News

Colombo Port City: Regulations gazetted to register offshore companies

Published

2 years ago

December 4, 2022

editor

The Government has gazetted regulations to fully permit the registration of offshore companies in the Chinese-built Colombo Port City but the promulgation of a framework allowing incentives and exemptions to “businesses of strategic importance” (BSIs) is still overdue, official sources said.

The enactment of enabling legislation to allow for widespread activities within the Port City continues to lag, the sources pointed out.

For instance, guidelines for businesses to obtain operating licences were first published in late September. They said companies seeking permits to set up within the Port City area must pay a US$ 2,500 application fee and a US$ 2,000 annual fee to allow them to qualify as “authorised persons” in the specified areas.

But application forms for the registration of such businesses with the Registrar-General of Companies (RGC) were only gazetted two weeks ago. Accordingly, provided the required documents are in order, the RGC shall register a business as an offshore company within three days. And it will be entered into a Register of Offshore Companies-Colombo Port City Commission.

However, the Colombo Port City Economic Commission Act also makes provision for companies to be categorised as BSIs whereupon they will receive exemptions or incentives. These must be promulgated by regulation. But they are under discussion, the sources said, expressing concern that investor interest could flag. The classifications and definitions are yet to be decided upon, they said. As it stands, therefore, a company can be licensed and continue to operate under the directors of the Colombo Port City Economic Commission Act minus the incentives and exemptions it would receive if classified as a BSI, they said.

“The latest gazette should have come out two-and-a-half months ago,” one source pointed out. “But two gazettes were issued and one wasn’t. A lot of investor interest was built up. They are now waiting to see what incentives and exemptions they would qualify for. Bear in mind that Colombo Port City faces competition from a global perspective.”

In July, the Central Bank of Sri Lanka (CBSL) authorised a special class of bank account called the Colombo Port City Investment Account (CPCIA) exclusively to carry out business in the Port City Special Economic Zone (SEZ).

There are two types of CPCIAs—investor and investee. The accounts may be used by companies seeking to attract foreign currency from overseas to establish businesses.

Banks setting up within Port City will be licensed under the Colombo Port City Economic Commission Act for carrying out business within its area of authority. They will be governed by rules and regulations issued by the Commission and not CBSL. But the guidelines are formulated in consultation with the Monetary Board of Sri Lanka and the Finance Ministry.

(sundaytimes.lk)

News

“Siri Dalada Vandanawa” commences today

Published

2 minutes ago

April 18, 2025

editor

The ‘Siri Dalada Vandanawa’, a special exposition of the Sacred Tooth Relic, will commence today (April 18) at 12:30 noon, after 16 years.

President Anura Kumara Disanayake is scheduled to participate in the inauguration ceremony.

Additionally, a number of foreign diplomats are expected to participate in this event. Special arrangements have been made for them to travel from Colombo to Kandy via a dedicated train service.

From April 19 to 27, the special exposition will be from 12:00 noon to 5:30 p.m.

Meanwhile, Sri Lanka Police’s Information Technology Division has introduced a new system to provide essential services for the convenience of devotees attending the ‘Siri Dalada Wandanawa’ and to facilitate collaboration with the police.

Through this platform, devotees can access information and receive instructions regarding the special exposition of the Sacred Tooth Relic via the official website of the Sri Lanka Police, daladadekma.police.lk

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News

No VIP privileges at sacred Tooth Relic exposition – equal access for all devotees

Published

48 minutes ago

April 18, 2025

editor

There will be no special passes or separate queues issued for VIPs or VVIPs during the upcoming exposition of the Sacred Tooth Relic, set to begin today 18) at the Sri Dalada Maligawa in Kandy, according to Deputy Inspector General of Police for the Kandy and Matale Districts, Sudath Masinghe.

Speaking at a special media briefing held yesterday at the Kandy DIG’s office, he emphasized that 95% of the devotees attending the exposition would be regular worshippers, and that equal access would be ensured for all.

DIG Masinghe added that a selected group of Buddhist monks and foreign ambassadors would be provided special security arrangements and assistance to pay homage to the Sacred Relic. These dignitaries will be given the opportunity to venerate the relic before the official commencement of the event.

He also noted that special measures have been taken to manage traffic and ensure the smooth flow of devotees, particularly those arriving in buses and other heavy vehicles, with detailed awareness being provided to both drivers and pilgrims.

The exposition draws thousands of devotees from across the country and abroad, and authorities have taken extensive measures to manage the large crowds expected over the coming days.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)

News

Heavy showers over 50mm expected in some areas

Published

2 hours ago

April 18, 2025

editor

The Department of Meteorology says that showers or thundershowers will occur at several places in Western, Sabaragamuwa, Central, Southern, Eastern, North-central and Uva provinces during the afternoon or night today (April 18).

Fairly heavy rainfall of above 50 mm are likely at some places in these areas, the dep. added.

A few showers may occur in the coastal areas of Western province and in Galle, Matara and Puttalam districts in the morning too.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Misty conditions can be expected at some places in Central, Sabaragamuwa, and Uva provinces and in Ampara and Batticaloa districts during the morning.

Meanwhile, today’s (April18) heat index – the temperature felt by the human body — remains at a cautionary level, according to the dep.