Finance Minister Ravi Karunanayake said yesterday that the time required to register a new company in Sri Lanka will be brought down so that it could be done within 24 hours.

Speaking at a press conference at the Finance Ministry, he said that Minister of Industry and Commerce Rishad Bathiudeen has promised to make sure the process is underway by next Monday.

At present, at least two to three weeks are needed to register a company, Karunanayake said.

He added that it is not a good sign for the ease of doing business in the country.

Karunanayake also said that several more changes will be implemented at the Department of Registrar of Companies.