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FCA for International Service Providers & Employees

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Features

Foreign currency account for international service providers and employees or FCAISPE is a foreign currency account specially meant for companies / individuals / partnerships registered in Sri Lanka and rendering specified services outside Sri Lanka.

  • Designated currencies

    USD, GBP, CHF, JPY, AUD, SGD, CAD, DKK, SEK, HKD, EUR and NZD.

  • Types Of Accounts

    FCAISPE accounts can be opened as savings accounts, current accounts or fix deposits.

How to get started
  • Eligibility
    • Employer
    • Any resident company or partnership registered in Sri Lanka or any individual resident in Sri Lanka, rendering services, whilst based in Sri Lanka to any person resident outside Sri Lanka in the course of carrying on any profession or occupation as listed under FAQ’s.

    • Employee
    • Individuals employed by the eligible services providers on permanent or contractual basis and entered into agreements with such services providers to be remunerated on part or entirely in foreign currency for the services rendered to such employer while carrying on any profession or occupation as listed under FAQ’s.

  • Required Documents:
    • National Identity Card / Valid Passport / Driving License

    • Employer
    • A letter from the Commissioner General of Inland Revenue confirming that the employer is qualified for income tax exemptions under Inland Revenue Act No 10 of 2006 as amended.

    • Employee
    • A letter from an employer that the employee is directly involved in projects carried out by the employer which are exempt under the Inland Revenue Act No. 10 of 2006 and is paid for his services in foreign currency received from those projects.

  • Permitted Transactions
    • Credits
      • Proceeds of inward remittances received for services provided overseas through banking channels in designated in convertible foreign currency.

      • Employment income paid out of Foreign Currency by employer for exempted projects.

    • Debits
      • Payment in foreign currency in form of bank transfers to employees involved in exempted projects of the employer.

      • Payment in foreign exchange to residents outside Sri Lanka on account of current account transactions of the individual / firm / company.

      • Disbursement in Sri Lanka Rupees is freely permitted.

FAQs

What are the documents required to open a FCAISPE under employer category?

A letter from the Commissioner General of Inland Revenue confirming that the employer is qualified for income tax exemption under Inland Revenue Act No. 10 of 2006 as amended.

What are the documents required to open a FCAISPE if I am an employee?

A letter from an employer stating the employee is directly involved in projects carried out by the employer which are exempt under the Inland Revenue Act No. 10 of 2006 and is paid for his services in foreign currency received from those projects.

What is the interest I am eligible to get?

It will be the interest given to any foreign currency of the Seylan bank.

Under FCAISPE, what are authorized international service provider categories?

  • Services rendered by any individual as a member of an organized profession with a recognized standard of ability enforced before such person entering to it and recognized standard of conduct enforced while practicing in it

  • Accounting, book keeping or auditing:

  • Tax advisory services

  • Services of a draftsman

  • Engineering services

  • Software development, data processing, data base development or system designing

  • Advertising outside Sri Lanka

  • Research work and report writing

  • Photography

  • Publishing outside Sri Lanka

  • Beauty culture, hairdressing or modeling outside Sri Lanka

  • Services of a sports person or an artist

  • Services of a valuer or Auctioneer

  • Services of a plumber, mason or carpenter

  • Quantity surveying

  • Health care services

  • Management of any agricultural property situated outside Sri Lanka.