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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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2 drownings today

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Two drowning incidents have been reported today (May 13).

In one incident, one person had drowned while 03 others were reported missing while bathing in the sea off Wennappuwa today (May 13).

Police said four persons from Nuwara Eliya were reported missing while sea bathing and that one body was later recovered.

Search operations are continuing.

Meanwhile, two girls who had gone to bathe in the Palukadawala Tank in Galgamuwa, Kurunegala, have also drowned.

The girls, aged 12 and 17 had gone bathing while they were visiting a relative in the area.

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Police assure that belongings of Kotmale accident victims are safe

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Kotmale Police have stated that luggage, mobile phones and other belongings of the passengers on the bus that met with a tragic accident at Gerandi Ella are safe with them/

Kotmale Police OIC Chief Inspector Vajira Ratnayake stated that the villagers who assisted authorities at the time of the accident handed over the passengers’ belongings to the Police.

The OIC also stated that 35 mobile phones, luggage and other valuables have been kept safe at the police station and can be obtained after the identities of the claimants are verified.

Meanwhile, it is reported that the bus conductor’s ticket book and the money he had collected could not be found.

The OIC had also stated that the exact number of passengers on the bus could not be ascertained due to the death of the driver and the fact that the conductor was receiving treatment in hospital.

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PSL 2025 to resume on May 17

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PSL 2025 will resume on May 17, with the final on May 25. The announcement confirms the league will end a week after it was originally scheduled to conclude.

The four remaining group games will take place at the Rawalpindi Cricket Ground, with the playoffs and final in Lahore. Aside from one afternoon game in Rawalpindi – between Multan Sultans and Quetta Gladiators on 18 May, all fixtures take place at night, with evening games starting at 7:30pm local time.

“HBL PSL X picks up from where it left off,” he wrote in the post,” PCB chairman Mohsin Naqvi announced on X (formerly Twitter). “6 teams, 0 fear. Get ready for 8 thrilling matches starting 17th May, leading up to the Grand Final on 25th May. Best of luck to all the teams!”

The league, which was postponed due to increasing cross-border tensions with India, has eight games left.

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