The Ultimate Guide on How Foreign Entrepreneurs Can Kickstart Businesses in Sri Lanka

Embarking on a business journey in a foreign land can be both thrilling and challenging. In this article, we unravel the intricacies of starting a business in the vibrant and welcoming country of Sri Lanka. From legal requirements to investment opportunities, here’s your comprehensive guide to making your mark in the Pearl of the Indian Ocean.

1. Foreigners in Sri Lanka: A Primer on Business Ownership:

Delving into the legal landscape, we explore the possibilities for foreign entrepreneurs. Discover the nuances of starting wholesale businesses, investing, and the essential role of a Sri Lankan secretary. Unearth the three main business categories – Proprietorships, Partnerships, and Companies – and find out which one suits your venture best.

2. Investment Criteria for Foreign Citizens:

What does it take for a non-resident to establish roots in the Sri Lankan business ecosystem? Explore the financial requirements, such as the one-million-USD deposit, and understand the process for registering a branch of an overseas company. Learn why Sri Lanka stands out as a business-friendly haven in South Asia.

3. Restricted Business Activities:

Not all doors are open to foreigners. Dive into the list of businesses exclusive to Sri Lankan citizens, from money lending to coastal fishing. Gain insights into the industries where ownership is limited to specific percentages, and understand the government’s role in approving these ventures.

4. Ownership Rights Breakdown:

Unpack the ownership rights scenario for foreigners, ranging from 0% to 100%. From restrictions on military-related industries to the freedom to fully own pubs and restaurants, explore the diverse landscape of business ownership in Sri Lanka.

5. Sri Lanka: A Prime Investment Destination:

Is Sri Lanka a sound investment choice? Discover the allure of the local stocks and share market, open to approved funds and foreign-state citizens. Learn about the Security Investment Account (SIA) and its significance in facilitating foreign investments, along with the role of the Board of Investments (BOI) in fostering a conducive environment.

6. The BOI Advantage:

Uncover the benefits of registering with the Board of Investments (BOI), from tax advantages to the coveted investment residence visa. Understand the process, costs involved, and why foreign investors should seriously consider this central facilitating point.

7. Streamlined Business Registration Process:

Embark on the journey of registering your business in Sri Lanka. From name approval to obtaining BOI approval, follow a step-by-step guide on the necessary documentation and procedures. Learn why the process is not only efficient but also tailored to encourage entrepreneurship.