New Democratic Front MP and former Finance Minister Ravi Karunanayake has urged the government to introduce regulations facilitating the registration of low-capital companies.
Speaking in Parliament, he emphasized the need to expedite the company registration process, which currently takes several days.
“At present, registering a company takes five to six days. In the Colombo Port City, companies are registered within two days. This efficiency should be extended to other businesses as well,” he stated.
Karunanayake highlighted that many small and medium-sized enterprises (SMEs) remain unregistered due to high costs. He proposed government intervention to streamline registration, enabling these businesses to access bank loans and other financial support.
He also criticized the Consumer Affairs Authority (CAA), asserting that it has deviated from its primary mandate. The MP called for broader oversight, including monitoring government institutions, rather than focusing solely on the private sector.
“The CAA should ensure consumer rights are protected across both public and private sectors,” he stressed.
