Port City Colombo announced that two regulations, Offshore Banking, and Offshore Banking –Prudent Management and Confidence, have been gazetted for commercial operations within the area of authority of the Colombo Port City Special Economic Zone.
This was made official through the Gazette Notification <2394/66 and 2394/67> dated July 26, 2024. Being yet another key milestone in the project’s dynamic forward momentum this year, the offshore banking regulations underscore Port City Colombo’s readiness for operationalised business activity and emergence as a regional offshore financial centre in the South Asian region.
Commenting on the significance of this landmark gazette notification, Xiong Hongfeng, Managing Director, CHEC Port City Colombo (Pvt) Ltd said, “We are pleased to announce that offshore banking regulations have been gazetted for commercial entities who are electing to set up operations within Port City Colombo.
This pioneering regulatory framework will reinforce the fact that Port City Colombo is economically ring-fenced against domestic macroeconomic challenges, enabling prospective investors to directly transact in designated foreign currencies within business conditions.
Similarly, to other globally competitive economies including Singapore and Dubai, investors will experience the opportunity to gain higher trading freedom, and full capital and profit repatriation, with attractive tax exemption incentives. Further, these regulations underscore to prospective investors that the funds they invest in Port City Colombo will be safeguarded, augmenting the growth of Sri Lanka as a regional Foreign Direct Investment hotspot.
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