The Cabinet has approved to introduce a special bill for the re-registration of companies incorporated or registered under the Companies Act.
The operations, procedures, and other requirements related to companies operating in Sri Lanka are outlined under the Companies Act No. 7 of 2007. As of March 31, 2024, there are approximately 199,484 companies incorporated or registered under this act.
Currently, there is no provision in the existing law to identify the number of active companies among those registered under the act. Recognizing the need for new legislation to address this gap, the Cabinet approved a proposal by the Minister of Industries to introduce new laws to facilitate the re-registration of companies.
