The ISO code of Sri Lanka is LK according to the ISO 3166 standard. The local name of the country is the same as its English name. Sri Lanka capital city is Sri Jayawardenepura Kotte (official); Colombo (former capital; has some government offices). People in Sri Lanka speak the Sinhala, and Tamil languages. Around 377 BC, Sri Lanka emerged as a sovereign political entity. In the year 377 BC, Sri Lanka emerged as a sovereign political entity. The largest cities in Sri Lanka are Sri Jayawardenepura Kotte, Colombo.
Sri Lanka is located in the UTC +05:30 time zone, which is also called Sri Lanka Time or LKT. The internet country code top-level domain (ccTLD) for Sri Lanka is .lk. Other domains assigned to Sri Lanka are .ලංකා, .இலங்கை, .asia. The International dialing code for Sri Lanka is 94. People in Sri Lanka drive on the left side of the road. Total land area of Sri Lanka is 65,610 km² (approx. 25,332 mi²). Sri Lanka is not a landlocked country. It means that is is bordered by at least one major body of water.
Sri Lanka is located in Asia. Sri Lanka is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Sri Lanka faces various issues, including deforestation, soil erosion, wildlife populations threatened by poaching and urbanization, coastal degradation from mining activities and increased pollution, freshwater resources being polluted by industrial wastes and sewage runoff, waste disposal, air pollution in Colombo.
Doing business in Sri Lanka
We offer various corporate services in Sri Lanka jurisdiction. These services can serve both, people coming from Sri Lanka and foreigners. If you plan on doing business in Sri Lanka you might be interested in contacting us.
To find out about starting your business in Sri Lanka click on company formation in Sri Lanka.
To find out how to open a bank account in Sri Lanka and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Sri Lanka.
Choose preferred service below or continue reading to find out more about Sri Lanka.
Demographics of Sri Lanka
The total population of Sri Lanka is 20,950,041 people. In Sri Lanka, the population density is 309 people per square kilometer (804 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is diverse according to a fractionalization scale which for Sri Lanka is 0.415. Sri Lanka has approximately 324977 foreign immigrants. The median age is approximately 31.8 years. In Sri Lanka, 18.29 in every 100 people use internet. Sri Lanka has a Human Development Index (HDI) of 0.75.
The majority religion of Sri Lanka is Buddhism, Sri Lanka is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Sri Lanka.
Culture of Sri Lanka
People in Sri Lanka speak the Sinhala, and Tamil languages. According to data on inbound tourists in Sri Lanka, 1,275,000 tourists arrive in the country each year. The first McDonalds in Sri Lanka was opened on 16 October 1998, and it was located in Colombo. One of the most popular national dishes of Sri Lanka is rice and curry. To read more click on culture of Sri Lanka.
Geography of Sri Lanka
Sri Lanka is considered to be a large nation because of its total area. Its total land area is 65,610 km² (approx. 25,332 mi²). Sri Lanka is located in Asia. Its capital city is Sri Jayawardenepura Kotte (official); Colombo (former capital; has some government offices). The length of said border is 0.1 km (0 mi).Sri Lanka has no land borders.
The highest point of Sri Lanka is Pidurutalagala, with its official height being 2524 m (8,281 ft). Including land mass and EEZ, the total area of Sri Lanka is approximately 598,229 km² (~230,976 mi²). The most notable natural resources found in Sri Lanka are limestone, graphite, mineral sands, gems, phosphates, clay, hydropower, arable land.To read more click on geography of Sri Lanka.
Economy of Sri Lanka
The currency of the country is Sri Lankan rupee. The symbol used for this currency is රු, and it is abbreviated as LKR. 4.1% of population in the country are unemployed. The total number of unemployed people in Sri Lanka is 858,952. Each year, Sri Lanka exports around $10.39 billion and imports roughly $18 billion. The Gini Index of the country is 49. Sri Lanka has a Human Development Index (HDI) of 0.75.The Global Peace Index (GPI) for Sri Lanka is 2.188. Sri Lanka has a government debt of 81% of the country's Gross Domestic Product (GDP), as assessed in 2012. Sri Lanka is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are processing of rubber, tea, coconuts, tobacco and other agricultural commodities, telecommunications, insurance, banking, tourism, shipping, clothing, textiles, cement, petroleum refining, information technology services, construction.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Sri Lanka is $218,242 billion. Each year, consumers spend around $28,215 million. The ratio of consumer spending to GDP in Sri Lanka is 0%, and the ratio of consumer spending to the world consumer market is 0.0813. The corporate tax in Sri Lanka is set at 28%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Sri Lanka is 12%. To read more click on economy of Sri Lanka.
Infrastructure of Sri Lanka
Infrastructure quality in Sri Lanka is rated to be at 2.23. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Sri Lanka, 88.7% of the population has access to electricity. There are 9,552 internet hosts in Sri Lanka. Sri Lanka has 19 airports nationwide.
The logistics performance index of Sri Lanka is 2.7. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.76. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Sri Lanka is 27. To read more click on infrastructure of Sri Lanka.
Politics of Sri Lanka
Sri Lanka, is a unitary semi-presidential constitutional republic. With regard to political and civil freedoms, Sri Lanka is 2. Citizens in Sri Lanka experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Sri Lanka, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Maithripala Sirisena.
According to the World Bank Group, the government effectiveness index of Sri Lanka is 0.09. This indicates that the government of Sri Lanka is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Sri Lanka before considering any business maneuvers.In Sri Lanka, the legislative power is vested in a Parliament. The Global Peace Index (GPI) for Sri Lanka is 2.188. The strength of legal rights index for Sri Lanka is 3. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. Sri Lanka is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Sri Lanka is a member of the World Bank. To read more click on politics of Sri Lanka.
Environment of Sri Lanka
Sri Lanka emits 0.7 metric tons per capita of CO2. 19330 km² of Sri Lanka's territory is covered in forests. and forest land comprises 29% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Sri Lanka is 27. To read more click on environment of Sri Lanka.
Company formation in Sri Lanka
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Sri Lanka.
When establishing a company in Sri Lanka, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Sri Lanka that will affect the establishment and growth of one's business. Contact us or click on company formation in Sri Lanka to read additional information when setting up a business.
Bank account opening in Sri Lanka
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Sri Lanka. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Sri Lanka, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Sri Lanka or contact us.