The government says the investor-friendly Budget 2011 tabled in the parliament last week has introduced several concessions to promote foreign direct investment.
According to Sri Lanka's Immigration rules foreigners entering the country for the purpose of business or investment on several occasions within the overall period of visa can apply for a Multiple Entry visa valid for three months at an overseas Sri Lankan mission by submitting required documents personally.
The Multiple Visa will be an alternative to the tourist visa being issued for all immigrants, the government says.
To promote the foreign investment in the country, the Central Bank of Sri Lanka last week eased its strict foreign exchange controls following the presentation of the 2011 Budget.
Under the relaxed regulations the Central Bank has given permission for foreign companies to open businesses in Sri Lanka in accordance with the Companies Act to further facilitate foreign direct investment into the country.
The new measures will allow the foreigners to invest in Rupee Denominated Debentures to broaden the investor base and improve liquidity in the secondary market.
The Bank has also granted permission for local companies that are engaged in a variety of businesses to borrow from foreign sources.
To promote the growth in tourism sector the Bank has now allowed the foreigners touring the country to open accounts in foreign currencies.
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