This guide explores the pros and cons of registering your business as a sole proprietorship in Sri Lanka. It also details the registration process itself. Advantages of a Sole Proprietorship Disadvantages of a Sole Proprietorship The Registration Process Here’s a breakdown of the steps involved in registering your sole proprietorship: Conclusion A sole proprietorship can
Congratulations! You’ve registered your business in Sri Lanka and are now on your way to becoming fully operational. The next crucial step is obtaining a Taxpayer Identification Number (TIN) from the Inland Revenue Department (IRD). This TIN acts as your business’s unique tax ID, allowing the IRD to track your tax activity and ensure compliance.
The Sri Lankan government has implemented significant changes to its income tax structure through the Inland Revenue (Amendment) Bill, published in October 2022. These changes aim to improve the country’s financial situation and affect individual taxpayers, corporations, and various industries. Individual Income Tax Brackets and Reliefs Revised The Bill introduces new tax brackets with varying
Sri Lanka’s e-commerce sector has the potential for significant growth, but a critical roadblock exists – the limited adoption of digital payment systems. This was the key message delivered by Daraz Head of Corporate Affairs, Public Policy & ESG, Anishka De Zylva, during a podcast discussion hosted by The Women’s Policy Action Network. De Zylva
Starting a business is exciting, but it requires careful financial planning to ensure its success. Here are five crucial money-related issues you, as a new business owner, need to address: By addressing these five financial essentials, you’ll be laying a strong foundation for your new business and increasing its chances of long-term success.
Naadam, a thriving cashmere apparel brand, boasts an origin story as unique and unexpected as its business model. Matt Scanlan and Diederik Rijsemus, the masterminds behind Naadam, found themselves stranded with Mongolian goat herders in the Gobi Desert during a post-college adventure in 2013. This unexpected turn of events sparked a business idea: to eliminate
Sophie Riegel’s journey to a six-figure side hustle began not with a hefty investment, but with resourcefulness and a love of thrifting. Turning a lifelong habit into a profitable business venture, Riegel’s story offers valuable insights for aspiring entrepreneurs seeking to make a mark in the resale market. Riegel’s entrepreneurial spirit didn’t require a significant
Billionaire entrepreneur Mark Cuban credits his success to a valuable lesson learned from his father at a young age: time is your most valuable asset. Witnessing his father’s long hours at a job he didn’t own, young Cuban realized the importance of controlling his own time and pursuing entrepreneurial ventures. Early Lessons in Self-Reliance: Prioritizing
In the world of business, conviction is often the driving force behind transformative decisions and actions. Michael Saylor, the Executive Chairman and Co-founder of MicroStrategy, epitomizes this ethos through his unwavering belief in the potential of Bitcoin as a long-term store of value. His bold move to invest billions of dollars of his company’s treasury
In today’s rapidly evolving digital landscape, the advent of 5G technology represents a significant milestone with far-reaching implications for businesses worldwide. This essay explores the transformative impact of 5G on business operations and customer experiences, delving into its capacity to revolutionize processes and interactions across various sectors. Introduction: The Promise of 5G The rollout of