Project Report - BOI Approval | Piliyandala

Service type:

Description

OYSTON (PVT) LTD

Company Secretaries, Business & Tax Advisors and Accountants

OYSTON (PVT) LTD is your trusted partner for crafting meticulously tailored Detailed Project Reports (DPR) for approval by the Board of Investment of Sri Lanka. Our expert consultants understand the critical importance of a well-prepared DPR in obtaining the necessary approval for your project. We are committed to guiding you through every step of the process to ensure your success. With years of experience and a proven track record, you can rely on us for effective assistance.

The approval shall be obtained from the BOI under two categories.

• Projects operating under Sec.17 of the BOI Law

Projects falling under Section 17 that invest at least US$3 million or more can receive special benefits like increased capital allowances under the Inland Revenue Act No. 24 of 2017. Additionally, projects with investments exceeding USD 50 million will be exempted from PAL and CESS during the project implementation period.

These investments can be either entirely foreign or joint ventures involving local partnerships. Foreign investments need to be made through funds transferred via an Inward Investment Account (IIA).

• Projects operating under Sec.16 of the BOI Law (under Normal Law of the Country)

Projects approved under Section 16 of the BOI Law allow for foreign investment without receiving any special tax benefits. These projects must comply with the regular laws of the country, and the BOI assists these companies in the following ways:

- Facilitating the entry of foreign investment.

- Establishing a new company with foreign ownership.

- Transferring or issuing new shares to foreign investors in an existing non-BOI company.

- Providing visa recommendations.

The minimum investment requirement for projects under Section 16 is US$250,000. These investments can be either 100% foreign or joint ventures with local collaboration. Foreign investments must be made using funds transferred through an Inward Investment Account (IIA).

In addition to the above service, the following professional services are also provided.

Our Other Services

• Company Secretarial Services

• Accounting Services

• Audits (It will be done through our affiliate Companies)

• Registration of EPF & ETF

• Monthly payroll handling

• Obtaining approval from the Board of Investment of Sri Lanka

• Registering with the Sri Lanka Tourist Board

• Registering with the Sri Lanka Export Development Board

• Registering with Sri Lanka Customs

• Preparation of project reports for Government lease land, Bank loan, and BOI approvals