|Required Forms No.42/FO/IN/01 No.42/FO/IN/02|
Obtaining of Information and Approval to Set up incentivised Foreign and Local Investment Projects in Sri Lanka
Qualifications required in brief for granting Approval for investment
Under the Board of Investment Law No. 04 (BOI Law) of 1978 and its amendments, the BOI is the premier agency responsible for granting approval for Direct Foreign Investment, as well as Local Investment.
The Government of Sri Lanka has identified following nine (9) Priority Sectors to encourage setting up of Investment Projects in Sri Lanka.
1. Tourism & Leisure
All sectors indicated above are open for foreign investment except for following four (4) sectors which are reserved for Sri Lankans.
1. Money lending
5. Provision of security services including security management, assessment and consulting to individuals or private organizations
Granting of approval for Investment Proposals is done in keeping with the regulations setup under Sections 17 or 16 of the BOI Law. The eligibility criteria to be satisfied under these regulations are briefed below.
1. For Granting of approval under Section 17 of the BOI Law.
Investors (both foreign and local) are eligible for relevant incentives, tax concessions, customs duty exemptions, etc., provided the fulfilling of eligibility criteria stipulated by the BOI regulations.
2. For Granting of approval under Section 16 of the BOI Law.
Foreign investors must obtain BOI approval for the foreign investment entry, to set up projects under this category, under either of the following circustances;
* The foreign investor or company does not fulfill the criteria to set up a project under Section 17 of the BOI Law.
Projects approved under Section 16 of the BOI Law would operate under the Normal Laws of the country, and, would not be eligible for the Special Concessions provided under Section 17.
Following qualifying criteria have to be satisfied by the potential investor/s for investing in Sri Lanka.
1. Forward an Application filled with details of the proposed investment project to the Board of Investment of Sri Lanka as per the Rules and Regulations stipulated by the BOI.
2. After approval is granted for the investment proposal, an agreement should be signed by the Potential investor/s with the Board of Investment of Sri Lanka as per the Rules and Regulations stipulated by the BOI.
3. Potential investor/s should be able to furnish the details of required monetary provisions for the proposed investment.
4. Expression of interest, keenness, knowledge and experience for investing in Sri Lanka is to be shown.
Contact the staff officers listed below, classified as per the Priority Sectors identified for investment in Sri Lanka, to obtain the details of minimum investment amount required for granting approval under Section 17 of the BOI Law.
Places where Applications could be Obtained
Aplications for investment, along with necessary advice and guidance, could be obtained from officers attached to following offices, based on the respective Sector Group as indicated below;
Relevant sector Group located on Level 24 or 26,
Time allotted for provision of Advice
Time allotted for submitting of Applications
For Provision of advice: No fee is charged for provision of advice.
For Application Processing:
(These payments can be made in Sri Lanka Rupees as well)
�1. Fees charged Under Section 17 of the BOI Law : US $ 200 + (excluding government taxes).
�2. Fees charged Under Section 16 of the BOI Law : US $ 200 + (excluding government taxes).
Time Taken to Provide Services (General and priority services)
For Provision of advice:
For Granting of Approvals:
Provision of advice:
When submitting Applications:
Staff Officers in-Charge of Services
If the necessity arises, promotional Staff Officers in-Charge of Services assist the investors to locate lands & factory buildings and accompany them on site inspections.
Specimen Application Form (Just click the blue form number)
Following two specimen application forms which are in use at present have been attached herewith.
Application Form 01 : Application form for obtaining Approval under Section 17 of the BOI Law. (No.42/FO/IN/01)
Application Form 02 : Application form for obtaining Approval under Section 16 of the BOI Law. (No.42/FO/IN/02)
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|Last Updated On: 2023-03-15 04:34:13|