The *Board of Investment (BOI) of Sri Lanka* is the main government body responsible for promoting and regulating investment in the country. For many local and foreign entrepreneurs, working with the BOI can be the difference between a standard business setup and one that enjoys significant tax and regulatory advantages.
What is the BOI?
The BOI is a statutory agency that provides a framework for both domestic and foreign investments. It operates as a “one-stop shop” for investors, offering approvals, incentives, and assistance in navigating bureaucratic processes.
Why Businesses Work with the BOI
Registering under the BOI can open doors to *tax holidays, duty exemptions, and simplified customs procedures*. For export-oriented businesses, the BOI provides a fast track to set up operations with reduced regulatory delays. Additionally, foreign investors often find that BOI approval gives greater security and credibility when dealing with banks, partners, and government authorities.
Eligibility for BOI Registration
Not every business qualifies for BOI status. The agency typically prioritizes projects in industries that boost exports, create employment, or support national economic goals — such as manufacturing, IT, agriculture, and renewable energy. However, even service-oriented companies can sometimes qualify depending on their structure and scale.
The Process of Getting BOI Approval
While the BOI is meant to simplify things, the approval process involves detailed documentation and compliance with sector-specific rules. This includes preparing feasibility studies, outlining the scale of investment, and ensuring alignment with Sri Lanka’s strategic priorities.
Partnering with Legal Experts
For many entrepreneurs, understanding BOI incentives versus setting up under standard company law can be confusing. The wrong decision can mean missing out on significant benefits or facing compliance issues down the line.
At Wijesinghe Chambers, we work closely with both local and international investors to evaluate whether BOI registration is the right path, prepare applications, and handle the legal requirements to secure approval. With the right legal partner, the BOI can become a powerful ally in building a successful business in Sri Lanka.