Entrepreneurial boom continues in SL with 14.37% YoY rise in 3Q24 new biz registrations

By Nuzla Rizkiya

The rising trend of private businesses registered in Sri Lanka continues its positive trajectory, with new company registrations in the third quarter of 2024 (3Q24) recording a 14.37 percent year-on-year (YoY) increase compared to the same period in 2023.

The latest data from the Registrar of Companies Department showed that a total of 7,143 new businesses were registered during the third quarter with September seeing 2,280 new private companies incorporated.

While the month marks a slight dip from the record-breaking high of 2,654 in August, the figures reflect a 13.82 percent year-on-year (YoY) increase compared to the 2,003 companies registered in September 2023. 

July 2024 recorded the lowest number for the quarter, with 2,209 business registrations.

This brings a cumulative total of 19,784 new companies incorporated in Sri Lanka between January 1 and September 30, 2024, representing an 18 percent rise from the 16,765 businesses registered during the same period in 2023.

The steady numbers recorded throughout the year highlight the continued momentum in entrepreneurial activity as the economy shows signs of recovery from the crisis in 2022.