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Century old business name registration system reformed to happen in 5 days

The pilot project of the simplified and unified Business Name Registration (BNR) process, introduced with the aim of making business name registration in Sri Lanka simpler, more efficient and accessible, was officially launched on Tuesday (10) in Anuradhapura under the patronage of Deputy Minister of Industry and Entrepreneurship Development, Chathuranga Abeysinghe

Implemented through the collaboration of the Ministry of Industry and Entrepreneurship Development, Chrysalis and the Provincial Councils, the initiative aims to simplify the registration process for sole proprietorships and partnerships while introducing a uniform system across the country. Sri Lanka’s business name registration process has long operated under a legal framework dating back to 1918. The previous system involved complex administrative requirements, including the submission of land ownership documents and obtaining approvals from various institutions.

Under the new reform, business name registration will be separated from the process of obtaining other regulatory licences and approvals required to operate a business. By introducing a simplified procedure based on essential identity and residential verification requirements, the initiative aims to facilitate business name registration within as little as five days. As the first phase of implementation, a three-month pilot project will be conducted through 20 selected Divisional Secretariat Divisions across four provinces: Central, Northern, North Central and North Western.

Following an assessment of the pilot project’s progress, the Ministry plans to expand the new registration system islandwide. The initiative also includes plans to transition towards a digital platform in the coming years to further improve efficiency and accessibility.

The primary objective of this reform is to reduce administrative barriers faced by aspiring entrepreneurs and small and medium-sized enterprises (SMEs), enabling them to enter the formal more easily and create a more supportive environment for starting and developing businesses.

The inaugural event was attended by Additional Secretary of the Ministry of Industry and Entrepreneurship Development Anoja Herath; Director (Entrepreneurship Development) Susanthi Jayasinghe; Director (Entrepreneurship Development) Evangeline St. Clair; CEO of Chrysalis, Ashika Gunasekara; Senior Consultant, Padmasiri Gunawardena; along with secretaries and officials representing relevant provincial and divisional administrative institutions and other officers involved in the project.