Sri Lanka Government considers issuing of Multiple Visa for investors and businessmen as the govt. gives top priority for investment. The Budget 2011 proposed last week has introd
uced several concessions to promote foreign Direct Investment.The Central bank of Sri Lanka has already relaxed exchange control regulations in this regard. The Controller of Exchange has relaxed exchange control rules allowing foreigners to invest in rupee denominated debentures issued by local companies. The new rule also permits the local firms borrowing from foreign sources and the procedures and documents required in order to complete the process have been prepared by the Central Bank of Sri Lanka.
Permission is also granted for foreign companies to open businesses in Sri Lanka and foreigners on tour or businesses in Sri Lanka can open accounts in foreign currency.
According to Immigration rules every foreigner who visits Sri Lanka for the purpose of business or investment on several occasions within the overall period of visa can apply for a Multiple Entry visa valid for three months at a Sri Lankan Mission abroad by submitting required documents personally.
The Multiple Visa will be issued as an alternative to the tourist visa being issued for all immigrants.
The Economic Development Minister Basil Rajapaksa has said investors visiting this country frequently for either business or investments use tourist visas for a long period. They had to give false information to visit the island.
“President Mahinda Rajapaksa is very keen to help investors and settle their problems regarding investments. The Budget also aims to increase foreign investments in the country. The President proposed several positive suggestions that will be favorable for all investors,” he said. “We will implement all positive proposals spelt out in the Budget soon,” the Minster said.
Industries and Trade Minister Rishad Badiudeen, Ministry Secretary Thilak Collure, Sri Lanka Export Development Board Chairman Janaka Rathnayake and Tourist Board Chairman Dr Nalaka Godahewa also attended the event.
Related Info :
• Sri Lanka Offers Special Visas to Investors, Professionals & Senior Citizens - My Dream Home & Resident Guest Visas
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