21/04/2026
🚨 IMPORTANT UPDATE FOR ALL SRI LANKAN COMPANIES 🚨
The Companies (Amendment) Act, No. 12 of 2025 has introduced a mandatory Beneficial Ownership (BO) registration requirement under the Companies Act No. 7 of 2007.
📌 What is Beneficial Ownership?
A "beneficial owner" is the real natural person who ultimately owns or controls more than 25% of a company's shares, voting rights, or exercises significant control — even if shares are held through nominees or intermediaries.
✅ What you need to do:
🔹 EXISTING COMPANIES
Log in to the BO portal (bo.drc.gov.lk) using your eROC credentials and submit your Beneficial Ownership details as required under the new regulations.
🔹 NEW INCORPORATIONS (Effective 30 March 2026)
After paying incorporation fees, you MUST submit:
• Form BO1 — Beneficial Ownership details
• Form BO5 — Authorised Person details
Failure to do so will result in your incorporation being resubmitted.
🔹 ANNUAL RETURNS
Going forward, annual returns must include an update or confirmation of your company's beneficial ownership information.
⚠️ Non-compliance or false declarations may attract penalties under the Act.
This change aligns Sri Lanka with international AML/CFT standards (FATF).
📎 Regulations: Companies (Beneficial Ownership) Regulation No. 1 of 2026
📄 Gazette: Extraordinary Gazette No. 2480/48 — 21 March 2026
For More information
360 Accountants
🇱🇰 https://360accountants.lk/
📞 070 641 641 5
Share this with your directors, company secretaries, and business partners. ⬇️