- Business Foreign Currency Account can be opened and maintained as Savings, Current or Term Deposits in any designated foreign currency, to credit foreign exchange earnings.
- Business Foreign Currency Accounts shall not be overdrawn unless a facility is granted.
- A Non – Governmental organizations are not permitted to open a Business Foreign Currency Account.
Business Foreign Currency Account is opened subject to Direction No 5 of 2021 dated 18th March 2021 under FOREIGN EXCHANGE ACT No 12 OF 2017 issued by Central bank of Sri Lanka.
The following persons resident in Sri Lanka who earn foreign exchange from a resident outside Sri Lanka;
- An individual resident in Sri Lanka.
- A sole proprietorship or partnership registered in Sri Lanka where the proprietor or majority of partners are residents in Sri Lanka (In case of a partnership with two partners, at least one partner shall be a resident in Sri Lanka).
- A company incorporated in Sri Lanka.
- A company incorporated outside Sri Lanka which is registered as an overseas company under the Companies Act No. 7 of 2007.
- A State Institution with the recommendation of the Secretary to the relevant line Ministry or appropriate Authority.
- An administrator or executor of the estate of a deceased person, who maintained a Business Foreign Currency Account with that authorized dealer or restricted dealer, until the completion of the administration of the deceased persons’ estate.
- A receiver or liquidator, in the name of a company that maintained a Business Foreign Currency Account with that authorized dealer, until proceedings are concluded.
Designated foreign currency
- United States Dollars (USD)
- Euro (EUR)
- Sterling Pound (GBP)
- Australian Dollars (AUD)
- Singapore Dollars (SGD)
- Swedish Kroner (SEK)
- Swiss Franc (CHF)
- Canadian Dollars (CAD)
- Hong Kong Dollars (HKD)
- Japanese Yen (JPY)
- Danish Kroner (DKK)
- Norwegian Kroner (NOK)
- Chinese Renminbi (CNY)
- New Zealand Dollars (NZD)
- Thai Bhat (THB)
- Indian Rupee (INR)
Permitted debits & credits
Please refer the link below.
Permitted credits and debits >>
However, goods exporter’s permitted debits also subject to repatriation of Export proceeds Gazette Notification No. 2270/66 of 11th March 2022.
Read more >>
- Identification Documents (Certified by the company secretary).
- Account mandate (Certified by the company secretary).
- Signature cards.
- Customer Information Form (CIF).
- Know Your Customer (KYC) - Personal & non personal.
- Certificate of incorporation (Certified by company secretary).
- Certificate copy of memorandum / Articles of association (Certified by company secretary).
- Board resolution regulating the conduct of the Account (Certified by director/s & company secretary)
- Form 01 or Form 20 (Certified by company secretary)
- Form 48 certified by register of companies.
- Copy of trading certificate (For public Company).
- Certificate issued by relevant authority confirming of foreign exchange earnings or proof of foreign exchange earning
Eg- Copy of recent export documents (B/L, Cusdec, Invoice etc)
-Copy of service contract / agreements / MOU
- Beneficial ownership form along with Form 15 certified by company secretary
- Fax / E-mail indemnity.
- Tax identification.
Opening an account
Business Foreign Currency Account could be opened at any of Commercial Bank branches in Savings, Current or Term Deposits in any designated foreign currency submitting the required documents.
Terms & conditions apply
Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.