Regulatory Framework

Laws

Visa

The Colombo Port City
Economic Commission Act (the Act)

Port City Colombo as a Special Economic Zone is dedicated to growing your business and investments through a plethora of legal and regulatory benefits.

The Colombo Port City Economic Commission Act (the Act) was enacted in 2021 to instill confidence in investors and signal the Government's commitment to a stable SEZ policy regime and with a view to impart stability to the SEZ regime thereby generating greater economic activity and employment through the establishment of Port City as a SEZ.

Regulatory Authority

Colombo Port City Economic Commission (CPCEC) is entrusted and authorized, by way of the CPCEC Act No. 11 of 2021, with the administration, regulation, and control of, all matters connected with businesses and other operations, as the Single Window Investment Facilitator, to promote the ease of doing business within Colombo Port City.

Primary objectives of the Commission:
  • Position Colombo Port City as a leading SEZ in the region
  • Attract greater foreign direct investment to flow into the country
  • Foster a fast and conducive business environment, ensuring ease of operations within the area of authority
  • Encourage and facilitate global and regional investments
  • Generate employment opportunities
  • Promote sustainable development and urban amenity operations

Authorised Person (AP) & Businesses of Straregic Importance (BSI)

Authorised person (AP) is any person or business that is permitted by the Colombo Port City Economic Commission (CPCEC) to do business in and from the area of authority of Colombo Port City.

AP is eligible to obtain incentives including 0% personal income tax, foreign currency remuneration for employees, and green visa channel for 5-10 years (Eligible for spouse and children) & benefits including freely transact in 16 designated foreign currencies, 100% foreign ownership, and 100% profit and capital repatriation.

Businesses of Strategic Importance (BSI) are designated Authorised Persons that are eligible to obtain more incentives. Classified as;



1. Primary Investors (Real Estate Investment / Development / Operations)

Incentives
  • 0% CORPORATE INCOME TAX for up to 25 years + 50% prevailing tax of the following 10 years OR Enhanced Capital Allowances 300% of investment in depreciable assets
  • Exemptions from indirect taxes: 0% SALES TAX (VAT) + 0% CUSTOMS DUTY and other border tariffs (CESS and PAL)

    Qualifying Criteria, satisfy one of the following:
  • Minimum investment USD 100 Mn per plot OR pro-rated investment in a subdivided land plot of land
  • Minimum investment USD 25 Mn for the marina or social infrastructure land plots
2. Secondary Investors

Incentives
  • 0% CORPORATE INCOME TAX for up to 25 years
  • Exemptions from indirect taxes: 0% SALES TAX (VAT) + 0% CUSTOMS DUTY and other border tariffs (CESS and PAL)

    Qualifying Businesses:

    global and regional economic activities and activities in international trade, shipping logistics operations, regional distribution operations, information technology & business process outsourcing, tourism and other ancillary services entertainment, urban amenity operations in the settlement of a residential community, corporate headquarter operations, offshore banking and finance, innovation, entrepreneurship, generation of employment opportunities, sustainable development etc.

    • Qualifying Criteria, satisfy one of the following:


  • The company or its parent company has an annual global revenue of more than USD 50 Mn
  • Minimum of 100 employees within 5 years from commencement
  • Startup business with a valuation of at least USD 500,000 within 5 years of being licenced under the CPCEC Act
  • Contribute to economy and social development in Sri Lanka
Fee Regulations
FEES FEES
Application fee for an Authorized Person United States Dollars 2500
For alteration of particulars submitted United States Dollars 100
Annual fee United States Dollars 2000
Fees for extract of registers and certified copies of the license United States Dollars 100
Authorised Person (AP) & Businesses of Strategic Importance (BSI) Set Up Guide
Register of Interests and Download more detailed information


COLOMBO PORT CITY VISA CATEGORY ELIGIBILITY CRITERIA TERM (RENEWABLE) SUPPLEMENTARY BENEFITS FEES AND CHARGES
Investment Minimum investment of USD 500,000 within the Colombo Port City 10 years Visas for spouse, children and supporting staff USD 200
Business Investors of an Authorised Person

(subject to an investment threshold to be approved by the Commission)

 10 years Includes a work permit for the spouse to work within the Colombo Port City USD 200
Employment Employees of an Authorised Person

(employer may make an application on behalf of the employee)

  • Directors/ Senior Management – 5 years
  • Middle management – 3 years
  • Other officers – 1 year
 Up to 5 years or tenure of employment contract Visas for spouse and children, including a work permit for the spouse to work within the Colombo Port City USD 200
Condominium buyer

(pending approval)

 Minimum investment in a Colombo Port City condominium of USD 200,000 10 years USD 200
Golden Visa
ELIGIBILITY BENFITS VALIDITY PERIOD FEE APPLICATION CANCELLATION
Min. deposit of USD 200,000

(Investor may withdraw up to 50% of the minimum investment after completion of first year from VISA issuance3 date)

Invest in a government approved investment 10 years Visa fee USD 2000 payable for 10 years.

Submit to Immigration & Emigration HQ

Deposit proof documents

Police clearance report, Medical report, Copy of Passport Bio Data page, Marriage certificates

Completed VISA application, Completed personal particular form

 Upon Immigration & Emigration HQ written request
Purchase a condominium property in Sri Lanka
Obtaining lands and buildings on lease basis
Purchasing of Sri Lanka Development bonds