Published date: 29/11/2021

Before you choose a country to start your overseas business, maybe you have never heard of this island country before. But through this post, you can understand this country and start your overseas business first.

Location, Population and Climate

Sri Lanka is a small island country in South Asia and lies in the Indian Ocean. Sri Lanka had been divided into 9 provinces and 25 districts. The federal capital is Colombo which is located in the western province. The total population is approximately 21 million. Sri Lanka’s climate is tropical and quite hot. The average yearly temperature ranges from 28◦c to 30◦c.

Religion, Language, Area for business

In Sri Lanka, Buddhism is the main religion with 70.2% of the population, Hindu with 12.6%, Muslims with 9.7% and the remaining 7.4% of Christians. The official languages are Sinhala and Tamil but English is also common in the workplace.

The top 3 cities we suggest for you to invest your overseas business are Colombo city, Katunayaka and Biyagama. As Colombo is the federal capital, we suggest investor to start their business in Colombo city is rich in cultural heritage and the best combination between local and international city centers.

 

Economy

Sri Lanka is a free-market economy and the GDP is worth $84 billion. Sri Lanka is a country blessed with natural resources and a great location to develop as a logistic hub. The top 5 common industries for investors to invest in include the manufacturing industry, wholesale and retail, transportation industry, tourism and information technology. In addition, Sri Lanka provides foreign investment to all sectors of the economy, except a few regulated areas. Investors are also permitted to repatriate 100% of their profits and be exempted from most of the exchange control regulations.

 

If you are interested in investing your business in Sri Lanka, please visit our website to know more about Sri Lanka. We offer business consulting services in Sri Lanka including company incorporation, taxation, human resources and etc. HIS OCS is a one-stop solution to provide an overseas business expansion plan for your company.