A place of opportunity for business and entrepreneurs
Alongside the incredible scenery and beautiful beaches, Sri Lanka offers business and entrepreneurs many lucrative benefits when doing business there.
The country has a strong economy, and is predicted a strong and stable GDP growth following the pandemic, before which it had experienced steady increase over the past four years.
Trading
Sri Lanka is the only country to have financial trade agreements with both India and Pakistan. The country has also entered into free trade agreements with other Asian countries including Singapore, Israel, Iran and Egypt.
These FTAs offer plenty of opportunities for free trading, eliminating tariffs and reducing obstacles that come with the movement of foods and services.
Working in Sri Lanka
Location
The country is ideally situated near the shipping routes connecting South Asia, Pacific, America, the Far East and Europe. This handy location makes it ideal for setting up and doing business in the country, as it provides easy entry in new markets via its shipping routes.
Working in Sri Lanka
Regulations in Sri Lanka mean employees should not exceed eight hours per day, and in any one week, working hours should not exceed 45.
Employees in Sri Lanka all receive guaranteed benefits required by law. Regulations for holiday and sick pay mean that someone who has completed a year of continuous service in the public or private sector, is entitled to a sick leave of seven days with full remuneration. Annual leave regulations state individuals are allowed to take 14 days holiday a year, within full remuneration.
Taxes and visa
All residents of Sri Lanka (anyone who's been in the country for over 183 days) are legally obligated to pay income tax. The income tax rate for an individual is between 4% and 24%, depending on the level of profits and income earned in a given year of assessment.
The main visa a foreigner can use to enter the country for business purposes, and stay for over 30 days and up to a year, is the ‘work residency visa.’
Expanding your business into Sri Lanka can seem like a daunting and time-consuming process. However, with Procorre Global as your PEO, we can provide you with a cost-effective and transparent solution that will get you set up in country and into new markets within a matter of days.
The Sri Lankan Market – Did you know?
- The country is currently negotiating and planning to sign FTA with China, one of the world’s biggest trade giants.
- Sri Lanka is most known for its tourism, tea, textiles, apparel and mineral fuels.
- In the country, they have a strong culture of politeness, and it is considered rude and looked upon negatively to raise your voice.
- In total, the country provides businesses operating there, access to nearly 25% of the world’s population.
Sri Lanka PEO Services
Sri Lanka PEO Services
Alongside the incredible scenery and beautiful beaches, Sri Lanka offers business and entrepreneurs many lucrative benefits when doing business there.
The country has a strong economy, and is predicted a strong and stable GDP growth following the pandemic, before which it had experienced steady increase over the past four years.
Trading
Sri Lanka is the only country to have financial trade agreements with both India and Pakistan. The country has also entered into free trade agreements with other Asian countries including Singapore, Israel, Iran and Egypt.
These FTAs offer plenty of opportunities for free trading, eliminating tariffs and reducing obstacles that come with the movement of foods and services.
Working in Sri Lanka
Location
The country is ideally situated near the shipping routes connecting South Asia, Pacific, America, the Far East and Europe. This handy location makes it ideal for setting up and doing business in the country, as it provides easy entry in new markets via its shipping routes.
Working in Sri Lanka
Regulations in Sri Lanka mean employees should not exceed eight hours per day, and in any one week, working hours should not exceed 45.
Employees in Sri Lanka all receive guaranteed benefits required by law. Regulations for holiday and sick pay mean that someone who has completed a year of continuous service in the public or private sector, is entitled to a sick leave of seven days with full remuneration. Annual leave regulations state individuals are allowed to take 14 days holiday a year, within full remuneration.
Taxes and visa
All residents of Sri Lanka (anyone who's been in the country for over 183 days) are legally obligated to pay income tax. The income tax rate for an individual is between 4% and 24%, depending on the level of profits and income earned in a given year of assessment.
The main visa a foreigner can use to enter the country for business purposes, and stay for over 30 days and up to a year, is the ‘work residency visa.’
Expanding your business into Sri Lanka can seem like a daunting and time-consuming process. However, with Procorre Global as your PEO, we can provide you with a cost-effective and transparent solution that will get you set up in country and into new markets within a matter of days.
The Sri Lankan Market - Did you know?
- The country is currently negotiating and planning to sign FTA with China, one of the world’s biggest trade giants.
- Sri Lanka is most known for its tourism, tea, textiles, apparel and mineral fuels.
- In the country, they have a strong culture of politeness, and it is considered rude and looked upon negatively to raise your voice.
- In total, the country provides businesses operating there, access to nearly 25% of the world’s population.
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Procorre (UK) Ltd, 1 Temple Quay, Bristol, England, BS1 6DZ. Company Number: 07644727
