Both resident and non-resident persons may apply to engage in business in and from the Area of Authority. The Act contemplates natural persons, companies, partnerships, limited partnerships and foundations, whether constituted under Sri Lankan law or under foreign law.
An applicant becomes an authorised person on the issue of a licence and a certificate of registration under sections 26(3) and 26(4). Until both have issued, section 27(2a) — inserted in 2026 — prohibits the Commission from charging any fee other than the fee specified in section 27(2), and names land use fees expressly among the charges it may not levy. This is a meaningful protection for an applicant whose approval is slow: the cost of waiting is now capped by statute.
Section 32 requires an agreement between the Commission and the authorised person. Where incentives have been granted, section 52(4) requires them to be embodied in that agreement. The agreement is therefore the operative document for an investor's entitlements, and it is the document on which advice should be taken before signature rather than after.
