Sri Lanka’s Ceylon Chamber of Commerce sets up a council for start-ups
The Ceylon Chamber of Commerce (CCC) of Sri Lanka has reportedly launched a council for start-ups at the Hatch Co-Working space.
According to reports, the Council will look to assist start-up ventures in securing market access and initial financing.
The Council will initially advocate for the creation of a tax structure that takes into account the high likelihood of making a loss when investing in start-up ventures.
The Council is of the view that laws should be amended to help form limited liability partnerships in the technology sector and they also feel that for the purpose of taxation, profit in one venture can be off-set against losses in another venture, the Daily News has reported.
The council is open to any business that looks to innovate, grow quickly, and go global and membership is to provide access to networking within the CCC but will not extend to membership in the main organisation.
The board consists of individuals with leadership experience at technology ventures that have been successful overseas.
With over 146,000 IT professionals in the country there is an able workforce that can create new ventures.
Prageeth Balasubramaniam Co-Founder BOV Capital has reportedly noted that in India the government had made the effort to invest in start-ups. Indian Prime Minister Narendra Modi was present at the launch of an Indian start-up support infrastructure and the government has pledged over US$10 million in assistance.
Balasubramaniam has further stated that with real interest rates being so low there was much scope for investment in start-up ventures.
Balasubramaniam will act as the chairman of the council while other committee members include Heminda Jayaweera (CEO, SLINTEC), Imal Kalutotage (CEO, nCinga), Achala Samaradivakara (Co-Founder and Managing Director, Good Market), Shalin Balasuriya (Co-Founder, Spa Ceylon), Indika Kudagamage (Assistant Vice President, National Development Bank PLC), and Chandula Abeywickrama (Founder and Chairman, Lanka Impact-Investment Network) and Yasura Samarakoon (Manager-Business and Trade Promotion, The Ceylon Chamber of Commerce).
The Council will provide professional BDS services such as business registration, legal, finance and other related support services. A statement by the Ceylon Chamber notes; offering a highly influential and knowledgeable advantage, the CCC provides the cumulative support of 600 members to promote business opportunities for startups.
Sri Lanka’s economic expansion has paved the way for the formation of many unique start ups especially in the post Covid 19 new normal environment. The activities of such start ups are expected to propel economic growth in many sectors in the country. Also, The many trade agreements as well as trade concessions enjoyed by the country have opened up many business opportunities for Sri Lankan entrepreneurs. Foreign businesses/investors could look at forming partnerships/joint ventures with local start ups and expand operations to other areas in the region.
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