1. Intellectual Property
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Intellectual property in Sri Lanka is protected through the Intellectual Property Act of 1979 which embodies legislation pertaining to copyright, industrial designs, patents, trademarks, trade names and unfair competition. All trademark designs, copyrights and patents must be registered with the Government Registry of Patents and Trademarks. |
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Sri Lanka has also signed a bilateral agreement with the U.S. is a signatory to the Paris Convention for the Protection of Intellectual Property Rights, and is a member of the World Intellectual Property Organization (WIPO) |
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Registered trademarks are valid for 10 years, patents are valid for 15 years, and industrial designs are valid for 5 years. |
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Patents are available for all areas of technology. |
| Sri Lanka is not a member of the Universal Copyright Convention of 1952. It is, however, a party to the Bern Copyright Convention. Copyrights include exclusive rights to reproduce work, translate, revise or otherwise adapt or prepare program derivative works, distribute copy of the works and publicly communicate the work at present. |
| Copyright protection is not extended to computer programs and databases. However, under the U.S.-Sri Lankan bilateral agreement, U.S. software producers receive copyright protection in Sri Lanka. |
| Sri Lanka is a party to the Patent Corporation Treaty |
| No estimates are available to the extent of software piracy in Sri Lanka. |
2. Trading Regulations and Foreign Investment
There are very few trading regulations imposed by the government, except on motor vehicles. Only a few items are banned or require licenses. Raw materials, machinery, spares and a range of manufactured goods are subject to prior approval by the investment licensing committee. This approval is normally a formality. The Sri Lankan government continues to review and revise laws, regulations and procedures to promote a competitive business environment, remove distortions, and eliminate red tape. The government has greatly liberalized trade and actively encourages private ownership, including foreign ownership. Laws pertaining to tax, labor and labor standards, exchange controls, custom and environmental norms have been designed. These laws try to ensure an efficient mobilization of investment.
Foreign investment is regulated by the Board of Investments of Sri Lanka (BOI), which serves as a one-stop shop. All foreign investment in Sri Lanka is specifically protected from appropriation both under Sri Lankan law and, through the countryís membership of the Multilateral Investment Guarantee Agency and its bilateral agreements with a number of countries including the USA.
