Foreign-owned IT consultancy incorporation in Sri Lanka: e-ROC filing and IIA bank accounts?
3 Answers from travellers
Foreign nationals can legally incorporate a 100% foreign-owned private limited company under the Companies Act No. 7 of 2007 through the e-ROC portal without BOI approval, as information technology and software services are open to foreign investment. However, equity share capital must be funded from abroad through an Inward Investment Account (IIA) opened at a licensed commercial bank in Sri Lanka. The company must also maintain a resident company secretary and registered legal office address within the country.
BOI status is only worth seeking if your enterprise meets minimum foreign capital investment thresholds ($250,000+) and requires duty-free IT capital equipment importation concessions.
Filing annual audited accounts and corporate tax returns with the Inland Revenue Department is mandatory even if qualifying export revenues enjoy statutory exemptions.
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