Doing business in Sri Lanka

Take a look at boi.gov.lk

Hi Julien,

Unfortunately the BOI.lk is not the best place to query for the details.

Could you kindly tell me the industry.

I'll share the relevant information with you.

Unfortunately our BOI is (moderated). They won't return to an email thread and want you to visit there and waste hours of time to obtain the relevant information.

Please specify the unclassified details relevant to your business. As an entrepreneur, helped many organizations to move here and setup their operations, I can assist you by sharing the relevant information.

Cheers!

Hi cbanda,

maybe you could help out by replying to some of the questions asked by Julien? so that other members could benefit from it

Thanks,

Francesca

are foreign investors welcome in Sri Lanka?

Yes!
I would say our government messed things after the 3 decades long civil war.
Reason: Instead of easing the rules now they are focusing towards the big multi nationals.
If you are a small start-up, there are many ways to spoil the system and get the cost benefit.
Find a partner (check the linkedin to see who is there), discuss the plans and setup an offshore operations via partnership, may be JV or a BOT would be ideal. Depends on the requirements.

Is it complicated to register a company in Sri Lanka? What is the procedure?

If you are from UK or any other country with company registration is possible within 2 hours, then its bit complicated. But still you can pass the hassle to a lawyer/company registration expert. Rate would be 300 - 400 US$. But they will save hours and dates of your time and get the docs done for you.

What is the corporate tax rate in Sri Lanka?

I can easily calculate the tax in UK than SL. This is an area known to the accountants. Let me check for it.

Is it easy to recruit?

Simple as ABC. But you should know the difference between contracts. If you don't know the future, please don't go for the full timers. Start with contract workers with an option to convert them to full time engagement.

Any advice you would share with us?

Let me know your business interests in personal threads. Advises would vary from one sector to another