*  One offshore and 14 foreign firms among start-ups = Total number of companies registered in Sri Lanka exceeds 51 thousand = ‘Companies failing to file returns on-time to face penalties,’ warns minister

Sri Lanka’s new start-up numbers for the first half of this year have exceeded initial projections with over three thousand filing for registration with the Department of Registrar of Companies, the Ministry of Industry and Commerce said yesterday (04).

"As of June 29, new company registrations of all forms stood at 3,623 for the period January to June 2012, along with Rs 37.06 million (US$ 277,270) revenue from all types of company registrations. The Department of Registrar of Companies has also reported Rs. 108.32 million (US$ 807,900) revenues from their overall operations during this period, thereby meeting 70% of the 2012 revenue target," Rishad Bathiudeen, Minister of Industry of Commerce said.

Bathiudeen announced this in the aftermath of the mid-year progress review of his Ministry on 02 July at the Ministry of Industry and Commerce. Top officials of all entities under the Ministry of Industry and Commerce were in attendance at this special meeting.

"I have been given to understand that companies have failed to file their returns on-time. We have initiated plans to penalise such firms and necessary measures will be implemented in due course. I therefore warn all companies and entities who have not filed yet, to do so in order to avoid penalties," Bathiudeen warned.

Among the new 3,623 registered firms from January to June 29, 2012 are 3,507 private, public and ‘limited by guarantee’ firms, 101 associations, 14 foreign firms and one offshore firm. 12,913 annual reports also have been registered during this period.  Also, 7,183 new company names have been registered by the Department of Registrar of Companies of Sri Lanka in the same period, the ministry said in a statement.

Meanwhile, the latest registration figures (final) for 2011 from the Department reveals that there are 51,056 companies in existence in Sri Lanka of which 7,905 are new born-companies in 2011—private limited companies (7,027), public limited liability companies (635), companies limited by guarantee (44), associations (139), foreign companies (52) and one off shore firm. Re-registered companies in 2011 numbered 2,680 bringing the total of re-registered companies to 25,093 and the total number of companies already registered was 25,963, the ministry said.