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Colombo Port City: Regulations gazetted to register offshore companies

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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)

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First capacity-building program under NCGG – SLIDA MoU concludes successfully

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A Memorandum of Understanding (MoU) between the National Centre for Good Governance of India (NCGG) and Sri Lanka Institute of Development Administration (SLIDA) was signed during the State Visit of President of Sri Lanka, H.E. Anura Kumara Disanayaka to India in December 2024 for training and capacity building of 1500 Sri Lankan civil service officers over a period of five years.

The first program under the MoU was successfully held at NCGG from 21 April to 02 May 2025, and was attended by 41 officers. Based on the request of the Government of Sri Lanka, the theme of the program was ‘digitization in governance’. The program featured a series of sessions focused on key areas such as digital service delivery, digital public infrastructure, financial inclusion through digital payments, and innovations in public grievance redressal systems. Senior officials and domain experts delivered presentations on flagship Indian initiatives in the digital domain, including Ayushman Bharat Digital Mission, e-Office, GeM, Aadhaar, PM Gati Shakti, among others.

At an interaction session with participants in the inaugural program organized on 08 May 2025 at SLIDA, the High Commissioner of India to Sri Lanka, H.E. Santosh Jha underscored that capacity building is an important pillar of the development cooperation between the two countries, with Sri Lanka being among the largest recipients of scholarships and capacity building initiatives offered by India. He highlighted that, demonstrating India’s continued commitment to enhancing capacity-building opportunities for Sri Lankans, Prime Minister of India had announced additional training avenues to 700 Sri Lankan citizens annually during his recent State visit. In that context, the High Commissioner said that the participants in the first NCGG-SLIDA programme also represented the first set of Sri Lankan nationals to receive training as part of the significantly enhanced capacity-building endeavour of India that will now benefit 1000 Sri Lankans annually.

The interaction session was also attended by Secretary, Ministry of Public Administration, Provincial Councils and Local Government, Mr S. Aloka Bandara; Director General of SLIDA, Mr A.V. Janadara; senior officials and faculty members of SLIDA; among others.

In view of the highly positive feedback from the participants in the inaugural NCGG-SLIDA program, based on request from SLIDA, a second program on the same theme under the MoU is now being planned for another batch of around 40 officers for early June 2025.

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Bell 212 helicopter crash : Death toll rises to 06 (Update)

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Another Special Forces (SF) soldier who was onboard the SLAF Bell 212 helicopter that crashed into the Maduru Oya Reservoir this morning (May 09) has succumbed to his injuries while receiving treatment at the hospital.

This brings the death toll from the fatal accident to six.

Six other armed forces personnel, who sustained injuries in the incident, are currently receiving treatment at the hospital.


(Previous news 2025 May 09 – 11.31.a.m.)

5 dead in Bell 212 crash

Five military personnel have been confirmed dead in the crash of a Sri Lanka Air Force (SLAF) Bell 212 helicopter into the Maduru Oya Reservoir earlier this morning (May 09.
According to the SLAF Spokesperson Group Captain Eranda Geeganage, the deceased include three members of the Sri Lanka Army’s Special Forces and two Air Force personnel.

The aircraft was carrying a total of 12 individuals, including six Army Special Forces members, two Air Force Regiment Special Forces personnel, two other Air Force members, and two pilots.

(Video : Accident 1st)

මාදුරුඔය පීරා බෙල් 212 සොයන මෙහෙයුම… #Accident1st #bell212 #Helicopter #crashe #MaduruOya

Posted by Accident 1st on Thursday, May 8, 2025

(Previous news 2025 May 09 – 9.57.a.m.)

SLAF helicopter crashes into Maduru Oya during training session

A Bell 212 helicopter belonging to the Sri Lanka Air Force (SLAF) has reportedly crashed today (May 09) into the Maduru Oya Reservoir.

The incident occurred during a training exercise held as part of the Sri Lanka Army Special Forces passing-out ceremony in Maduru Oya.

The aircraft was carrying ten Special Forces soldiers and two pilots at the time of the incident.

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LG Polls: EC sets deadline to submit campaign finance reports

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The Election Commission has instructed all candidates who contested the 2925 Local Government (LG) Elections to submit their campaign income and expenditure reports on or before May 28.

A statement by the Commission emphasized that candidates are required to prepare and submit their financial disclosures in line with the provisions of the Election Expenditure Regulation Act No. 03 of 2023. These reports must be handed over to the Returning Officers of the respective electoral districts.

Election Commissioner General Saman Sri Ratnayake stated that this process is part of the Commission’s efforts to ensure transparency and accountability in the electoral process.

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