🚀 Sri Lanka Launches 5-Day Business Name Registration Pilot

Sri Lanka has initiated a pilot project to reform its 108-year-old business name registration process, cutting registration time to just five days and establishing a uniform procedure island-wide. • Overall Reform: - Replaces the 1918 registration framework for sole proprietorships and partnerships. - Decouples business name registration from legal licensing and complex land ownership proofs. - Requires only basic identity and residence details for approvals within 5 days. • Implementation Details: - Location & Launch: Launched in Anuradhapura on November 10, 2026. - Partners: Spearheaded by the Ministry of Industries and Entrepreneurship Development alongside the Chrysalis institute and provincial councils. - Pilot Scope: Running a 3-month pilot across 20 Divisional Secretariat divisions in the Central, Northern, North Central, and North Western Provinces. • Economic Impact: - Aims to lower administrative barriers for small and medium enterprises (SMEs) and new entrepreneurs, facilitating their transition into the formal economy. - Nationwide expansion and a digital platform rollout are planned following evaluation.