Frequently Asked Questions (FAQ)

Frequently Asked Questions (FAQ)

Engaging in Business in Colombo Port City

  • Who is an Authorised Person?
  • What type of business can be carried out within the Colombo Port City?
  • What is needed to obtain approval as an Authorised Person?
  • What documents are needed to obtain a license from the Commission to become an Authorised Person?
  • Will the license be given to all those who apply?
  • What are the consequences of registering as an offshore company?
  • Can office space be rented within Colombo Port City?
  • Until the infrastructure for business is ready where can an Authorised Person operate business?

Foreign Direct Investment

  • What would qualify as foreign funds raised outside Sri Lanka?
  • Can a Sri Lankan investor ever be a part of an investment within the Colombo Port City?
  • Can a Sri Lankan investor pay for the lease of land in Sri Lanka rupees?
  • Can Sri Lankan citizens lease residential accommodation within the Colombo Port City?

Transactions done in Sri Lanka Rupees

  • Can an Authorised Person engage in business with persons outside the Colombo Port City?
  • Can person/s outside the Colombo Port City provide services or goods to an Authorised Person?
  • Can Sri Lankans enjoy the facilities within the Colombo Port City?
  • Do Sri Lankans need foreign currency to enjoy the facilities within the Colombo Port City?
  • Is the Authorised Person permitted to have rupee accounts?

Business of Strategic Importance (BSI)

  • What is a ‘Business of Strategic Importance’?
  • What type of tax concessions are available to a ‘Business of Strategic Importance’?
  • Will an Authorised Person automatically qualify for concessions?

Colombo Port City Employment

  • What concessions are available to persons employed by an Authorised Person?
  • Can an Authorised Person employ a Sri Lankan resident or a non-resident?

Investing and Shareholding

  • Is there a minimum Investment amount to register an Offshore company?
  • Is there a minimum shareholding required?

Banking and Finance

  • What are the designated foreign currencies within Colombo Port City?
  • What are the permitted debits of a Colombo Port City Investment Accounts?
  • Does an AP have to open a bank account in Colombo Port City to commence their business operations?

Visa Requirements

  • Do Sri Lankans require a Visa to enter the Colombo Port City?
  • What are the types of Colombo Port City Visas that are available for investors?