Are you an up and coming entrepreneur looking to start your business in Sri Lanka? If you are, quite naturally, you must be feeling daunted with the whole process looming in front of you. Before actually starting your business, there are so many things you are asked to take into consideration- – business type, activities, location, customer base, startup capital, so on and so forth. However, by dwelling on these aspects instead of actually starting your business would be nothing short of detrimental to your progress!
Sri Lanka may seem like a small island, with its idyllic atmosphere- however it is currently and entrepreneurial hub with new businesses being registered every day. Known for its vastly varying scenery, Sri Lanka is currently a tourist powerhouse, attracting customers both local and internation. In order to start your business, it is every successful entrepreneur’s first tip to draw up a business plan. Fortunately, here at S&F Consulting, we’ve come up with the perfect guideline for you to use as a checklist in order for you to have a good idea of what the process will entail for you. If you have any further enquiries don’t hesitate to contact us at S&F Consulting- the best part is that advise is completely free of charge.
Guide to starting a business in Sri Lanka
Create your business plan
Success is always a sum of all your pre-prepared efforts, thus your most lucrative option is to first draft a business plan with the following considerations:
- The potential market for your product
- What is the selling price of your product? Is your product worth the price?
- What is your business timeline? Have you set a potential profit goal?
Selecting your business body
The next step is to decide on what form your business will follow, as each form is under a different body of laws in Sri Lanka:
- A limited liability company
- A sole proprietorship
- A partnership
Planning your budget
It is always good to have a solid idea of as to how much capital you choose to invest into your business. Aside from your startup capital, you will also need to ascertain that you have the available funds for all the registration fees involved. If the need arises you may also request a bank loan.
Reservation of your business name
After the above considerations have been made, you can now move on to choosing and reserving your business name. It is best to think carefully at this point, as you need to decide on a name that truly reflects your business’s purpose as well as one that is unique and one that will attract your customer base.
Registration of business address
The next step is to secure your business location and to register said location. Like the name of your business, its location will also play a huge role in its potential success.
Registration of business license
Now that you have your business location sorted out, it has now come time to officially register your business, this process will require the aforementioned registration fee to be paid alongside the submission of relevant documents.
Now would be the optimal time for you to set up a bank account under your business name.
Creating your website (Recommended)
You may opt to create a company website, while this may be optional, with the current technological climate, this could be the most effective for of advertising.
Local newspaper advert
to complete your registration, you must make an announcement on a public forum about your company including specific details like the registration number and the official address. While this does not have to be a large announcement, it also the first formal channel of advertising for your business, so it would be best to make this as effective as possible.
While the process may look daunting, with our aid, here at S & F Consulting, you’ll have your own business up and running in Sri Lanka as soon as possible. If still have feelings of reservation, simply contact one of our friendly customer service agents for advice!