BOI nod must for ROC to register foreign-owned firms

Monday, 31 May 2021 03:53 - - {{hitsCtrl.values.hits}}

The Government has decided to make Board of Investment (BOI) approval mandatory for the Registrar of Companies to certify foreign-owned entities.

A directive to this effect has been sent to the ROC by Secretary to President Dr. P.B. Jayasundera.

The ROC has to ensure that applications received for registration of a company by a foreign national or entity are accepted and processed only if the BOI’s approval has been granted to such an individual or entity to start a project or business operation in Sri Lanka.

The BOI has also been instructed to ensure such approvals are processed subject to criteria that will add to higher value creation activities and a recognised negative list.