• Pushes for expedited reg. of Cos., and CAA to focus on State institutions 

The New Democratic Front Opposition Parliamentarian and former Minister of Finance Ravi Karunanayake, urged the Government to introduce regulations for the registration of low-capital-based companies.

Speaking in the Parliament yesterday (19), he said that the Government should also take steps to expedite the company registration process, which currently takes a few days. 

“It takes five to six days to register a company now. This should be expedited. Companies in the Colombo Port City are registered in two days. This can be done for other companies as well,” he said.

He also stated that most Small and Medium-Scale Enterprises (SMEs) are not registered as companies because the process is costly. Therefore, he suggested that the Government introduce necessary regulations to help low-capital-based businesses register. “This registration helps them obtain bank loans and other facilities. The requirement of a large amount of money discourages them from registering their businesses,” he said.

Karunanayake further stated that the Consumer Affairs Authority (CAA) must be empowered to protect consumer rights, claiming that the CAA has deviated from its actual objectives. He also emphasised that the CAA should monitor State institutions as well. “The CAA is currently focused only on the private sector. But, they should also look at State sector institutions,” he said.