With an initial investment of US$1.4 billion and an anticipated total investment of US$20 billion when finished, Port City Colombo is a brand-new city development constructed as an international “service-oriented” special economic zone. It is a 269 ha marine reclamation project located adjacent to the current Colombo Business District. When the city is fully developed by 2040, Port City Colombo is estimated to have some 6.3Mn m2 of build-up space and a city population of 273,000.
The Economic Commission of the Port City acts as a Single Window Investment Facilitation. Governments or appropriate authorities adopt a Single Window Investment Facilitation (SWIF), a streamlined and centralized approach, to streamline and hasten the process of luring and facilitating both local and foreign investments. Investors may access all the relevant data, services, and processes linked to their investment projects on one single platform, which serves as a one-stop shop.
Single window investment facilitation’s goal is to lower administrative barriers and improve how simple it is to conduct business in a nation. Through a single integrated platform, it enables investors to submit applications, obtain licences, permits, and approvals as well as receive pertinent information and help. This strategy attempts to speed up investment-related processes, increase transparency, and boost efficiency.
Key benefits of a Single Window Investment Facilitation include:
Simplified Processes: Investors don’t have to deal with numerous government agencies separately because they can navigate through various regulatory requirements, permits, and approvals in one location.
Time Efficiency: Investors can begin their projects sooner thanks to SWIF’s centralized processes, which cut down on delays and quicken the approval process.
Transparency: All necessary information, documentation, and communication are available through the portal, promoting transparency and reducing the potential for corruption.
Cost Reduction: Both investors and government organizations can save money by cutting out unnecessary procedures and paperwork.
Improved Investment Climate: SWIF initiatives contribute to improving a country’s overall investment climate by making it more investor-friendly and attractive.
Data Management: Centralized data collection and reporting enable better analysis of investment trends and policy effectiveness.
Careful planning and assistance from reliable partners are required when starting a business. As a single-window investment architect for your setting up, the Colombo Port City Economic Commission (Commission) will guide and advise you to ensure a flawless experience.
Investors will be informed of all possible perks, the requirements for entering and remaining in Port City Colombo, how to start up a business, taxation, and social security laws.
The Commission will make sure that you are aware of your responsibilities and the official processes that must be followed when establishing and launching your firm. Additionally, all significant agreements thereto will be discussed.
The primary requirement for conducting business in Port City Colombo is that a licence be secured before beginning any operations.
i) Apply to be an Authorised Person (AP)
ii) Application Process & Timelines
A licence will be issued by the Commission in accordance with section 31 of the Act for applicants who want to conduct business in and out of the Port City Colombo Area of Authority in order to be eligible to be considered an authorised person and to be given permission to do so.
In the case of a company intending to engage in business in and from the Area of Authority of the Port City Colombo;
a) A License issued by the Colombo Port City Economic Commission
b) A Certificate of Registration is required.
To run a business in Port City Colombo, you must acquire a business permit by registration of an Authorised Person issued by the Commission.
The Licence is issued according to the following criteria:
1) Reputation in the industry
The entrepreneur’s professional reputation is evaluated after an official investigation and taking into account any criminal or judicial history.
2) Professional experience
The entrepreneur’s name must be on any professional credentials. Specific entry requirements (certificates, nationality, guarantees, etc.) apply to some activities.
3) The creation of a stable business activity
Authorization is only given if the operational setup fits the size and kind of the company. The Colombo Port City Economic Commission Act lays out the requirements for the issuance of the permit, handling of the application, and maintaining the licence, unless a particular legislation specifically rules the business.
The Colombo Port City Economic Commission plays a crucial role in advancing the national economy by implementing various strategies, policies, and initiatives that promote sustainable economic growth, development, and stability.
Planning and executing infrastructure projects that enhance the port city’s connectivity, efficiency, and livability, actively promoting the port city to potential investors, both domestically and internationally, and facilitating investment processes while developing and implementing strategies for environmental protection, conservation, and sustainable resource management within the port city by the Colombo Port City Economic Commission will significantly contribute to the advancement of the national economy, driving prosperity, job creation, and overall well-being for the country’s citizens.
