Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Saturday, 18 May 2024 01:09 - - {{hitsCtrl.values.hits}}
Port City Colombo, a visionary multi-service special economic zone poised to transform Sri Lanka into the next global investment destination, said it is providing the opportunities to a diversity of companies to upscale their businesses within the property development and key thrust sectors, whilst being supported by strong investor mechanisms.
With the aim of becoming a world-class hub for corporate relations and the engine of Sri Lanka’s future economic development, Port City Colombo will empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business. This progressive economically ring-fenced landscape is projected to reinvent the Sri Lankan economy, from one that has been traditionally focused on manufacturing and tourism to a contemporary system that is geared towards the export of services. With strategic drivers including the ability to transact in sixteen different foreign currencies, 100% capital and profit repatriation, and 100% foreign ownership, Port City Colombo provides favourable conditions for international businesses to invest and set up operations, whilst fostering an increase in job creation and attraction of top talent for not just Sri Lanka, but also South Asia as a whole.
By driving trends in information technology, logistics, commercial services and more, Port City Colombo also aims to stimulate growth in Foreign Exchange through key business investments, which would further contribute to Sri Lanka’s economic development.
Showcasing a strong emphasis on inviting a higher influx of foreign direct investments, Port City Colombo enables commercial entities to become qualified as Businesses of Strategic Importance (BSI’s), which are designated Authorised Persons (AP’s) with a higher eligibility for incentives. This streamlined process is governed by the Colombo Port City Economic Commission, the single-window facilitator that regulates and administers all matters connected with businesses and other operations within the vicinity and from the area of authority of the Colombo Port City Special Economic Zone.
To be considered a Primary Business of Strategic Importance, companies are necessitated to demonstrate interest in real estate, social infrastructure, or commercial property development, and meet the threshold of a minimum investment of $ 100 million per land plot or $ 25 million per social infrastructure plot.
Corporate entities, who are interested in setting up business operations, could qualify as Secondary Businesses of Strategic Importance under the one of the following criteria: an annual global revenue of more than $ 50 million; a minimum of 100 employees within five years from commencement of operations; or an entrepreneurial venture with a valuation of at least $ 500,000. Apart from the above criteria, businesses also have the option of showcasing a contribution towards the social and commercial advancement of Sri Lanka by fostering innovation, knowledge transfer, technology transfer, research and development.
Reinforcing the long-term vision of transforming Sri Lanka into a prime destination for business and innovation, Port City Colombo demonstrates its readiness for global and regional investment through the project’s intriguing multi-sector opportunities.
