Minister said the Simplified and Unified Business Name Registration (BNR) pilot project was officially launched in Anuradhapura on Tuesday (10), introducing a new approach to business registration in Sri Lanka.
The initiative, implemented by the Ministry of Industry and Entrepreneurship Development in collaboration with Chrysalis and Provincial Councils, aims to simplify the registration of sole proprietorships and partnerships while introducing a uniform system across the country.
According to Deputy Minister Abeysinghe, the new system is expected to enable entrepreneurs to register business names within five days through a simplified process requiring basic documents to verify personal identity and residence.
He said the reform seeks to address complex administrative procedures that have existed under a legal framework dating back to 1918.
Previously, entrepreneurs were required to submit documents relating to land ownership and obtain approvals from various institutions, resulting in delays and additional costs, particularly for small and medium-scale businesses.
Under the new system, business name registration will be separated from the process of obtaining other licences and approvals required to operate a business.
The Deputy Minister said a three-month pilot project will be implemented through 20 selected Divisional Secretariat offices across the Central, Northern, North Central and North Western provinces.
The pilot programme will assess the efficiency of the new registration process, identify practical challenges and introduce necessary improvements before its planned nationwide expansion.
He further said plans are underway to digitalise the registration process in the coming years to reduce administrative delays and improve accessibility for entrepreneurs.
The initiative is expected to encourage new business registrations, support small and medium-scale entrepreneurs and facilitate their entry into the formal economy. (Newswire)