In Sri Lanka, many new entrepreneurs face confusion when dealing with bank account opening procedures for their newly registered private limited companies. One of the most misunderstood documents in this process is Form 15, also known as the Annual Return Form. This blog aims to clarify what Form 15 is, when it is required, and why it is not needed when opening a bank account for a newly registered company.
β What is Form 15?
Form 15 is an Annual Return document that companies registered under the Companies Act, No. 7 of 2007 must file with the Registrar of Companies (ROC) in Sri Lanka. It contains detailed information about the company, including:
- Registered office address
- Shareholders and shareholding structure
- Directors and secretary details
- Share capital
- Dates of Annual General Meetings (AGMs)
This form is not part of the initial registration process.
β³ When is Form 15 Due?
The first Form 15 must be filed:
- Within 15 to 18 months after the date of company incorporation.
After the first filing, it is then required once every year to keep the ROC updated on the companyβs structure and details.
So, if your company is less than 1.5 years old, you are not yet required to file Form 15.
πΌ Is Form 15 Required to Open a Bank Account?
No. Form 15 is not required for opening a business bank account for a newly registered company.
βοΈ For a newly incorporated company, banks will typically request:
- Certificate of Incorporation
- Form 1 (Company registration details)
- Form 20 (Details of directors and secretary)
- Articles of Association
- Board Resolution authorizing the account
- Copy of NIC/passport of directors/signatories
- Proof of registered office address (e.g., utility bill)
Since Form 15 has not yet been filed for a new company, banks cannot and should not request it during the account opening process.
π¦ When Do Banks Ask for Form 15?
Banks may request Form 15 in the following cases:
- When the company is over 1.5 years old
- During annual reviews or compliance updates
- For loan applications or when verifying ownership/shareholding changes
This is because Form 15 reflects the most current, legally filed company structure, which banks may need for due diligence.
π Summary: Form 15 and Startup Bank Accounts
| Stage | Is Form 15 Needed? |
|---|---|
| Within 1β1.5 years of startup | β Not required |
| After 1.5 years of operation | β Required annually |
| Bank account for new company | β Not required |
| Annual license renewal (ROC) | β Required |
π Final Thoughts
If youβve just registered your startup and you’re heading to the bank to open a company account, donβt worry about Form 15 β you wonβt have it yet, and you donβt need it. Banks are well aware of this, and your incorporation documents are more than sufficient to proceed.
However, once your business crosses the 1.5-year mark, ensure you file your Form 15 on time to stay compliant and avoid penalties β and to keep your bank records updated when needed.
π Need help with company registration or annual return filing in Sri Lanka? Contact us β weβll make compliance simple and stress-free!
