One Stop Unit (OSU) - Unit for National Investment in Tourism
Untitled Document
The One Stop Unit – Unit for National Investment in Tourism is a centralized promotion and facilitation centre established to assist potential tourism investors interested in investing in Sri Lanka Tourism Industry. OSU is a one-stop location and point of contact for investors seeking information on the tourism industry. Specialist staff from various government agencies help investors identify feasible projects, obtain information regarding potential investments, submit applications, and provide support in obtaining investment promotion privileges, trade licenses and other approvals requested for project clearance. OSU prevents the need for investors to spend time in search of answers and ensures all queries are handled by its specialist staff. Furthermore, OSU reduces the time taken on receiving approval from various government agencies and does the coordinating on behalf of the investor.
Objectives
Given that time is precious and costly, Sri Lanka Tourism set up the One Stop Unit (OSU) in a bid to promote and draw tourism related investments.
Key objectives cited are as follows;
Present a stress free, convenient approach to investors keen on investing in Sri Lanka’s tourism industry
Coalesce relevant information for all types of tourism related investments and ensure interested parties have easy access either through meetings, telephone, email or teleconference (skype)
Provide and educate interested parties on existing investment opportunities, lands available, projects commenced and tourism needs
Supply feasibility studies and other analyses for potential investments within a short time frame
Expedite the approval process by centralising functions of relevant line agencies, reduce the time frame by at least 50%
OSU Services
Services available prior to investment:
Information on potential tourist investments
Help with investment promotion and gathering of information
Provision of a directory of land available
Help in finding similar entrepreneurs for investors interested in joint ventures
Help in completing application form
Organisation of site inspection
Representation of the investor at meetings
Fast-track obtainment of the project clearance permit
Services available during the investment:
Fast-track the approval from government agencies
Coordinating of building plan approvals required for investment
Coordinating Board of investment incentive schemes granting final approval
Services available after the final clearance for construction:
Recommendation for Visa’s
Monitor construction progress and facilitation on construction
If the investor has a specific tourism project in mind and has obtained land, the following step-by-step process begins:
Collect a hard copy of the Tourism Investment Application Form from Sri Lanka Tourism or download a softcopy from www.sltda.gov.lk
Fill in the Application Form with assistance from OSU if required.
Submit the application to OSU, whose staff will carry out a primary appraisal and liaise with necessary officials on the investor’s behalf.
A joint site inspection will be scheduled by OSU and the investor notified. The joint inspection will be carried out by officials of the Urban Development Authority, Central Environmental Authority, Coast Conservation Department, Department of Wild Life Conservation and relevant local authorities. Upon completion an inspection report will be produced.
Presentation to the scoping committee meeting consist of representative of all relevant government agencies .......
Listed below are general guidelines. However, these will depend on the topography, sociological and environmental aspects of the site.
1. Density
Density is an intensive property or the mass per unit volume. In the tourism industry, density will monitor the accommodation volume per area. General guidelines set per location are:
Location type
Maximum accommodation
Sensitive/rural areas
25 rooms per hectare
Towns
62 rooms per hectare
Cities
125 rooms per hectare
Resorts
Total footprint of the building should be less than 25% of the total land area
Investors are required to make only two payments to OSU:
The fee for processing your application, SLR. 350,000+ relevant taxes for the minimum investment of SLR 50 million or above.. All other investments will be charged SLR. 125,000 + relevant taxes.
The appropriate fee or the minimum of Rs. 350,000 as applicable will be charged at the time of granting SLTDA preliminary approval.
Representatives from the agencies listed below can assist you in your dealings with OSU. Contact OSU for further details:
OSU (+94) 11 3135006. investment@srilanka.travel Video conferences via Skype can also be arranged (Skype ID: nimalkcmb).
SRI LANKA TOURISM DEVELOPMENT AUTHORITY
Sri Lanka Tourism Development Authority, established under Section 2 of the Tourism Act (No. 38 of 2005) and its scope varied from identifying and developing tourist specific, unique products and services, formulating and implementing the legal and administrative process for new product and service development. Specifically Sri lanka Tourism Development authority is committed to approve the projects in total and compliance of relevant standards and provide information and guidance to the prospective investors with regard to the proposed project.
www.sltda.gov.lk
Address:
Sri Lanka Tourism Development Authority, 1st Floor, No. 80, Galle Road, Colombo 03.
Information and current statistics on Sri Lanka Tourism could be obtained easily by logging on to www.sltda.lk/statistics
How safe is it to invest in Sri Lanka?
The safety of foreign investment is guaranteed through the enactment of a two-third majority of Parliament (Constitutional Guarantee of Investment Protection Agreements). Under Article 157 (Sri Lanka Constitution), no legislative executive or administrative action can be taken to contravene the provisions of a bilateral investment agreement otherwise than in the interests of national security.
How does a foreign company invest in Sri Lanka? What are the regulations pertaining to issue of shares by Sri Lankan companies to foreign collaborators/investors?
The laws relating to business organisations do not permit non-nationals to run sole proprietorship businesses. However, foreign investors can incorporate a resident company in Sri Lanka to run the business.
Under the Companies Act of Sri Lanka, a foreign company can register a private limited liability company, incorporated with a minimum of two shareholders, who can own the entire share capital of the company. Following incorporation, the company must comply with all statutory requirements imposed on domestic companies.
Sri Lanka Tourism Development Authority, established under Section 2 of the Tourism Act (No. 38 of 2005) and its scope varied from identifying and developing tourist specific, unique products and services, formulating and implementing the legal and administrative process for new product and service development. Specifically Sri lanka Tourism Development authority is committed to approve the projects in total and compliance of relevant standards and provide information and guidance to the prospective investors with regard to the proposed project.
www.sltda.gov.lk
Address:
Sri Lanka Tourism Development Authority, 1st Floor, No. 80, Galle Road, Colombo 03.
INVESTMENT PROCESS