Register of Overseas Entities

BOI registration in Sri Lanka requires submitting an application to the Board of Investment of Sri Lanka for approval of your investment project. This process typically includes obtaining necessary clearances such as environmental and site permits, incorporating your company with the Registrar of Companies, and formalizing the project through a signed agreement. Applicants must select between Section 16 or Section 17 projects, submit a comprehensive application with supporting documentation, and secure a formal approval letter to proceed with implementation, as outlined by Counsel it and the Board of Investment of Sri Lanka.

Determine Your Project Category

Section 16:For projects that fall under general Sri Lankan laws.
Section 17:For investments less than US $25 million, or larger investments depending on the sector, which may offer specific fiscal concessions.

Submit Your Application to BOI

Complete the relevant BOI application form, available for download on the BOI website, and submit the non-refundable processing fee. Include a valid Letter of Authority if acting on behalf of shareholders, the Draft Articles of Association, and details of shareholders and directors. Submit the completed application to the Investor Facilitation Center (IFC) at the BOI office, such as the World Trade Centre in Colombo.

Company Incorporation
After obtaining BOI pre-approval, register your company with the Department of the Registrar of Companies (ROC) by submitting Forms 1, 18, and 19, along with the Articles of Association.

Implementation
Once the BOI issues the formal letter of approval, you can open a bank account with a Foreign Currency Banking Unit (FCBU) or Import/Export Account (IIA). You will also need to register for Value Added Tax (VAT) and obtain a Tax Identification Number (TIN) from the Inland Revenue Department (IRD). Additionally, register with Sri Lanka Customs and the BOI’s Import Export Management (IEM) system to conduct import/export activities.