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FAQ
Q1. What is a Private Limited Liability Company?
A Private Limited Liability Company is an artificial legal entity created in order to carry on a business. As there is limited liability, the share holders risk is substantially reduced.
Q2. Who can incorporate such a company?
A Sri Lankan citizen over 18 years can incorporate such a company. Sri Lankans are entitled to be both directors and share holders of the company. Non Sri Lankan citizens can be directors, but not share holders, unless BOI approval is obtained.
Q3. Who is a director?
A Director is an agent of the company.
Q4. Who is a share holder?
A share holder is the Owner of the company.
Q5. What is the Act regulating such entities?
The Companies Act No. 7 of 2007.