Tag: Udaya Gammanpila

Sri Lanka's ambition to become a competitive regional investment...

The Government’s proposed security legislation is rapidly developing into...

Sri Lanka’s export sector is recording encouraging growth in...

The Department of the Registrar of Companies has issued a final warning to companies that have failed to submit their Beneficial Ownership information, cautioning that continued non-compliance could lead to legal action, including fines of up to Rs. 1 million and imprisonment for up to 10 years. In a notice issued on October 28, the Registrar General of Companies said the extended deadline of October 21, 2026, had expired and called on all companies that had yet to fulfil the requirement to submit their outstanding information immediately. The original submission deadline of September 30, 2026, had previously been extended to October 21. According to the notice, failure to comply with the statutory requirements relating to Beneficial Ownership constitutes an offence under the Companies Act, No. 7 of 2007, as amended by the Companies (Amendment) Act, No. 12 of 2025. The department warned that companies continuing to disregard the requirement could face legal proceedings and penalties prescribed under the law. These include a fine of up to Rs. 1 million, imprisonment for a period not exceeding 10 years, or both, where applicable. Beneficial Ownership information identifies the individuals who ultimately own or exercise control over a company, helping strengthen corporate transparency and accountability. The Registrar General has urged all affected companies to submit their outstanding details and regularise their records without further delay through the department's Beneficial Ownership System. The notice reiterated that immediate compliance with the legal requirements is mandatory.