Company owners: submit your beneficial ownership details now, or face a Rs. 1 million fine or jail
Based on: Newswire, 28 October 2026 · Checked by us: 4 November 2026
In one line
The Registrar of Companies has issued a final warning. Companies that have not reported who really owns and controls them can be fined up to Rs. 1 million, jailed for up to 10 years, or both.
Key points
- This notice is from the Registrar of Companies, not IRD. It is for companies registered under the Companies Act.
- "Beneficial owner" = the real person who in the end owns or controls the company, even if the shares are in someone else's name.
- The first deadline was 30 September 2026. It was extended to 21 October 2026, and that date has now passed.
- Late companies must send the missing details through the Registrar's Beneficial Ownership System without further delay.
- Penalty: a fine of up to Rs. 1 million, up to 10 years in jail, or both (where applicable).
- The rule comes from the Companies (Amendment) Act No. 12 of 2025.
What you should do
- Ask your company secretary or accountant whether your beneficial ownership details have been submitted.
- If not, collect each owner's name, NIC or passport number, address and how they own or control the company.
- Submit the details through the Registrar of Companies' Beneficial Ownership System as soon as possible.
- Keep a copy of what you submitted, and update it whenever the owners change.
If you don't
Up to Rs. 1 million fine, up to 10 years in jail, or both. The Registrar says legal action will follow for continued non-compliance.
Questions
I have a small shop registered as a business name, not a company. Does this apply to me?
This notice is for companies registered with the Registrar of Companies (for example, "(Pvt) Ltd" companies). A business name registered at the Divisional Secretariat is not a company. If you are not sure, ask your accountant.
Source
- Newswire — Companies warned of Rs. 1 million fine, 10-year jail term over ownership disclosure failures (31 Oct 2026)
- Lanka News Web — Registrar of Companies issues final warning over beneficial ownership filings
- Newswire — Companies warned to disclose beneficial ownership details by 30 September (17 Sep 2026)
Was this clear?
This is not the Inland Revenue Department (IRD) website. Information here is a simple general explanation, not tax advice. Check ird.gov.lk or a qualified professional before you act.