Business Foreign Currency Account (BFCA)

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What is BFCA?

 


All existing Foreign Exchange Earners’ Accounts (FEEAs), Inward Remittance Distribution Accounts (IRDAs) and Foreign Currency Account for Agents of Foreign Shipping Line or Air Lines (FCAASAs) as Business Foreign Currency Accounts (BFCAs) have now merged and re-designated as Business Foreign Currency Accounts (BFCAs).


Who can open a BFCA?

 


The following persons in, or resident in, Sri Lanka who earn foreign exchange:

  • An individual resident in Sri Lanka.
  • A sole proprietorship or partnership registered in Sri Lanka where the proprietor or a majority of partners are resident 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.
  • A person authorized to carry on business as a shipping agent or a general sales agent in Sri Lanka on behalf of a foreign shipping line or airline (foreign principal) with a valid license or authorization letter issued by the Director General of Merchant Shipping and Director General of Civil Aviation Authority of Sri Lanka, respectively.
  • 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 or restricted dealer, until proceedings are concluded.
Types of BFCA

 

 

  • Current (without cheque drawing facility)
  • Savings
  • Term Deposit accounts

 

Designated Foreign Currencies
  • 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)
  • New Zealand Dollars (NZD)
  • Chinese Yuan (CNY)

 

 

 


Business Foreign Currency Account (BFCA)

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