SLID reaches out to Gampaha SMEs

Monday, 16 September 2013 00:00 -     - {{hitsCtrl.values.hits}}

Following up from its recent visit to the Northern Province of the country; the town of Killinochchi to be specific, The Sri Lanka Institute of Directors (SLID) took on Gampaha a few days ago, in its endeavour to encourage good corporate behaviour and ethical business practices amongst the local business community. The interactive seminar titled ‘Conducting Business Responsibly’ was a great success with over 80 keen business personnel particularly from the SME sector in the district, interested in running their respective entities in the proper manner. SLID was joined by the Gampaha District Chamber of Commerce and Industry (GDCCI) in organising the seminar which was held free of charge from 2 – 5 p.m. at the Saketha Medura, Gampaha. As in its previous chapter in Kilinochchi, the seminar constituted of two separate lectures; one on the legal aspects of forming a company and the other on the minimum accounting requirements that need to be complied with in this regard. Tackling the first lecture was University of Colombo Head of Commercial Law Indira Nanayakkara. Focusing initially on the formation of a company and the different types of companies that can be created, she went on to speak in detail on the procedure of registering a company and the necessary records that needed to be maintained in order to be a legal establishment. “Company registration is a legal process and should follow each and every step as per the Sri Lankan Companies Act of 2007 for legal validity or to work as a legal entity and to continue the business operations,” she stated. Speaking further she referred to the Articles of Association which are considered as the constitution of a company and the importance in giving notice to the public as well as picking out the right name for your company. Taking over from Nanayakkara was Saman Rasaputhra, a Partner at Baker Tilly Merali’s, Chartered Accountants who focused on the accounting aspects of a newly formed company as well as those already in existence. Tax matters in particular, were an area that many observed keenly. The individual lectures were followed by a Q & A session which attracted the attention and enthusiasm of all those present. This event was sponsored by the Union Bank of Ceylon PLC who actively supports the SME sectors in the island. The Institute targets Jaffna as its next stop on its journey to the provinces which will take place early next year.