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Qualifications required (in brief) for granting Approvals

Granting of approval to set up Investment Projects is done in keeping with the regulations setup under Sections 16 or 17 of the BOI Law.

The eligibility criteria to be satisfied under these regulations are briefed below.

• Granting of Approval under Section 17 of the BOI Law.

Investors are eligible for relevant incentives based on the minimum investment, employment, location and exports required to be fulfilled as per the gazette notification published.

• Granting of Approval under Section 16 of the BOI Law.

To set up an investment project by a foreign investor or a company in Sri Lanka to operate under Normal Laws of the country without enjoying incentives, an approval needs to be obtained for the Foreign Investment portion under the Section 16 of the BOI Law.

Contact the staff officers listed under "Staff Officers in-Charge of Services" to obtain the details of minimum investment amount and employment & export capacity required for granting Approval under Section 17 of the BOI Law.

Places where Applications could be Obtained :

Investment Promotion Department,
Board of Investment of Sri Lanka,
Level 26,
West Tower,
World Trade Centre,
Echelon Square,Colombo 01.

Investment Department,
Board of Investment of Sri Lanka,
Level 24,
West Tower,
World Trade Centre,
Echelon Square, Colombo 01.

Application Fees : No fees charged.

It could be downloaded from the BOI web (www.investsrilanka.lk)

Time Allotted for Submitting of Application : From 8:30 am to 4:00 pm on public working days.

Application Processing Fee :
Projects are approved under Section 16 & 17 of the BOI Law.
(These payments should be made at the time of submitting the application, and could be made in Sri Lanka Rupees as well)

• Fees charged to grant approval under Section 17 of the BOI Law :

1. For investments less than US $ Mn. 25 : US $ 150.00+12% VAT.
2. For investments more than US $ Mn. 25 : 0.01% of the proposed investment+12% VAT.

• Fees charged to grant approval under Section 16 of the BOI Law : US $ 175.00+12% VAT.

Time taken to Provide Services : (General and priority services)
• Priority is given to all applications.
• The time taken to provide some services will be determined by the response time of the other relevant Government Ministries, Departments and Organizations in connection with the sector of the project.

Required Documents :
1. Perfected application form.
2. Project report (based on the nature of the project).
3. Statements from the Bankers to prove the financial status of the investors.
3. The particulars of the land or site intended for the project (or factory).

Staff Officers in-Charge of Services :

*Sector Group 01 - Agriculture, Knowledge Services, Touris and Leisure Sector

*Sector Group 02 - Utility, Infrastructure and Education Sector

*Sector Group 03 - Other Manufacturing, regional Programmes and Apperal Sector

*Investment Department,
Board of Investment of Sri Lanka,
Level 24, West Tower, World Trade Centre,
Echelon Square, Colombo 01.

Exceptional and Special Circumstances :
Those who have not fulfilled the qualifications described in above are not eligible for obtaining these services.

Specimen Application Form :
Following two specimen application forms which are in use at present have been attached herewith. (Just click the blue form number)

• Application Form 01 : Application form for obtaining Approval under Section 17 of the BOI Law.(No.42/FO/IN/01).
• Application Form 02 : Application form for obtaining Approval under Section 16 of the BOI Law.(No.42/FO/IN/02).

The method of filling the application forms is determined based on the nature of the proposed project.

More Advice could be Obtained from Staff Officers Listed Above.