Over 2,400 new private companies incorporated in March 2024

30 April 2024 07:46 pm Views - {{hitsCtrl.values.hits}} 13 Bookmark

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By Nuzla Rizkiya

A total of 2,440 new private limited companies have been incorporated between 1 to 31 March, according to the Department of the Registrar of Companies.

As per a notice published, the companies have been incorporated under Section 05(01) relevant to the incorporation of companies under Companies Act No. 07 of 2007.

The figure represents a 18% growth compared to the number of registrations recorded in January 2024.

Last month, President Ranil Wickremesinghe said that the Registrar Department recorded a total of 1,995 new company registrations in January.

Under the Companies Act No. 07 of 2007, a company is a body corporate identified by the name by which it has been registered.

Subject to certain provisions of the act, these companies can carry on or undertake any business or activity, do any act or enter into any transaction within or outside Sri Lanka.

Last year the Department of the Registrar of Companies recorded a revenue of Rs. 512,656,180,06 through the receipts of Registrar General of Companies.

Comments - 13

warren Tuesday, 30 April 2024 08:31 PM

Can you imagine this under an NPP rule (Marxists)? NO. Their central planners will answer the fundamental economic questions of what to produce, how to produce, how much to produce, and who would produce and consume them without complete information. Everything will be state-controlled and produced. Entrepreneurship and competition will be killed. There will be no innovation and variety. Eventually, there will be shortages of essential goods and services, leading to long queues. The result will be corruption and nepotism. This will herald the end of the Sri Lankan economy. Despite certain flaws, market-based solutions are the best approach for a nation's economic growth and prosperity. The problems with this system can be addressed through proper government interventions. But an economic catastrophe under Marxist rule will take decades to redress.

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Sam Silva Wednesday, 01 May 2024 02:16 AM

But our fools don't understand the magnitude of damage they could do to the country and to themselves Just to take revenge from the current government they will vote.

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Ram Wednesday, 01 May 2024 03:30 AM

Warren, Without being pessimistic why not give them an opportunity. After all we have tasted CBK, MR, MS, GR

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Perera Wednesday, 01 May 2024 06:00 AM

What more is left to ruin the Sri Lankan economy? Its already down in the dumps.

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Sakya Wednesday, 01 May 2024 06:47 AM

Well explained totally agree. The spoilers trying to grab power. The universities spoilt incapable graduates coming out of it. The instigators of protest and strikes in the name of working class and ultimately turn this country full of working class and a coterie of ruling class. Show them the door at the first opportunity

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Hope for Reasonable Pricing Tuesday, 30 April 2024 08:53 PM

Kindly advise how many politicians are registered or involved in opening these new businesses. Or maybe most don’t register their businesses so as to keep it Low profile! Anyway, good many are minding a business these days and hope they succeed. Btw, Pricing their products reasonably will benefit the masses to enjoy their products.

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Shera Tuesday, 30 April 2024 11:18 PM

This is encouraging for economic growth within the country or region. Time will tell how they perform. However, doing business with EU or US, is a different story. Sri Lanka must be more business friendly. Too much red tape to cut through, the slow pace at which Sri Lankans work, the numerous holidays, working hours ending by 5pm, poor or no response time, poor web-based infrastructure, the high import/export costs and basically to get anything done in Sri Lanka is daunting.

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Ganesh Wednesday, 01 May 2024 01:04 AM

Bet you most of the business registrations will be for trading, food stalls etc. there is no real investments per se. Soon you find cheap Chinese imitation products flooding the market. No real job creation or value addition. Blind leading the blind. Can some tell us how many such businesses have ceased operations within the last 3 years.

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Nrlum Wednesday, 01 May 2024 02:10 AM

For elections you can get registration what ajoke ask how many EPF numbers were created instead

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Sokrates Wednesday, 01 May 2024 08:11 AM

It would be interesting to know how many companies went bankrupt and how many bankrupt companies were deregistered under a new name.

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Idle wealth leads to black money Wednesday, 01 May 2024 08:42 AM

Very encouraging news. Look at the revenue they can generate, number of people who can be employed, number of their kith and kin who can prosper, the general uplift of the economy. These are contributions to the nation in the end. Nobody should idle.

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And we are singing the glory of socialism! Wednesday, 01 May 2024 08:47 AM

Even branded communist and socialist nations have been attracted to capitalism and liberation from state control. Look at China, USSR, Cuba, Yugoslavia. Were are they now? They are flourishing after they shed the burden of socialism. Have we not seen the utter failure of socialism?

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Sambo Wednesday, 01 May 2024 09:22 AM

They may have registered on paper bu nothing has opened giving people new jobs.

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