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Foreign exchange Earners Accounts (FEEA) could be opened for, Exporters, Indirect Exporters, Suppliers of inputs, professional service providers, Foreign Employment Agencies, Gem & Jewellery dealers and providers of services to non residents.
USD, GBP, EUR, AUD, JPY, CHF, SGD, CAD, CHF, JPY, SEK, HKD, NZD, DKK, CNY
Advantages of FEEA
- Ability to save the foreign currency you and earn when Exchange rates are favorable.
- Category of accounts - FEEA accounts may be opened in the form of current, savings or fix deposits in designated foreign currencies.
How to get started
- Eligible Persons
- Individuals residing in Sri Lanka
- Sole proprietorships and partnerships registered in Sri Lanka
- Companies incorporated in Sri Lanka.
- Companies incorporated outside Sri Lanka which are registered as overseas companies under the Companies Act No.07 of 2007.
- Documents required to open an account.
- Completed application form with
- Undertaking as provided by the bank or;
- Certificate issued by a regulatory body conforming engagement in business of earning Forign exchang. (e.g.; export development board, gem & jeweler authority)
What are the types of transactions that I can receive to a FEEA.?
Export proceeds, Payments received on account of services provided overseas.
Can a person open a FEEA and receive payments from a local company or another FEEA on account of supply of goods?
Yes, if the paying party is a foreign exchange earner, the recipient could receive the payment to his FEEA
Is FEEA subjected to withholding tax?