Port City Colombo has achieved a significant milestone, on-boarding 100+ companies as Authorised Persons (AP’s), as of August 24th, 2024. These companies represent a diverse range of sectors identified to the Colombo Port City Special Economic Zone, including IT, Finance, Professional Services, Shipping, Logistics, Tourism, Healthcare, Real Estate Development, and Global Capability Centres.
Among these AP’s, twenty-two companies have been designated as Businesses of Strategic Importance (BSI’s). The Colombo Port City Economic Commission (CPCEC) is currently reviewing the BSI status of other AP’s at present. Several companies are in the pipeline to register as AP’s, reflecting increased investor confidence in Port City Colombo. These achievements align with Port City Colombo’s vision to attract high-value foreign direct investments (FDI’s), whilst the diverse range of companies reflects the SEZ’s focus on service-oriented sectors.
Banks including Sampath Bank, Commercial Bank of Ceylon, Hatton National Bank, National Development Bank, Nations Trust Bank, Union Bank, DFCC, Bank of Ceylon, and People’s Bank have applied to establish offshore banking branches within the Colombo Port City Special Economic Zone. These banks will operate under the gazetted offshore banking regulations released on July 26th, 2024.
These developments are projected to generate demand for 30,000 to 50,000 square meters of office space in Port City Colombo. The Business Centre, a premier IT and commercial park located at the heart of Port City Colombo’s Financial District, is scheduled to launch in November 2024. This coincides with the anticipated influx of tenants.
Port City Colombo offers a progressive and competitive regulatory environment that simplifies business operations, whilst being a liveable master-planned city with dynamic lifestyle offerings. Further, the Special Economic Zone is economically ring-fenced from domestic macroeconomic challenges, providing investors with attractive fiscal and non-fiscal incentives. These include transactions in designated foreign currencies, tax exemptions for over 25 years, and 100% capital and profit repatriation. Port City Colombo offers export-oriented businesses the advantage of direct connectivity to key markets in the Middle East, Europe, and the Asia-Pacific regions, facilitating their growth and expansion. Commercial entities interested in investing or setting up business operations in Port City Colombo must first become qualified AP’s, and then be designated as Businesses of Strategic Importance to avail itself of the exemptions or incentives under the CPCEC Act. The CPCEC, a single-window facilitator, governs this streamlined process and regulates all business activities within the SEZ.
With these movements, Port City Colombo positions itself as the engine of Sri Lanka’s future economic development. It is now ready to welcome foreign direct investments and operationalised businesses. For more information, please visit www.portcitycolombo.lk for investment opportunities and www.portcitycolombo.gov.lk for regulatory matters.
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