Moratorium on incorporating ‘foreign-owned’ companies lifted

The moratorium on incorporating ‘foreign-owned’ companies will be lifted from tomorrow (11).

On 14 January, the Registrar General of Companies (ROC) issued a notice on its website stating, “Incorporation of foreign owned companies in Sri Lanka with ROC is temporary held until further notice. (except BOI approved companies)

However, no further explanation or information was given in the aforesaid notice.

Reportedly, the moratorium had been imposed in accordance with directions given by the Government.

News reports also said that there was no provision in the Companies Act that gave discretion to the ROC to impose moratoriums of any kind on the incorporation of companies.