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Sri Lanka suspends incorporation of foreign companies

ECONOMYNEXT – 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 in a public notice.

No reason was given in the notice.

An official said 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. (Colombo/Jan14/2020)