Foreign investors, are you looking to tap into the exciting potential of Sri Lanka’s growing economy? Establishing a BOI-registered company can be your gateway to success, offering numerous benefits and streamlined processes. However, navigating the intricacies of the application process can seem daunting. This comprehensive guide simplifies the journey, empowering you to confidently set up your BOI company in Sri Lanka.
What is the BOI and Why Choose a BOI Company?
The Board of Investment of Sri Lanka (BOI) is your one-stop shop for attracting and facilitating foreign direct investments (FDI). By registering your company with the BOI, you unlock a treasure trove of advantages, including:
- Attractive fiscal incentives: Enjoy reduced corporate income tax rates, exemptions, and duty-free imports, boosting your bottom line.
- Non-fiscal perks: Gain access to BOI Zones, secure land provisions, and benefit from efficient investor services.
- Simplified procedures: Leverage the BOI’s expertise to navigate regulatory hurdles and expedite approvals.
- 100% foreign ownership and repatriation: Operate with complete control over your venture and freely repatriate profits.
Ready to dive in? Here’s your roadmap to BOI registration:
Phase 1: Application and Initial Approval
- Choose your project category: Opt for Section 16 (minimum investment of US$250,000) or Section 17 (US$3 million+) based on your investment size and desired concessions.
- Submit the relevant application: Prepare and submit the required documents along with the processing fee (details provided in the original draft).
- Await project evaluation: The BOI’s Project Screening Committee assesses your application, granting preliminary approvals after meeting the criteria.
- Receive Letter of Acknowledgment: Upon successful evaluation, you’ll be issued a Letter of Acknowledgment of Business Activity, assigning a dedicated project officer for guidance.
Phase 2: Company Incorporation and Formal Approval
- Register your company: Follow Sri Lanka’s company registration process (refer to resources in the original draft).
- Secure necessary approvals: Obtain project activity, site, and environmental clearances, working closely with the BOI.
- Get the formal green light: Receive a formal approval letter once all clearances are secured.
- Obtain Preliminary Planning Clearance: Finalize building plans and collect the draft agreement.
Phase 3: Agreement & Operational Commencement
- Sign the BOI agreement: Finalize the agreement outlining implementation timelines and responsibilities.
- Complete essential processes: Open an inward investment account, register for taxes, acquire permits, and obtain import/export licenses.
- Obtain work permits and visas: Secure necessary permits for yourself and key personnel.
- Start operations: Once all approvals are in place, commence your commercial journey in Sri Lanka!
Remember:
- Seek professional guidance: Partner with experienced consultants to navigate the legalities and ensure smooth sailing.
- Stay updated: BOI regulations and procedures can evolve, so check their website (https://investsrilanka.com) for the latest information.
- Embrace the potential: With careful planning and the BOI’s support, your BOI company can thrive in Sri Lanka’s promising business landscape.
By following these steps and leveraging the BOI’s resources, you can establish your BOI company in Sri Lanka with confidence and unlock exciting opportunities in this vibrant market.
We Can Help!
Setting up a BOI company can be complex, but it doesn’t have to be overwhelming. Our team of experts has extensive experience guiding foreign investors through the BOI registration process. We can help you:
- Choose the right BOI category and prepare your application.
- Navigate the legal and regulatory requirements.
- Secure necessary approvals and permits.
- Connect you with relevant resources and partners.
Contact us today to discuss your BOI company goals and explore how we can support your success in Sri Lanka!