Business memo of moving small colorado company inti sri lanka Essay

Business memo of moving small colorado company inti sri lanka - Essay Example Indeed, we must address various internal and external factors in relation to the mode of operations and doing business by small and medium in Sri Lanka. As such, this business memo determines whether a small Colorado company, ISSAC Corporation should consider doing business in Sri Lanka after analyzing all the business dynamics, government regulations, and other factors that may influence the operations of ISSAC Corporation in Sri Lanka. Ease of Doing Business Globalization-Sri Lanka allows cross border relations and foreign investments with limited restrictions, which favor our company into moving to Sri Lanka. It has one of the most improved ease of doing business across several areas of regulations according to Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises report (Wijewardena 1). It has a well-organized small and medium enterprise (SMe) sector, which favors our decision to move ISSAC Corporation into Sri Lanka. It has the oldest democracy in South Asia and the second largest per capita income that generates a huge purchasing power, which favors our company. ... o register with Department of Labor to obtain EPF and ETF (Wijewardena 1) Cultural and International Relations Diversity Sri Lanka is a great cultural diversity with many religions, ethnicities, and languages, which favor our company as it adopts cultural diversity in its operations and services. Sri Lanka participates in international trade engagements. Sri Lanka abhors certain core values like expertise, excellence, honesty, integrity, and commitment that correlate with the core values of ISSAC Corporation (â€Å"ISSAC Corporation† 1). Human Development Index Sri Lanka has a high human development index, which stands at 93 out of 177 countries and a literacy rate of 90% making it a conducive location to start a business (Wijewardena 1). Doing Business in Sri Lanka Sri Lanka ranks at 81 out of 185 countries, which depicts the need for more reforms to make it a SMEs friendly country (Wijewardena 1). It records a poor performance in the 10 aspects that World Bank/International Finance Corporation has chosen as significant for easing the regulatory atmosphere for the SMEs. Sri Lanka made significant gains in the aspect of starting a business by moving from 71 in 2012 to 33 in 2013. However, our company will still take five days to get registration at the Registrar of Companies and one day at EPF/ETF, that is a slower rate compared to other nations (Wijewardena 1). This would delay the registration of our company in Sri Lanka. The government should seek to digitize and fasten this process. There is an improvement in property registration where Sri Lanka moved from 164 in 2012 to 143 in 2013. However, this aspect is not alive on an island-wide basis where the friendliest nations for doing business take about 26 days to register a property (Wijewardena 1). This would limit