Govt. hikes company registration fees

The government has announced an across-the-board increase in company registration fees, including renewal fees, after six years, with effect from October 5 of this year.
President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, has issued the new fee structure in a gazette notification under Section 527, read with Section 477 of Companies Act, No. 07 of 2007.

Accordingly, the registration fee of a private limited company, a public limited company, an unlimited company and a company limited by guarantee has been increased to Rs.4,600, Rs.23,000, Rs.17,250 and Rs.34,500, with effect from October 5 of this year, from Rs.4,000, Rs.20,000, Rs.15,000 and Rs.30,000, respectively.

The registration fees of mortgages, charges and debentures have been increased to Rs.8,625, from Rs.7,500 while the registration fee of annual return has increased to Rs.6,900, 
from Rs.6,000.

The registration fee of an offshore company has been increased to Rs.172,500, from Rs.150,000. However, the amount to be credited to a bank to defray the expenses of an offshore company for the purpose of its office in Sri Lanka has been maintained at US $ 100,000.

In addition, the fee for registration of a place of business in Sri Lanka by a foreign company has also been increased to Rs.69,000, from Rs.60,000.   In terms of registration renewal fees, the offshore companies are required to pay Rs.172,500 to continue their operations while the local companies (other than the companies registered under the Gamidiriya Company Scheme) are required to pay Rs.11,500 as re-registration fees.

Moreover, the registration fees of company secretaries, auditors, document inspection charges along with all other charges have also been increased.