Port City Colombo reiterates ability to allow companies to upscale businesses

Port City Colombo reiterated its capacity in providing opportunities to a diversity of companies to upscale their businesses within the property development and key thrust sectors, whilst being supported by strong investor mechanisms. 
With the aim of becoming a world-class hub for corporate relations and the engine of Sri Lanka’s future economic development, Port City Colombo will empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business. 

“With strategic drivers, including the ability to transact in 16 different foreign currencies, 100 percent capital and profit repatriation and 100 percent foreign ownership, Port City Colombo provides favourable conditions for international businesses to invest and set up operations, whilst fostering an increase in job creation and attraction of top talent for not just Sri Lanka but also South Asia as a whole,” Port City Colombo said in a statement.
Port City Colombo highlighted that it enables commercial entities to become qualified as businesses of strategic importance, which are designated authorised persons with a higher eligibility for incentives. 

This streamlined process is governed by the Colombo Port City Economic Commission, the single-window facilitator that regulates and administers all matters connected with businesses and other operations within the vicinity and from the area of authority of the Colombo Port City Special Economic Zone. 
To be considered as a primary business of strategic importance, companies are necessitated to demonstrate interest in real estate, social infrastructure or commercial property development and meet the threshold of a minimum investment of US $ 100 million per land plot or US $ 25 million per social infrastructure plot. 

The corporate entities, which are interested in setting up business operations, could qualify as secondary businesses of strategic importance under one of the following criteria: an annual global revenue of more than US $ 50 million, a minimum of 100 employees within five years from commencement of operations or an entrepreneurial venture with a valuation of at least US $ 500,000. 
These businesses should also showcase a contribution towards the social and commercial advancement of Sri Lanka by being engaged in global and regional economic activities, information technology, shipping logistics, tourism/hospitality, ancillary services and so forth.