A new programme has been implemented to make the process of registering business names in the country simpler and more efficient. The pilot project for Simple and Integrated Business Name Registration, or BNR, was launched in Anuradhapura under the patronage of Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe.
This initiative is jointly steered by the Ministry of Industries and Entrepreneurship Development and the Provincial Councils. The primary expectation is to establish a uniform system across the island, simplifying the registration of sole proprietorships as well as partnerships.
Key points
- New reforms replace the complex system that existed since 1918
- Registration can be completed within five days based on basic information
- Pilot project operating in 20 Divisional Secretariat divisions across four provinces
Old regulations changed
Under the old system operating in the country since 1918, applicants faced significant difficulties because they had to produce land ownership documents and obtain approvals from various institutions.
Through the new system, other regulatory permits will be separated from business name registration. Accordingly, registration will be granted within a short period of five days based solely on information confirming basic identity and residence.
Commencement in 20 Divisional Secretariat divisions
As the first step of this programme, it is being implemented as a three-month pilot project across 20 selected Divisional Secretariat divisions in four provinces: Central, Northern, North Central, and North Western.
This is expected to provide substantial support for small and medium-scale entrepreneurs and startup founders to clear administrative hurdles and easily enter the formal economy.
What next?
Following a review of the pilot project's progress, plans are in place to implement this mechanism across the entire island, and to expedite it further through a digital system in the future.
