Frequently Asked Questions

How long does Company incorporation typically take?

Sri Lanka incorporation takes 5-7 business days once documents are in order and submitted to the Registrar.

Do you handle compliance for existing companies?

Yes, ongoing secretarial and compliance services for new and established Companies.

Can you help with the company restructuring?

Yes, we advise on and manage mergers, acquisitions, and share capital changes.

What jurisdictions do you cover?

Sri Lanka, Singapore, Dubai, the UK and Hong Kong.

How and where are my physical company records stored?

Company records are generally maintained electronically and are not stored physically unless the client has physically signed documents at SRP using wet signatures, or original physical documents have been provided to us. Where physical documents are received, they will be securely maintained at one of the SRP offices.

What specific services are included in the Annual Compliance/Secretarial retainer fee?

This usually includes maintaining Company records, preparing Board and Shareholders' resolutions, Annual Filings, compliance reminders, company secretarial support, and coordinating with banks and Government institutions where necessary.

What is the process for changing my company's registered address?

A registered address change usually requires a company resolution, updated forms, approval or filing with the relevant authority, and updates to bank and company records. The effective date of the address change stated in the form will be set five working days after the filing date. If there are any outstanding Annual Return filings, the address change cannot be completed until all backlog Annual Returns and updates have been brought up to date, as the change is processed in real time (e.g., in a file transfer, the previous company secretary has not filed ARs).

What is an Ultimate Beneficial Owner (UBO) in Sri Lanka?

A beneficial owner is a natural person who ultimately owns or controls 10% or more of a company, directly or indirectly, through shares, voting rights, or other effective control, such as influence over strategic decisions or the appointment and removal of directors.

When did Sri Lanka's beneficial ownership rules take effect?

They took effect on 30 March 2026, under the Companies (Amendment) Act No. 12 of 2025 and the Companies (Beneficial Ownership) Regulations No. 01 of 2026.

What must my company do to comply with the UBO rules?

You must identify and verify your beneficial owners, maintain a beneficial ownership register, and appoint a natural person resident in Sri Lanka as the authorised person responsible for safeguarding the records.

When am I required to file beneficial ownership information?

Filings are required at incorporation, after an issue or transfer of shares, with the annual return, and when the authorised person or the location of the register changes.

What are the UBO filing deadlines?

Changes to beneficial-owner information must generally be notified within 14 working days, while filings following an issue or transfer of shares are required within 20 working days.

How do I identify the UBO if my shareholder is another company?

You trace through corporate shareholders, nominees, trusts, and layered ownership structures until you reach the natural person who ultimately owns or controls 10% or more, or who exercises effective control by other means.

What happens if our UBO records are inaccurate or not filed?

Inaccurate, incomplete, or misleading information may expose both the company and its responsible officers to statutory penalties, and because certain beneficial-ownership details may be publicly accessible, errors can carry reputational risk too.

Can SRP help us with UBO compliance?

Yes. We help you identify and verify beneficial owners, prepare the ownership chart, maintain the beneficial ownership register, meet the authorised-person requirement, and complete the prescribed filings with the Registrar of Companies.

How can I secure a plot of land if my company isn't fully incorporated yet?

You can usually secure it through a reservation agreement, along with an advance payment or a nominee/holding arrangement, until the company is ready.

Is it safe to pay a large deposit directly to the seller before my company's bank account is open?

It is not recommended. Your companies must be incorporated, and the bank accounts must be opened, to make any payments.

How should I record an advance land payment in my company’s financial statements?

It should usually be recorded as an advance payment or prepayment until the land transfer is completed.

Why can’t I convert my advance land payment into director's shares?

Because the advance was paid for land, not through the Company’s bank account, this will be recorded as a director's payment, and in the case of a foreigner, this essentially becomes a sunk cost.

Can I use a local service provider as a trusted fund holder to secure land until my company is ready?

The funds should be transferred from your IIA, through your company accounts, and finally to the land seller. Any other method is not recommended, as it may create issues with the payment trail and future repatriation.

How do Capital Gains Tax rules affect my land purchase and eventual sale?

CGT does not usually apply when buying the land. It may apply later if the land is sold at a profit.

Can you work with our existing auditors?

Yes, we work closely with your chosen auditors and tax advisors.

Do you provide monthly accounting and financial services?

Yes.

How can I share my monthly financial information with you?

You can securely upload your bank statements, income and expense records, invoices, receipts, and other supporting documents to a designated cloud-based folder, such as Google Drive or Dropbox. Alternatively, you may submit the documents directly to our office.

Do you handle payroll as well?

Yes, handled through our HR Management service, coordinated with finance.

How often will I receive financial reports?

Monthly management accounts, plus custom reports on demand.

What accounting software do you use for financial reporting?

We use suitable accounting software based on the client’s requirements and the nature of the business. We can also work with records provided through commonly used accounting systems such as Xero and Zoho.

Do you fill out tax returns?

Yes, we file APIT/WHT/VAT/SSCL/SD and all other relevant IRD returns.

Do you provide tax advisory services?

Yes, we connect you with a trusted external tax advisor for consultation.

What is the VAT registration threshold?

Current threshold is 60mn per annum and 15 per quarter, whichever occurs first.

Do you visit client premises?

Yes, when the need arises.

Do you handle payment management on behalf of clients?

Yes, we provide this service.

How long do you need to maintain documents?

Documents must be maintained for a minimum of five years from the date of each transaction.

Do you provide exclusive annual Financial Statements Preparation Services?

Yes, we do.

Do you provide Annual CIT return and Audit Services?

Yes, we partner with trusted audit firms and provide you with complete audit coordination services.

Are you an Audit firm?

We are not, but we deal with a selected pool of auditors who help us provide excellent and timely audit services for our clients.

What is the Financial Calendar of Sri Lanka?

It's from 01st of April to 31st of March of the following year (12-month cycle).

Do you help us register for VAT?

Yes, we do.

What is the annual corporate income tax rate in Sri Lanka?

At present, it is sitting at around 30% per annum.

When are we expected to file our annual corporate income tax return?

You are expected to make the CIT return filing no later than 30 November of each year.

My company is not an operational business. Do I still have to conduct an annual audit?

If the CIT return filing for a given financial year appears as open in your RAMIS portal and you have a registered TIN certificate, we highly recommend conducting the annual audit before filing the return. This helps ensure that the information reported in the tax return is properly supported by the company's financial records.

What types of feasibility studies do you offer?

financial, market, and operational feasibility for new ventures, product launches, and expansion plans.

Can you help with investor presentations?

Yes, business plans and research for investor pitches and funding applications.

Do you provide ongoing market monitoring?

Yes, ongoing market intelligence and portfolio tracking, tailored to your strategy.

How long does a typical research project take?

Feasibility study: 2–3 weeks. Comprehensive business plan: 3–4 weeks.

Can you customise the study to meet bank or investor requirements?

Yes, the scope and presentation can be tailored to suit the requirements of banks, investors, shareholders, government institutions or internal management teams.

Do you prepare proposals for bank loan applications?

Yes, we assist clients in preparing structured bank loan proposals supported by financial forecasts, cash flow projections, repayment analysis, business information and details of the proposed use of funds.

Is the information provided by clients kept confidential?

Yes, client information, financial data and project details are treated as confidential and used only for the agreed purpose.

Can you conduct research for a specific country or market?

Yes, research can be tailored to a particular country, region, industry, customer group or investment opportunity, depending on the client’s objectives.

Can you handle payroll for companies of any size?

Yes, from small teams to large organisations, with full accuracy and compliance.

Do you help with employment disputes?

Yes, we advise on disputes, grievances, and terminations under local labour law.

Can you recruit staff on our behalf?

Yes, job descriptions, candidate screening, and onboarding, working closely with your team.

Do you offer training and development services?

Yes, personal development plans, KPI frameworks, and coordination with specialist training partners.

Do you help with EPF/ETF compliance issues such as registration & amendments?

Yes, registration for a one-off company for EPF and AH employee registrations.

Can you manage payroll for employees with different salary structures?

Yes, we can handle permanent, temporary, part-time, contract, and hourly-paid employees. --

How long does Singapore incorporation take?

Most Pte Ltd incorporations are approved within 1–5 business days by ACRA, once KYC, due diligence, onboarding, documentation, and incorporation documents are signed and in order. In some cases, ACRA may refer an application for additional review, which can extend the timeline.

Do I need a local director?

Yes, at least one director must be ordinarily resident in Singapore (a citizen, permanent resident, or eligible pass holder). We can assist in providing nominee director services where needed.

What is the minimum paid-up capital?

A minimum of SGD 1, though most operating companies start higher to reflect working capital needs or to meet specific licensing or banking requirements.

Can foreigners own 100% of a Singapore company?

Yes. Singapore places no restriction on foreign shareholding; a Pte Ltd can be entirely foreign-owned. The local-resident requirement applies only to the director and company secretary roles, not to shareholders.

Do I need to be physically present in Singapore to incorporate?

No. Incorporation can be completed entirely remotely through a corporate service provider. Corporate bank account opening may sometimes require an in-person visit or video verification, depending on the bank.

Do I need to appoint a company secretary?

Yes. Every Singapore company must appoint a qualified company secretary within 6 months of incorporation. The secretary must be ordinarily resident in Singapore.

What are my ongoing annual compliance obligations?

Every company must file an Annual Return with ACRA (generally within 7 months of financial year-end), hold an AGM or formally dispense with it under the Companies Act, and file a corporate tax return with IRAS. We manage this full cycle for our clients.

Can you take over CoSec from another provider?

Yes, we audit existing records, bring everything current, and continue seamlessly.

Do you support EGMs and ad-hoc resolutions?

Yes, both as add-ons and in bundled packages (see the EGM Bundle).

What about share transfers and stamp duty (IRAS)?

Share transfer forms, agreements, and IRAS e-stamping are covered as add-ons.

Can you handle the company striking off?

Yes, available as a one-time add-on.

What if my company has overdue filings or lapsed compliance?

We run a compliance health check, identify outstanding filings, and bring your company back into good standing with ACRA before taking over ongoing CoSec duties.

How do the bookkeeping tiers work?

By monthly transaction volume: Tier 1 up to 250, Tier 2 up to 500, Tier 3 up to 1,000, re-tiered annually.

Do you handle GST registration?

Yes, we manage both threshold and voluntary GST registration. Threshold registration: Mandatory when your annual turnover exceeds SGD 1 million. Voluntary registration: Available if your turnover falls below the threshold but you wish to register for GST benefits (e.g., to reclaim input GST). We manage your GST returns on a quarterly schedule with IRAS to ensure compliance and optimise your tax position.

What about corporate tax filings?

Yes, we provide full corporate tax compliance. We prepare and file: ECI (Estimated Chargeable Income) to notify IRAS of the estimated tax liability. Form C-S (Corporate Income Tax Return) annual corporate tax return with ACRA. Statutory accounts required for corporate entities.

Can I get quarterly financials, not just annual?

Yes. Quarterly and interim financial statements are available as an add-on service. These include full financial position reports and income statements, helping you monitor business performance throughout the year rather than waiting until year-end.

Do you handle statutory audits?

Yes. If your company meets the audit threshold or if an audit is mandatory under your constitution, we manage the full audit process or can connect you with our audit partners. We prepare audited financial statements and manage ACRA compliance.

What happens if I miss a filing deadline?

Missing deadlines can result in penalties from ACRA and IRAS. We maintain a filing calendar and send reminders to keep you compliant. If a deadline is at risk, we'll alert you immediately and work to file late if necessary. It's better to file late than not at all we can help manage late filing penalties. --

Which Free Zone should I choose?

Depends on activity, residency needs, and budget, IFZA, RAKEZ, Ajman Free Zone, and each has strengths; we advise on your use case.

Can you handle the residence visa as part of the setup?

Yes, residency coordination is part of the CoSec Tier.

Is incorporation assistance really free of charge?

Free when bundled with governance + accounting; standalone, it carries a premium.

What's the difference between a Free Zone and a Mainland setup?

Free Zone companies offer 100% foreign ownership, fast setup, and visa quotas, but are generally restricted from trading directly within the UAE market without a local distributor or branch; Mainland companies can trade across the UAE and contract directly with government entities.

Do I need to register for UAE Corporate Tax?

Yes, Corporate Tax registration with the FTA is mandatory for all UAE companies, including free zone entities, regardless of whether you expect to owe tax. We handle this as part of the incorporation process.

How many visas come with my free zone licence?

Visa allocation depends on the free zone, licence package, and office or flexi-desk size; we'll confirm your exact quota once we know your chosen free zone and package.

What's the difference between Tier 1 and Tier 2?

Tier 1 is baseline statutory governance; Tier 2 adds residency, trade-license upgrades, tax/VAT registration, and bank operations support.

Do you handle bank account opening?

Tier 2 includes hands-on support; a standalone "Bank Account & Card Services" option is also an add-on. We work closely with WIO Bank and Mashreq Bank.

Are residency permits charged on top?

Tier 2 covers residency coordination; specific items (Residence Assistance, Re-entry Permits) are one-time add-ons.

What about dividend resolutions and trade license changes?

Offered as add-ons (see pricing details).

What is the standard timeline for opening a business bank account in the UAE?

It can take anywhere from 3-7 working days to a few weeks, depending on the bank, your company's activity, documentation, and the KYC/compliance review of the bank.

Do I need to provide proof of a UAE residential address when opening a corporate bank account?

Banks may, on a case-by-case basis, require a UAE residential address for compliance, correspondence, and business verification purposes. This address does not necessarily need to be in your name. It may be the address of a friend or relative, provided they issue a confirmation letter stating that you reside with them.

Can I apply for a card payment machine/POS for my business bank account?

Yes, although the requirements vary depending on the bank or payment service provider. Approval will generally depend on your business activity, expected transaction volume, and the outcome of their compliance and due diligence checks. In some cases, the bank may also require a physical business address. The office address provided by the Free Zone as part of the incorporation process is a virtual/registered address and may not be accepted as a physical operating address by the bank.

Are Board Resolutions required to be physically signed and attested by the Free Zone authority, or are electronic signatures accepted?

This depends on the specific Free Zone and bank; some accept electronic signatures, while others require physical signatures and formal attestation.

How do I obtain a PO Box address for official deliveries?

You can apply for a corporate PO Box through Emirates Post or through the Free Zone, as they can guide you on this.

How long do I need to stay in the UAE to complete my residency visa process?

Usually, you should plan to stay long enough to complete the medical test, Emirates ID biometrics, and visa processing. This is about 7–10 Business Days (subject to immigration approval).

Can I enter the UAE on an on-arrival visa while my entry permit is being processed?

No. You cannot apply for any other type of visa or enter the UAE using a visa on arrival while your entry permit is being processed. The entry permit allows you to enter the UAE and begin your residency visa process. It is issued electronically and is effectively a type of e-

What is the deadline for my trade license expiration if I want to apply for residency?

The trade license should be valid when applying for residency. Your trade licence must be valid for a minimum of six months when you apply for residency, so it's best to start the process well before the licence expiry date.

Do I need to spend a specific number of days in the UAE to keep my residency visa valid?

Once you obtain your UAE residency, you should not remain outside the UAE for more than 180 consecutive days. This means that from the date of your last departure from the UAE, you must re-enter the country within 180 days. If you fail to do so, your residency visa may become invalid. To reactivate it, you will generally need to apply for a re-entry permit before returning to the UAE, which can be a lengthy process.

What is the process to add my spouse as a director or shareholder later on?

This can usually be done through a share transfer or company amendment, followed by updating the Free Zone, bank, and company records.

How do the bookkeeping tiers work?

Tier 1 up to 250, Tier 2 250–500, Tier 3 500–1,000 transactions; re-tiered annually.

Do you provide Financial Statement preparation services?

Yes. We prepare comprehensive financial statements, including: Statement of Financial Position (Balance Sheet) Statement of Profit or Loss (Income Statement) Cash Flow Statement Notes to Financial Statements

Do you provide Annual Audit services?

We provide audit coordination services and work with qualified auditors.

Do you provide bookkeeping services?

Yes, we do provide comprehensive bookkeeping services.

Do you provide VAT registration and return filing services?

Yes, we provide full VAT support. VAT registration threshold: Mandatory when annual turnover exceeds AED 375,000 or AED 187,500 for Voluntary registration.

Do you provide Tax Consultation services?

We help set up hourly tax consultation services with a third-party tax consultation, and if you wish to reserve a session, please let us know. Our team will reach out to you.

How can I learn more about your bookkeeping services?

You can provide us with your contact details, so one of our team members will reach out to you to provide further information.

What is the current corporate tax rate in the UAE?

The UAE implemented Corporate Income Tax (CIT) effective January 1, 2023. The structure is: Taxable income up to AED 375,000: 0% (tax exemption). Taxable income above AED 375,000: 9%.

Do you help compute the Annual Corporate Income Tax?

If you subscribe to our annual audit coordination services, in such circumstances, our auditors will help us accurately compute the Annual Corporate Income tax. If you are interested, just let us know, and one of our team members will reach out to you soon.

Can you support free zone audit requirements?

Yes, we manage the audit process, coordinate with auditors, and ensure the timely completion of audited financial statements. --

Where is SRP UK based?

International House, 64 Nile Street, London, England N1 7SR · +44 7807 854544.

How long does UK incorporation take?

A standard private limited company incorporation usually takes 2-4 business days to obtain approval from Companies House, once the KYC, documentation, and incorporation forms are completed, signed, and in order.

Do I need a UK resident director?

No, UK company law doesn't require directors to be UK residents, though every company must still maintain a registered office address in the UK.

Do you provide a UK-registered office address?

Yes, this is something we can assist you with. We will guide you on how to obtain a registered office address service, which is available as an additional, add-on service at an extra cost.

What are my ongoing UK filing obligations?

An annual confirmation statement and accounts filed with Companies House, plus a Corporation Tax return filed with HMRC.

Will you support UK confirmation statements?

Yes, confirmation statements and PSC register maintenance are core services.

Can you handle UK share transfers and stamp duty?

Yes, share transfer documentation and HMRC stamp duty filings.

Can you take over UK CoSec from another provider?

Yes, we handle transitions regularly.

How do the bookkeeping tiers work?

Tier 1 up to 250, Tier 2 250–500, Tier 3 500–1,000; re-tiered annually.

Do you prepare statutory accounts?

Yes. We prepare full statutory accounts, including Statement of Financial Position, Profit & Loss Statement, Notes to the Accounts, and Directors' Report (where required). These are filed with Companies House and comply with UK accounting standards (FRS 102 or micro-entities regime).

Can I file dormant company accounts?

Yes. If your company is dormant (no significant accounting transactions during the year), you can file simplified dormant company accounts with Companies House. This saves time and costs. We can advise if your company qualifies and prepare the necessary filings.

What is the current Corporation Tax rate?

The UK Corporation Tax rate is 19% on small company profits. However, there are reliefs and allowances available as well.

Do I need to file a Corporation Tax return?

Yes. All limited companies must file a Corporation Tax return with HMRC, even if you made no profit or expect no tax liability. Filing is done online.

What is the VAT registration threshold?

VAT registration is mandatory when your annual taxable turnover exceeds £90,000. You can also register voluntarily if turnover is below this threshold. Once registered, you must account for VAT quarterly and file returns with HMRC.

What is Making Tax Digital (MTD)?

Making Tax Digital (MTD) is HMRC's requirement for businesses to file taxes using compatible software (digital records).

Do I need a statutory audit?

Most small companies are exempt from audit if they meet the small company exemption thresholds Turnover ≤ £10.2 million Balance sheet total ≤ £5.1 million Employees ≤ 50 WIO Bank and Mashreq Bank