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International

Home » International » Accounts for Non Nationals » Resident Non National Foreign Currency Accounts (RNNFC)

• Overview
• For Nationals
• Non-Resident Foreign Currency Savings Accounts (NRFC) & Fixed Deposit Account
• Deposits, Withdrawals & Restrictions
• Opening a NRFC Account
• Unique Benefits for Specific Accounts
• Singithi Surakum
• Resident Foreign Currency Account (RFC)
• Exporters Foreign Currency Accounts (EFC)
• Foreign Currency Account for Suppliers of Inputs (FCASI)
• Foreign Currency Accounts for Professional Services providers (FCAPS)
• Foreign Currency Accounts for Gem & Jewellery Dealers (FCAGJD)
• FC Advantage Accounts
• Foreign Currency Accounts for International Services Providers And Their Employees (FCAISPE)
• For Non Nationals
• Resident Non-Nationals Foreign Currency Accounts (RNNFC)
• Senior Foreign Nationals Special Accounts
• Special Foreign Investment Deposit Accounts (SFIDA)
• Non Resident Non National Foreign Currency Accounts (NRNNFC)
• Domestic Foreign Currency Account (DFA)
• For Businesses
• International Letters of Guarantee
• Securities Investment Account (SIA)
• Inward Investment Account (IIA)
• Outward Investment Account (OIA)
• International Trade Services
• Inquiries about Foreign Remittances
• Remittances from USA

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• Customer Charter

Inward Investment Account (IIA)

This account enables companies incorporated outside Sri Lanka and registered as overseas companies under the company's Act No. 07 of 2007 in Sri Lanka to carry on business in Sri Lanka such as Branch Office, Project Office, Liaison Office, Representative Office or Similar Office.

Eligible Entities

• An account may be initially opened in the name of the parent company incorporated outside Sri Lanka on production of certified copies of the Certificate of Incorporation and Memorandum and Articles of Association of the said company
• After the said parent company is registered as an overseas company by the Registrar General of Companies in Sri Lanka the account shall be re-designated in the name of the company registered in Sri Lanka, upon submission of a certified copy of the Certificate of Registration issued by the Registrar of Company's in Sri Lanka.

Opening of Account
A rupee current account "Inward Investment Account" (IIA) could be opened / maintained for this purpose.

Operations
An overseas company registered under the Companies Act No. 07 of 2007 in Sri Lanka may carry on business in Sri Lanka in

Type A - Any commercial, trading or industrial activity other than those specified in schedule I (please
               refer annexure) and activities specified in schedule II (please refer annexure) with the prior
               written permission from the Controller of Exchange.

Type B - Any non commercial, non trading or non industrial activity such as activities undertaken or
               carried on by Liaison Office, Representative Office, Regional Office or other similar office
               provided such activities do not provide any income directly or indirectly to the company.

Minimum Investment

Type A - Investment of a minimum of USD.200,000/- or equivalent amount in designated foreign currency
              out of an inward remittance received from abroad through the banking channels and provide
              evidence of remittance to the Registrar of Companies within 30 days of registration.

Type B - Shall remit the funds required for the maintenance of Liaison Office, Representative Office,
              Regional Office or other similar offices from abroad in designated foreign currency via Inward
               Investment Account.

Permitted deposits to IIA

• Rupee proceeds of inward remittances received in convertible foreign currencies.
• Local revenue of overseas company (applicable for Type A only)

Permitted withdrawals from IIA
            a) Remittance of profit, Royalty, Franchise or other similar payments or surplus funds net of tax
                subject to submission of the relevant documents.
            b) Local expenses in Rupees of the overseas company.
Any other withdrawals and deposits to this account require prior approval of the Controller of Exchange.

This account cannot be overdrawn under any circumstances.

Benefits

• Opportunities for companies incorporated overseas to invest in Sri Lanka.
• Capital plus capital gain could be repatriated net of taxes after submitting the required documents.