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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka names two freeports, three bonded areas

Sri Lanka names two freeports, three bonded areas

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
In line with the Finance Act No. 12 of 2012, which specifies declaring Free Port bonded areas, the Minister of Finance has issued regulations and Colombo and Hambantota ports have been declared as Free Ports by the this Gazette notification.

Further, the Gazette envisages the Katunayake Export Processing Zone, Koggala Export Processing Zone and Mattala Rajapaksa International Airport as bonded areas.

The enterprises, which will be benefitted from this arrangement, will be engaged in entrepot trade involving imports, minor processing and re-export, and off-shore business where goods can be procured from one country or manufactured in one country and shipped to another country without bringing them to Sri Lanka. Provision of frontend services to clients abroad, operations of the headquarters of the leading buyers and logistic services will also be covered by the regulations gazetted as Commercial Hub Regulations No. 1 of 2013.

Colombo…
The minimum investment of a new enterprise which is engaged in business activities mentioned above should be US$ 5 million. These companies are expected to achieve an annual re- export turnover of not less than US$ 20 million over a period of five years. If the business is engaged in logistic services such as a bonded warehouse or in the cases of operation of multi-country consolidation in Sri Lanka, the minimum investment will be US$ 3 million. The movement of goods to and from a Free Port is subjected to the Customs Ordinance and Imports and Exports Control Act. The country of origin certificate issued by the Department of Commerce will be made available for enterprises located in the Free Ports or bonded areas.

These regulations are expected to bring revolutionary changes to the trade and investment policies of the country. As outlined in the Mahinda Chinthana policy framework, these measures will open up new avenues for Sri Lanka to connect with other world economies and attain a higher growth rate by deploying more and more foreign investments.
http://www.ft.lk/2013/07/31/colombo-hambantota-ports-declared-as-free-ports/

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
July 31, 2013 -  Sri Lanka has declared two seaports as 'free ports' and an airport and two export processing zones as bonded areas, for entrepot trade and off-shore business, which has been hailed by the business community.

Colombo and Hambantota ports have been declared as free ports. Export processing zones in Katunayake by the main international airport and Koggala and the second international airport in Mattala has been declared as bonded areas, the finance ministry said.
Sri Lanka's Ceylon Chamber of Commerce said the free ports will help boost investments and maintain high economic growth.

Businesses in entrepot trade involving import minor processing for re-export, off-shore business where goods bought from one country can be shipped to another without bringing them into country can benefit from the free zones.

"These regulations are expected to bring revolutionary changes to the trade and investment policies of the country," the finance ministry said in a statement.

Provision of front end services to clients abroad, operations of the headquarters of leading buyers, logistics services were also covered by the free zone rule relaxation.

Companies with a investing a minimum of 5 million US dollars could start businesses in the free zones and they have to achieve an export turnover of 20 million US dollars over five years.

Operators of a bonded warehouse or multi-country consolidators of cargo could start with a 3 million US dollar investment

Source - LBO

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Can someone tell what is meant by free port and bonded area

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