Sri Lanka

About the Flag

A republic, Sri Lanka is located off the southern tip of the Indian subcontinent and, due to its location, emphasizes transshipping. It gained independence from Britain in 1948 as Ceylon, and changed its name in 1972. The capital is Colombo. The legal system is a highly complex mixture of English common law, and Roman-Dutch, Muslim, Sinhalese and customary laws. The Chief of State and Head of Government is the President. Sinhala is the official language. Tamil and English are also spoken. Sri Lanka is a member of the UN, IMO, and the Commonwealth.

Industry, particularly the apparel business, has surpassed agriculture as the main source of export earnings. Following a period of ethnic unrest, the economy has improved since the early 1990s. The unit of currency is the Sri Lankan rupee, and major trading partners are the United States, Germany, the United Kingdom, and Japan.

In 1981, the Sri Lankan Government introduced legislation allowing foreign vessels to be registered as exempt operations in order to boost the employment of Sri Lankan seafarers. The Minister of Ports and Highways overseas the Registry. The principal legislation governing ship registration is the 1971 Merchant Shipping Act, No. 52 and the 1982 Companies Act No. 17 which provides for the setting up of offshore companies