Engage in business in Port City: President announces regulations

- island.lk

President Ranil Wickremesinghe has announced regulations on registration, licensing, authorisation and other approvals of businesses who wishes to operate in the Colombo Port City.The President has issued these regulations as the Minister of Finance, Economic Stabilisation and National Policies.

A person who is desirous of doing business in the Colombo Port City must send in an application to the Colombo Port City economic Commission to obtain a licence to qualify as an authorised person permitted to engage in a business.

The Colombo Port City economic Commission evaluates the application and supporting documents and will issue a letter of approval in principle.If Commission is satisfied that an applicant has fulfilled all legal and regulatory requirements and has complied with and all the conditions set out in the letter of approval, it will issue a license to the

applicant permitting the applicant to engage in business at the Colombo Port City, subject to such terms and conditions as may be imposed by the Commission.The license is valid for a period of 12 months from the date of issue . However, the license will be canceled if the applicant does not commence a business within six months of the issue of the license.

License will also be canceled if the applicant is seemed insolvent or bankrupt by a court of competent jurisdiction; breach of the terms and conditions of the license issued by the Commission; furnishing false, misleading or inaccurate information or documents to the Commission in connection with its application for a license, registration, authorization or approval; or carrying on business in a manner likely in the opinion of the Commission to be detrimental to the interests of the area of authority of the Colombo Port City, the national interest and national economy.

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