Why Setup Business in Sri Lanka?
To become a successful entrepreneur today, business expansion is a must. Limiting your business to the local turf, means limiting your business success and that is definitely something no business owner wants! If you’ve already conquered the local market and are now looking to setup operations in other parts of the world with the hopes of creating a strong and widespread global business network, then you might want to consider setting up your company operations in Sri Lanka.
Recognised as the ‘Paradise Island’ and a top tourist destination, Sri Lanka is fast becoming one of the most crucial global centres for business trade. Boasting the greatest business growth potential, setting up company operations in Sri Lanka makes sense.
Let’s take a closer look at some of the top factors that make Sri Lanka a great place to do business:
Free Trade Agreements with Key Global Markets
Sri Lanka is the only country that has FTAs with both India and Pakistan. The country has also entered into free trade agreements with other Asian countries recognised as the key markets like Singapore, Israel, Iran and Egypt. Furthermore, it is currently negotiating and planning to sign FTA with China, one of the world’s biggest trade giants.
These FTA’s offer both existing and new entrepreneurs opportunities to trade freely. It eliminates tariffs and also addresses behind the border obstacles that often impede goods and services flow between parties. Furthermore, they also allow businesses to access cheaper inputs and trade liberalisation.
Sri Lanka gives business owners operating in Sri Lankafree trade access to nearly 25 percent of the world’s population.
Strategic Location—Ideal for Doing Business
Sri Lanka happens to be located at the cross roads of the major and crucial shipping routes that connect to South Asia, Pacific, America, Far East and Europe. And did you know that 50 percent of the container traffic and 70 percent of the global energy supplies happen to pass through the Sri Lankan sea coast? Sri Lanka’s geo-strategic location truly makes it an ideal location for setting up operations and doing business as it gives you the opportunity to enter newer markets and start trade by venturing out through shipping routes.
Another factor that makes Sri Lanka a great place for business setup is its booming economy. Sri Lanka has maintained a strong and stable GDP growth rate, that too, consistently, for over four years now. Increase in economic growth and real GDP means increase in the value of goods & services, thus delivering more profits through sales to business owners.
Attractive and Pro Business Environment
In South Asia, Sri Lanka is the most liberalised economy featuring several open-market free economic and trade policies, making it the best place to do business. Furthermore, in Sri Lanka, international business owners/investors are allowed full 100 percent ownership of the investment they make.
Besides this, the country boasts:
- Bilateral investment-protection agreements with around twenty eight countries as well as double-taxation avoidance agreements with almost thirty eight countries
The country has a sophisticated and transparent regulatory and legal framework and offers excellent safety of foreign investments.
Get in touch with SCB Corporate, Sri Lanka, chamara[email protected] to find out how you can setup a company in Sri Lanka and what legal requirements you must meet in order to start your business operations quickly.