Port City will be established in Sri Lanka including several key features for convenience of business and Foreign Direct Investments. Accordingly Colombo Port City Economic Commission will ensure the ease of doing business by handling all the applications for registrations, licenses, authorizations and necessary approvals through a single point of contact. This shall be the inaugural project which provides for most convenient methods of commencing business in Sri Lanka.
The Port city shall enjoy a Tax Friendly regime with Zero Corporate income tax on foreign earnings and it is stated that employees are too given the benefit of enjoying exemption from personal income tax. Businesses of strategic importance shall also be subject to up to 40 year guarantee of zero taxes on corporate income and profits. 100% foreign ownership of businesses within the Colombo Port City is allowed and the project headed by a commission already appointed by President of Sri Lanka is looking forward to guarantee investment protection by providing special conditions which restricts the commission of terminating licenses granted to businesses to ensure that investors enjoy a guarantee for their respective investments.
An International Dispute Resolution Center shall be situated within the port city for dispute resolution whilst Sri Lankan Legal system will be followed through in a user friendly manner.
Sri Lanka being located in a strategic point in the World map business analysts predict that Port City will attract an unexpected amount of Foreign Direct Investments.
– Discussion with- ICONIC partners- Sri Lanka