While the rules of starting a business may vary from one place to another, in case of Sri Lanka, it is more relaxed as the formalities and laws are considerably easy going. Before venturing out on this quest, it is advisable to keep in mind that starting a new business will not make you rich overnight because it does not offer immediate returns.
Nevertheless, if you invest in the right sector or type of Sri Lankan business then you will be rewarded handsomely, but it takes time .When it comes to Sri Lanka, some of the popular or more rewarding sectors to invest in would be software development, BPO, tea industry, rubber industry, garment technology and so on
Starting a new business in Sri Lanka — Do’s
– Do look around for reliable and accurate professional advice from a local business consultant, especially in terms of finding ways to invest in the business
– Do get your business set up by experienced and knowledgeable business tycoons if possible
– Do talk to the Sri Lanka Board of Investment to carry out the initial step
– Do compile a neat, presentable and attractive business proposal and keep it handy because you will be needing it often
– Do reserve a unique name for your company and register it with the Department of Registrar of Companies in Sri Lanka
– Do employ an efficient Company Secretary to sign various necessary incorporation documents
– Do issue a public notice of incorporation as it is mandatory under the Companies Act
– Do register your company with the Sri Lankan tax authorities for a TIN or Tax Identification Number of your business
– Do obtain EPF (Employees’ Provident Fund) and ETF (Employees’ Trust Fund) registration for the welfare of your employees so that you can establish a long and mutually beneficial relationship with them Do bank on local media and social networking sites as a platform to promote your business ideas Do create demand for your product or service(s) not just in Sri Lanka but worldwide (if possible) Do analyze the income progress from time to time
– Do mobilize improvement procedures for your Sri Lankan business in a continuous manner, this is particularly important at the initial stage
– Do issue shares to the public
Starting a new business in Sri Lanka — Don’ts
– Don’t consider starting your new business in a field that you do not like
– Don’t risk all your valuable assets in the business, it is always wise to put a limitation to your liabilities with a predetermined amount Don’t skip out on conducting a feasible study before you invest in the business Don’t ignore the negative aspects of the business you’re contemplating Don’t bank on textbook knowledge alone Don’t skip out on reading the fine print Don’t choose your co-founders or business partners without evaluating them thoroughly Don’t forget to pay your taxes on time and file annual returns
– Don’t ignore marketing efforts required to build a strong customer base for your new business in Sri Lanka.
Victoria Andrea’s Author bio
Victoria Andrea lives in Bristol, UK and is an avid reader and blogger. Since her early years she’s had a passion for writing. Her articles have been published in leading UK newspapers. Her areas of interest are Travel, Fashion, Lifestyle, Food, Reviews (Book/Movie), Fitness and Health. She works as a guest blogger on her chosen areas of interest and currently writes on behalf of Sri Lankan visa which helps in visa assistance service.