One day your LEGAL COUNSEL is going to ask you for a copy of your Corporate Minutes Book when you don’t expect it. If you have forgotten to keep it current, letting it collect dust on the bottom shelf, then don’t be surprised if you suddenly find yourself in deep trouble.
Bookkeeping is an important part of any business. It is important because from it, a business owner can gather information on how the business is doing. A small business owner is not exempted from keeping financial records of the company.
There are many professional companies offering secretarial services and administration support for medium or small businesses, and individuals. They have the opportunity to assist you regardless of their location, and internet access is all you need to utilize their many services.
Those who are liable to pay income tax, value added tax (VAT), Nation Building Tax (NBT), Economic Service Charge (ESC). Employers those who are required to register for Pay-As-You-Earn (PAYE) Scheme, Stamp Duty or Importer/Exporter and Freight Forwarders & Clearing Agents.
Business can be registered under Private Limited entity or you can do it under sole proprietorship but registering a business in Sri Lanka as a Private Limited will give you more benefits and more secure.