Outright transfer of ownership is permitted when the foreign shareholding of a company is less than 50%. 4 of 1978 (BOI Law) and its amendments. Foreign investors are permitted to acquire land on lease-hold basis, subject to a maximum tenure of 99 years, with no lease taxes charged. Resident entities involved with the capital transactions, including Investee Company, company secretaries and all intermediaries including stockbrokers, unit trusts, mutual funds and financial institutions shall be responsible to ensure that capital transactions are carried out in compliance with all legal requirements. You may also refer to page 66for a overview of Sri Lanka's tax system including VAT. This can be either 100% foreign investment or a joint venture investment with a local collaboration. An investment that makes a significant development contribution by creating decent work opportunities, enhancing sustainability, and/or by expanding and qualitatively improving productive capacity and international competitiveness. The Board of Investment (BOI) of Sri Lanka provides assistance and advice throughout the investment process. If you're an HSBC Premier customer in another country/region, you're already eligible to join Premier in Sri Lanka - simply speak to your Relationship Manager. Contact the staff officers listed under "Staff Officers in-Charge of Services" to obtain the details of minimum investment amount and employment & export capacity required for granting Approval under Section 17 of the BOI Law. These include a concesstonary tax rate of 15 per cent for 20 years and exemption from exchange control, import duties and excise duty on project related goods imported or purchased locally. It was established in 1992, expanding the scope of the Greater Colombo Economic Commission (GCEC) which was formed in 1978. Sri Lanka’s Investment policy is geared towards the realization of national sustainable development goals and grounded in the country’s overall development strategy. Previous Next . Places where Applications could be Obtained : Investment Promotion Department, Board of Investment of Sri Lanka, Level 26, ii)  Coastal shipping (as defined by the Ministry assigned the subject of Shipping); iii) Industrial enterprise in the Second Schedule of the Industrial Promotion Act, No. 24 of 2017 provides an Incentive Regime granting Zero.... Sri Lanka’s strategic location provides great opportunities to enter into free... Sri Lanka comprises of a highly versatile and skilled workforce which is cost competitive... Sri Lanka has experienced significant improvements to available infrastructure.. Sri Lanka often referred to as the ‘pearl of the Indian ocean’, is claimed by both locals and expats alike as.... Sri Lanka has entered into 28 Bilateral Investment Promotion and Protection Treaties (BITs) so far... Sri Lanka has entered in to Double Taxation Avoidance Agreements with 44 countries to eliminate.... © 2021, Board of Investment of Sri Lanka. The Board of Investment of Sri Lanka (BOI) is the central facilitation point for foreign investors. Investment • Min. A new land law was promulgated in 2014 (as amended in 2017 and 2018) which permitted lease of land for foreign investments and outright transfers will only be permitted when the foreign shareholding is less than 50%. A new company with a minimum project cost (investment) of Rs. Board of Investment of Sri Lanka Page 4 of 13 © IT Department 2020 Company Name User Name 2. The world population is predicted to reach 9.3 billion by 2050, which indicates that... One of the most significant contributors towards the Sri Lankan economy, the Apparel Sector has shown steady growth over the past three decades. Initial Discussion of the proposed Project with relevant BOI Officials 2. Free Ports and Bonded Areas have been set up to create trade-related infrastructure to facilitate Sri Lanka’s import and export of goods and services with the freedom to carry out transactions in a convertible foreign currency. Board of Investment of Sri Lanka has revised BOI Rates with effect from 01/01/2019 SCHEDULE I LAND PREMIUM AND GROUND RENT FOR ENTERPRISES IN THE EXPORT PROCESSING ZONES/INDUSTRIAL PARKS Minimum Rate When Calling for bids These include a concesstonary tax rate of 15 per cent for 20 years and exemption from exchange control, import duties and excise duty on project related goods imported or purchased locally. INVESTMENT INCENTIVES (AS PER BUDGET 2012) BOARD OF INVESTMENT OF SRI LANKA Small Enterprises (Minimum Rs 25 Mn) Medium Enterprises (Minimum 50 Mn) Large Enterprises (Minimum 300 Mn) Project Expansions (Minimum 50 Mn) Strategic Import Replacement Enterprises. Investment Opportunities – Board of Investment of Sri Lanka. It is structured to function as a central facilitation point for investors, which is committed towards improving the country’s investment climate. Investment Opportunities – Board of Investment of Sri Lanka. For the purpose of transferring or issuance of new shares in an existing non-BOI company to foreign investors. The following table provides the restrictions (Section 2), exemptions to the law (Section 3) and some conditions that needs to be fulfilled in this regard. At present the minimum investment requirement to qualify for the section 16 projects is US$ 250,000. 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