Contact: World Trade Centre West Tower, 16th Floor Echelon Square Colombo 01, Sri Lanka Tel: (0094) 1 436639, 434403 - 5 Fax: (0094) 1 447994, 449795 Email:dgboilk@itmin.com Website:www.boisrilanka.org
MISSION
The Board of Investment of Sri Lanka shall function as the apex agency of the government of Sri Lanka identifying, promoting and facilitating foreign direct investment by providing services to investors transparently and efficiently.
THE BOI ACT .
The principal law applicable to foreign investment is BOI Law No. 4 of 1978 and amendments introduced in 1980, 1983 and 1992 and Regulations made under the Act.
The BOI Act Provides for Two Types of Investment Approvals
Under Section 17 of the Act the BOI is empowered to grant special concessions to companies satisfying specific eligibility criteria, which are designed to meet strategic economic objectives of the government. The mechanism through which such concessions are granted is the agreement, which modifies, exempts and waives identified laws in keeping with the BOI regulations. These laws include Inland Revenue, Customs, Exchange Control and Import Control.
Under Section 16 of the Act a foreign investment entry is permitted to operate only under the 'normal laws' of the country. That is, for such enterprises, the provisions of the Inland Revenue, Customs and Exchange Control Laws shall apply.
For the purpose of granting approvals and incentives, companies incorporated under the Companies Act are treated equally regardless of whether the shareholding is controlled by nationals or non-nationals.
BOI MAIN SERVICE CHARGES .
The Board of Investment of Sri Lanka is a single window entry for investors. We do not in general recommend the mediation of consultants or any other third party in your dealings with the BOI. Our policy of good governance and transparency on investment is something we cherish and uphold.
SETTING UP WITH THE BOI .
Sri Lanka is positioned as the Gateway to Asia, with its open economy, superior logistics for serving as a regional trade hub, a resilient work force and ground breaking market access with the Indo-Lanka Free Trade Agreement (FTA) to the world's largest market.
Starting out
The BOI's Promotion Department is the first stop for a foreign investor. Here investors can obtain information on the investment opportunities in Sri Lanka and the incentive packages on offer. Assistance can also be obtained in completing application forms and referring investors to the relevant department within the organization.
Prospective investors are required to submit a formal application to the BOI. The form has two components:
a) Approval of investment
b) Approval of site
Completed forms must be submitted to the Appraisal Department. A fee of US$ 100, or the Rupee equivalent, is charged to process the applications. Once the completed form reaches the Appraisal Department, a case officer is assigned to assist and guide the investor throughout the approval process.
Key Economic Indicators
Units
1995
1996
1997
1998
1999
2000
Nominal GDP
SLRs. Bn
598.3
696
803.6
912.8
994.7
1,152.2
Real GDP
SLRs. Bn
168
695.9
739.7
774.7
808.3
857.0
Real GDP growth
% YoY
5.5
3.8
6.3
4.7
4.3
6.0
Per capita GDP
US$
719
759
814
839
825
856
Sectoral Growth Rate
Agriculture
% YoY
3.3
-4.6
3.0
2.5
4.5
1.8
Construction
% YoY
4.9
3.4
5.4
7.1
4.8
4.8
Manufacturing
% YoY
9.2
6.5
9.1
6.3
4.4
9.2
Services
% YoY
5.1
5.8
7.1
5.2
4.2
6.9
WA Prime Lending Rate
%
20.1
20.2
15.2
14.9
15.9
21.46
Investment
% of GDP
25.7
24.2
24.4
25.1
27.3
28.0
Domestic Savings
% of GDP
15.3
15.3
17.3
19.1
19.5
17.3
Exports
US$mn % YoY
3,807 18.7
4,095 7.6
4,639 13.3
4,798 3.4
4,610 -4.1
5,552 19.8
Imports
US$mn % YoY
5,311 11.4
5,439 2.4
5,864 7.8
5,889 0.4
5,979 1.5
7,320 22.4
Exchange Rate (Annual Average)
SLRs/US$ % YoY
51.25 -3.7
55.27 -7.8
58.99 -6.7
64.57 -9.5
70.39 -9.0
75.78 -7.6
SLR - Sri Lankan Rupee
Source: Central Bank of Sri Lanka For more information on investment opportunities and incentives for investors offered by the BOI, contact the BOI office in Colombo or visit the BOI website:
Board of Investment of Sri Lanka Level 26, West Tower, World Trade Center, Colombo 01, Sri Lanka. Tel: (+94 1) 434403-5, 435027, 447531, 346131-3 Fax: (+94 1) 447994-5
BOARD OF INVESTMENT OF SRI LANKA
The BOI Act Provides for Two Types of Investment Approvals