Corporate transparency has become a key requirement in modern business regulation. With the introduction of the Companies (Amendment) Act No. 12 of 2025, Sri Lanka has strengthened its regulatory framework by introducing mandatory disclosure of Beneficial Ownership information.

A beneficial owner refers to the natural person who ultimately owns or controls a company, even if the shares are registered in another person’s name. Under the new provisions, companies must identify individuals who hold significant ownership or exercise effective control over the company.

Companies are now required to maintain a Beneficial Ownership Register and submit relevant information to the Department of the Registrar of Companies. These measures aim to enhance transparency, prevent financial crimes such as money laundering, and strengthen corporate governance.

Businesses should review their ownership structures and ensure that their records comply with the new legal requirements.

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