Colombo Port City reaches Major Milestone with Over 100 Companies as Authorized Persons
By: Staff Writer
August 29, Colombo (LNW): Port City Colombo has reached a significant milestone by onboarding over 100 companies as Authorized Persons (APs) as of August 24th, 2024.
These companies span a diverse array of sectors, including IT, Finance, Professional Services, Shipping, Logistics, Tourism, Healthcare, Real Estate Development, and Global Capability Centres, all identified within the Colombo Port City Special Economic Zone.
Among these APs, twenty-two companies have been recognized as Businesses of Strategic Importance (BSIs).
The Colombo Port City Economic Commission (CPCEC) is currently evaluating the BSI status of additional APs. The steady influx of companies registering as APs highlights growing investor confidence in Port City Colombo.
This progress aligns with Port City Colombo’s vision to attract high-value foreign direct investments (FDIs), with the diversity of companies underscoring the SEZ’s focus on service-oriented sectors.
Several prominent banks, including Sampath Bank, Commercial Bank of Ceylon, Hatton National Bank, and others, have applied to establish offshore banking branches within the Colombo Port City SEZ, operating under new offshore banking regulations introduced on July 26th, 2024.
These developments are expected to create demand for 30,000 to 50,000 square meters of office space in Port City Colombo. The Business Centre, a premier IT and Commercial Park located in the heart of the Financial District, is slated to launch in November 2024, coinciding with an anticipated surge in tenants.
Port City Colombo offers a progressive regulatory environment that simplifies business operations, coupled with dynamic lifestyle offerings in a master-planned city.
The SEZ is economically insulated from domestic macroeconomic challenges, providing investors with attractive fiscal and non-fiscal incentives, including transactions in designated foreign currencies, tax exemptions for over 25 years, and 100% capital and profit repatriation.
Additionally, Port City Colombo offers export-oriented businesses direct connectivity to key markets in the Middle East, Europe, and the Asia-Pacific regions, facilitating their growth and expansion.
To benefit from the exemptions or incentives under the CPCEC Act, commercial entities interested in investing or setting up operations in Port City Colombo must first qualify as APs and be designated as BSIs.
The CPCEC, acting as a single-window facilitator, oversees this streamlined process and regulates all business activities within the SEZ.
With these developments, Port City Colombo is positioning itself as a driving force in Sri Lanka’s future economic growth and is now prepared to welcome foreign direct investments and operational businesses.
For more information on investment opportunities, visit www.portcitycolombo.lk, and for regulatory matters, visit www.portcitycolombo.gov.lk.
