3,623 new companies registered in 1H

The Ministry of Industry and Commerce yesterday revealed that 3,623 new companies have registered in the first half of 2012 bringing the total to over 51,000.

Among the new 3623 registered firms from January to June 29, 2012 are 3507 private, public and ‘limited by guarantee’ firms, 101 associations, 14 foreign firms and one offshore firm. 12913 annual reports also have been registered in the same period.  Also 7183 new Company Names have been registered by the Department of Registrar of Companies of Sri Lanka in the same period.

Meanwhile, the latest registration figures (final) for 2011 from the Department reveals 51056 total companies in existence in Sri Lanka of which 7905 are new born-companies in 2011 [private limited companies (7027), public limited liability companies (635), companies limited by guarantee (44), associations (139), foreign companies (52) and one off shore firm], re-registration of companies in 2011 at 2680 with a total re-registered companies numbering 25093 and total already registered companies numbering 25963.  

Sri Lanka’s new start-up numbers in 2012’s first half have exceeded initial projections. “I am pleased to inform that as of 29 June, new company registrations of all forms stood at 3623 for 2012 January to June, along with Rs. 37.06 million ($ 277270) revenue, from all types of company registrations. The Department of Registrar of Companies under my Ministry has also reported Rs. 108.32 million ($ 807900) revenues from their overall operations in the January to June period, thereby meeting 70% of 2012 revenue targets already,” announced Minister of Industry of Commerce Rishad Bathiudeen in the aftermath of the mid-year progress review of his Ministry. Top officials of all entities under the Ministry of Industry and Commerce were in attendance at this special meeting.

“I have been given to understand that still some Companies have failed to file their returns on-time. We have initiated plans to penalise such firms and the necessary measures will be implemented in the due course. I therefore warn all companies and entities who have not filed yet, to do so and to avoid penalties,” Minister Bathiudeen warned.