Laws
Colombo Port City Economic Commission Act 2021
Part XVI
s 72

As enactedVersion · As enacted

Contents

Colombo Port City Economic Commission Act 2021

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1Short title

IEstablishment of the Colombo Port City Special Economic Zone and the Colombo Port City Economic Commission

2Establishment of the Colombo Port City Special Economic Zone
3Establishment of the Colombo Port City Economic Commission
4Master Plan of the Colombo Port City

IIObjectives and Powers, Duties and Functions of the Commission

5Objectives of the Commission
6Powers, duties and functions of the Commission

IIIComposition of and the Administration and Management of the Affairs of the Commission

7Composition of the Commission and appointment of the Chairperson
8Term of office
9Re-appointment, resignation and removal &c,
10Quorum and meetings of the Commission
11No act or proceeding of the Commission to be invalid by reason of a vacancy or any defect in the appointment of a member
12Remuneration of Chairperson and members
13Procedure if Chairperson or member has an interest in any person to whom a licence has been issued under this Act
14Commission to manage the Fund of the Commission
15Audit of the accounts of the Commission
16Maintenance of books and accounts
17Commission to call for information
18Delegation of the powers, duties and functions of the Commission
19Administrative units of the Commission
20Commission, its officers and other employees not to be liable for acts done in good faith
21Expenses incurred by the Commission in any suit or proceeding
22Expenses incurred by a member, officer, &c. of the Commission in any suit or proceeding

IVFund of the Commission

23Fund of the Commission

VThe Director-General and the Staff of the Commission

24Appointment of the Director-General of the Commission
25Powers, duties and functions of the Director-General

Part VI

26Authorised persons to be permitted to engage in business in and from the Area of Authority of the Colombo Port City
27Application for registration, licence or authorisation or other approval, as may be required to engage in business in and from the Area of...
28Commission may call for further information
29No information which is false to be included in the application No applicant shall make –
30Commission to function as the Single Window Investment Facilitator in relation to the grant of any registration, licence, authorisation or...
31Registration, licence, authorisation or other approval to be granted by the Commission to operate as an authorised person
32Commission required to enter into an agreement with every authorised person
33Commission to be the Single Window Investment Facilitator for all other permits &c,
34Procedure for the suspension, revocation or cancellation of any registration, licence, authorisation or other approval, or any visa, entry...
35Authorised person permitted to employ a resident or non-resident
36Authorised person may maintain a Sri Lanka Rupees Account in a licensed commercial bank in Sri Lanka to convert Sri Lanka Rupees as may be prescribed
37Authorised person may apply to engage in business in Sri Lanka with a citizen of Sri Lanka or resident of Sri Lanka, doing business in Sri...
38Lease of Marketable Land, or transfer on freehold basis, lease or rent of condominium parcels, in designated foreign currency (other than in Sri Lanka Rupees)
39Lease of Marketable Land, or transfer on freehold basis, lease or rent, of premises or condominium parcels in Sri Lanka Rupees
40A citizen or a resident of Sri Lanka may utilise facilities or services within the Area of Authority of the Colombo Port City

VIIOffshore Companies to Operate Within the Area of Authority of the Colombo Port City

41Registration of companies as offshore companies for the purposes of this Act

VIIIOffshore Banking Business in and from the Area of Authority of the Colombo Port City

42Licence required to engage in offshore banking business in and from the Area of Authority of the Colombo Port City
43Cancellation of a licence issued under this Part of this Act
44President to make regulations applicable to offshore banking business in and from the Area of Authority of the Colombo Port City
45Regulations to provide inter alia for matters noted
46Nature of business that may be authorised to be carried on by those engaged in offshore banking business
47A financial statement required by every company to whom a licence has been issued
48Preparation of an Annual Report
49Commission may, in certain circumstances, carry out an examination and may impose restrictions
50Maintenance of books and accounts
51Power of Monetary Board to call for information

IXDetermination and Grant of Exemptions or Incentives for the Promotion of Businesses of Strategic Importance

52Grant of exemptions or incentives to Businesses of Strategic Importance
53Details of Businesses of Strategic Importance to be specified by Order

XApplicability of the Condominium Management Authority Law and the Apartment Ownership Law

54Application of the Condominium Management Authority Law and the Apartment Ownership Law within the Area of Authority of the Colombo Port City
55Commission may seek the concurrence of the Condominium Management Authority

XIApplicability of the Securities and Exchange Commission Act

56Operation of stock exchange or market, within the Area of Authority of the Colombo Port City
57Application of the Securities and Exchange Commission Act within the Area of Authority of the Colombo Port City
58Commission to seek concurrence of the Securities and Exchange Commission

XIIEstate Manager and Provision of General Services

59Estate Manager
60Powers of the Estate Manager
61Estate Manager to be an authorised person

XIIIInternational Commercial Dispute Resolution Centre

62Facilitation of establishing an International Commercial Dispute Resolution Centre

XIVPriority in Hearing Legal Proceedings

63Courts to give priority to legal proceedings

XVInterim Provisions and Investment Protection

64Authorised person to be permitted to engage in business outside the Area of Authority of the Colombo Port City as an interim measure
65Any transfer, lease or agreement executed by the Urban Development Authority to be deemed to be documents executed by the Commission
66Agreements entered into by the Board of Investment of Sri Lanka to be deemed to be agreements entered into by the Commission
67Registration, licence, authorisation &c. granted under this Act to continue without amendment or termination till the expiry

XVIMiscellaneous Provisions

68Offences
69Offences by a body of persons
70Recovery of surcharges and penalties
71Regulations
72Rules to be published in the Gazette
73Certain enactments to have no application within the Area of Authority of the Colombo Port City
74Nothing deemed to restrict the powers, duties and functions vested in regulatory authority
75Interpretation
76Sinhala text to prevail in case of inconsistency

Schedules

SCHEDULE I (Sections 2 and 65) 4. Lot No. 5: Extent: 14.7856 Ha. North: Lot Nos. 6 and 4; East: Lot Nos. 6 and 4; South: Lot No. 6; We...
Schedule II (Sections 52 and 53) Enactments from, or Under, Which Exemptions or Incentives May Be Granted 1. the Inland Revenue Act, No. 24...
Schedule III (Section 73) Enactments Which Shall Have No Application Within the Area of Authority of the Colombo Port City 1. the Urban Dev...

Colombo Port City Economic Commission Act 2021 · As enacted · Part XVI · Miscellaneous Provisions

72. Rules to be published in the Gazette

Official English translation. The Sinhala text prevails.

Official translationFrom Department of Government Printing, unchanged

All rules made under this Act shall be published in the Gazette within three months of the formulation.

Read on from s 73

Schedules

Details

Colombo Port City Economic Commission Act 2021 · s 72

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Where this comes from

Department of Government Printing · Colombo Port City Economic Commission Act 2021, As enacted. We last updated this text on 9 Oct 2026.

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