Situated in the Indian Ocean, Southwest of India, its geographic location (close to India, The Maldives, Pakistan) and deep harbours have made Sri Lanka a strategic location on the silk road in olden times.
However with its violent and troubled recent past, the new President Maithripala Sirisena is trying to unite the people of Sri Lanka to boost its economy and the everyday lives of its people who rely almost exclusively on tea exports and tourism.
As Sri Lanka hits the news for an inquiry into war crimes, I look at some reasons why investors should incorporate there:
- Peace and stability are on the agenda in Sri Lanka and President Maithripala Sirisena, who came to power in January 2015 has taken a much more open approach to investigations into the war crimes of the civil war: He said,
- Tourism continues to rise in the country with its beautiful beaches and lush green scenery. Not only is tourism increasing month on month but tourists are also spending more per person in the country. Tourists come from India, Asia, The Middle East and Western Europe and increasingly from China as peace is sustained and the roads and infrastructure improves.
- Foreign entrepreneurs who register a Sri Lankan company for the purpose of tourism, construction or export activities are eligible for a reduced corporate tax rate of 12%.
- Investors in the area of agro-processing and fisheries can benefit from being tax free for the first four years of business which is a fantastic incentive to set up shop there (Initial investment must be at least US$ 190, 000).
- According to the latest rankings on ease of doing business from the World Bank, Sri Lanka is the easiest place to conduct business in South Asia, ranking well above India.
- Having once been a British colony, Sri Lankans have very good spoken and written English which makes communication and doing business smooth.
- Education is deemed very important in Sri Lanka which has resulted in a highly literate and skilled workforce.
- Sri Lanka is one of the safest places to do business in Asia and has signed double tax treaties with 38 countries and has investment agreements with 28 countries. For details on these treaties and agreements, read more on the Inland Revenue Development of Sri Lanka website.
- Healy Consultants Group PLC can assist you to incorporate a Sri Lankan Limited Liability Company in as short as two weeks,
- Only requiring two shareholders and one director of any nationality.
- The client is not required to travel to Sri Lanka and there is no minimum paid up share capital required.
- A resident director is required to incorporate and Healy Consultants Group PLC can provide this service if required.
“We expect to begin a new journey to promote reconciliation, cohabitation, brotherhood and friendship among the people of Sri Lanka, and to win over international opinion on these issues.”
For any inquiries related to investment or incorporation in Sri Lanka , please contact our Sri Lankan business expert, Paavan, at paavan[at]healyconsultants[dot]com or call at +65 6735 0120
Country Profile BBC: https://www.bbc.com/news/world-south-asia-12004081
Company Incorporation Sri Lanka: https://www.healyconsultants.com/sri-lanka-company-registration/
Photo Credit: Sri Lanka Elephants. By Anton Croos (Own work) [CC BY-SA 4.0], via Wikimedia Commons