There is a dire need to enhance the English language standards in schools of developing countries using English as a second or Foreign language, due to its importance in employability and high-earning ability in the job market. Enhancing English language standards in schools is vital to improving the English language competence of school leavers and undergraduates to achieve an English language quality level as a nation, to produce diversified graduates of global quality, to address the unemployability problem in developing countries. Sri Lanka, with a rich history of a colonial era, is no exception. Studies on the influence of Socio-Economic factors of stakeholders on improving the English language standards in schools had received poor attention from past researchers, especially in the Sri Lankan education context. Hence, the overall purpose of this study is to develop a theoretical model, to explore the impact of socio-economic factors of stakeholders on English Language Standards in Sri Lankan schools. The study reviewed reliable secondary data published in scholarly extant literature, government Policy Documents, Research Reports of reputed institutions, etc., relevant to the above primary relationship and key concepts of the study. Six main stakeholders in the socio-economic context of the school English Language education were identified: (i) Education Policy Makers, (ii) School Management, (iii) School Principals, (iv) English Language Teachers, (v) Students, and (vi) Parents. An integrated, seven-construct conceptual model, labeled 'ELS Model' (English Language Standard Model), was developed, to examine the impact of socio-economic factors of the six stakeholders on improving English Language Standards in schools. This ELS Model presents original insights and future directions to scholars/researchers and significant implications for policymakers.