Sri Lanka launches new system to register business names in five days

The Ministry of Industry and Entrepreneurship Development launched a pilot project in Anuradhapura to simplify the business name registration system in Sri Lanka.

The ministry, in partnership with Chrysalis and Provincial Councils, introduced the Simplified and Unified Business Name Registration pilot project to replace a legal framework from 1918. This new process aims to let entrepreneurs register sole proprietorships and partnerships within five days by requiring only basic documents to verify identity and residence.

The reform separates name registration from the separate licenses and approvals needed to operate a business, removing previous requirements for land ownership documents. The government will run the pilot project for three months across 20 selected Divisional Secretariat offices in the Central, Northern, North Central, and North Western provinces. Officials plan to use the pilot to identify practical challenges before expanding the system nationwide.

The ministry intends to digitalize the registration process in the coming years to further reduce administrative delays and help small and medium-scale entrepreneurs enter the formal economy.