Board of investment

Board of investment

During the few weeks, I could check number of documents which are to be sent for BOI approval. I could find some important information regarding the BOI approval and further details found from the internet because that is very important for us as QS may deal with those type of agencies and related documents. At present number of construction projects are running under foreign funds. Therefore the BOI is one of foremost agencies who deal with those. As well as the domestic client’s projects also receive BOI approval if they are tally with the BOI requirements.

Therefore this organization widely effect to the sri Lankan construction industry. Therefore having a good knowledge about such type of organizations will be an advantage for our career progression.

The Board of Investment (BoI) is the agency which promotes investment opportunities and works on regulations related to investments in sri lanka. Therefore the organization’s purpose is to attract both foreign and domestic investors’ to invest in sri lanka.

The BOI grant incentives and other related facilities for investor’s for investments

All foreign Investors must obtain BoI approval for investment. If the investment is in an industry which meets BOI requirements, BoI will sign an agreement to grant Income tax and/or Duty concessions and exemption from exchange regulations.

There are number of significant services provided to investors’

· Provides facilities to get approvals and clearances from Line Authorities and other regulatory bodies

· Grant Income Tax and/or Duty concessions for companies who meet the BOI requirements.

· Granting Exemption from Exchange regulations for export oriented and/or large scale enterprises.

· Permitting Imports and Exports customs work for companies who meet the BOI requirements.

· provides Work Visa for Investors and Foreign workers.

· Starting & managing Special Economic Zones. Therefore taking the BOI approval is very important. To get that approval the company The Emperor tower project is a BOI approved one. Therefore all the imported materials could be imported for duty free. There the contractor calculate the material requirements and the consultant should check the accuracy and approve those quantities are correct. After that those are forwarded for BOI and they recheck them. Therefore as consultant quantity surveyors we have a big responsibility to maintain a higher accuracy of quantities.

Following are some projects, directly related to construction industry which are capable to take BOI approval.

1. to expand the existing BOI companies engaged in manufacturing and export of textiles products which locate in difficult of most difficult areas as classified by the boi. This expansion could be capable to provide at least 100 employees.

2. To start training institutes related to information technology, technical training, management and textile technology

3. Investments more than Rs 10 million in tourism, recreation and leisure projects. Such projects may also import equipments and construction materials free of import duty.

4. To construct more than 100 houses not more than 3 different places and more than Rs 50 million.

5. To construct a hospital which have both paying and non paying sections.

6. Small scale infrastructure projects like warehouses, environmental improvement, power generation and industrial estates.

7. For large scale investments for manufacturing done by the existing companies not less than Rs 500 millions

Other than that there are number of other requirements should be fulfilled by those projects to take the BOI approval.