Doing Business, a project that provides objective measures of business regulations and enforcement, recently posted a summary of their 2015 report. In it, Sri Lanka – that is to say, Colombo – was ranked no.99 out of 189 economies. Given the wave of startups that are coming up and expected to appear (most of them in the tech industry), there’s some useful information this report.
All of this adds up to a DB 2015 rank of 104 – down four points from last year, and not very flattering. This is based on postulations as well as hard data, so while the statistics are a good general indicator of the situation, they’re not ideal – in Sri Lanka, for instance, the sample space is just Colombo. For those interested in starting a company, the country has quite a few attractions – chief among them reduced operating costs and an educated labour pool (which explains the Silicon Valley companies working out of Sri Lanka).
However, for those starting a company, the report may serve as a guide. Here’s their list of what has to be done to get a startup registered in the Pearl of the Indian Ocean:
|Procedure||Time to Complete|
|1||Reserve a unique company name||2 days|
|2||The company secretary and director sign a consent||1 day|
|3||Register at the Department of the Registrar of Companies||2 days|
|4||Public Notice of Incorporation||3 days|
|5||Register with the tax authorities and obtain a Tax Identification Number (TIN) from Taxpayer Services Unit of Inland Revenue Department||1 day (simultaneous with procedure 4)|
|6||Register for VAT with the Inland Revenue Department VAT Registration Branch||1 day (simultaneous with previous procedure)|
|7||Payment of stamp duty on the issued shares at Stamp Duty Branch of Inland Revenue Department||1 day (simultaneous with previous procedure)|
|8||Give notice to the Department of Registrar of Companies regarding the issue of shares||1 day (simultaneous with previous procedure)|
|9||Register with the Department of Labor and obtain the EPF number||1 day (simultaneous with procedure 4)|
Calculating off the costs stated on the report, all of this adds up to Rs 29,520 plus 0.5% of the total capital stated.
In contrast to Sri Lanka’s 99, Singapore has the number 1 slot of the Doing Business 2015 index, with New Zealand, Hong Kong, Denmark, Korea, Norway, the US and the UK following in short order. Out of these, New Zealand is ranked as the easiest place to start a business. Mumbai and Delhi make India number 142 when it comes to ease of doing business and 158 when it comes to starting up a business – we’re a over forty countries ahead in both scores.
To explore the data further, head over to http://www.doingbusiness.org/data/exploreeconomies/sri-lanka
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WordCamp Colombo, Sri Lanka 23rd September 2017 at the BMICH WordCamps are community-organized conferences covering everything related to WordPress. This is the first WordCamp which organized in Sri Lanka.
WordCamp Colombo, Sri Lanka
23rd September 2017 at the BMICH
WordCamps are community-organized conferences covering everything related to WordPress. This is the first WordCamp which organized in Sri Lanka.
(Saturday) 8:30 am - 5:30 pm
Bauddhaloka Mawatha, Colombo
#ngage is a free and open forum of tech and social media enthusiasts from all walks of life that come together to share knowledge, exchange ideas and discuss emerging trends
#ngage is a free and open forum of tech and social media enthusiasts from all walks of life that come together to share knowledge, exchange ideas and discuss emerging trends in technology and the internet.
It is a community driven event that is open to the public, typically attended by IT professionals, Internet buffs, entrepreneurs, bloggers and journalists.
Agenda for #ngage
* Being relevant in the age of the inevitable
– Isura Silva (General Manager, Sarvodaya-Fusion)
* “Lost in Translation” – How to engage with the language.
– Aysha Maryam Cassim (Teacher. Translator. Writer.)
* The art of sci-fi: on being a Sri Lankan author in an International world
– Yudhanjaya Wijeratne (Author, Big Data Researcher)
Design expert Danny Setiawan from NYC will be giving us a talk at The Hive on User Interface, User Experience, building web platforms, and looking at each and every touchpoint
Design expert Danny Setiawan from NYC will be giving us a talk at The Hive on User Interface, User Experience, building web platforms, and looking at each and every touchpoint from the consumer’s perspective.
Come join us – for an interesting discussion on the 27th!
(Wednesday) 6:00 pm - 7:00 pm
MAS Innovation Center
#50 Foster Lane, Colombo