Outward Investment Account (OIA)

  • Companies registered under the Companies Act, No. 07 of 2007 other than a company limited by guarantee.

  • A partnership registered in Sri Lanka.

  • An individual resident in Sri Lanka.

 

Persons not eligible to open OIAs

  • A Non-Governmental Organizations (NGOs) shall not be permitted to open and maintain an Outward Investment Accounts (OIAs).

  • Any person against whom or any company or partnership against which legal proceedings or investigations are pending in respect of a prosecution under the provisions of the repealed Exchange Control Act or Foreign Exchange Act No.12 of 2017, shall not be permitted to make any outward remittance in respect of a permissible capital transaction without obtaining clearance for such remittance from the Central Bank.

  • Accounts may be opened and maintained in the form of saving accounts in following designated foreign currencies.

 

Currency

US Dollar

USD

Sterling Pounds

GBP

Euro

EUR

 

  • OIAs shall not be held jointly by eligible investors.

  • Each eligible resident investor shall open and maintain all OIAs with one licensed commercial bank.

  • Any such investor who requires to open and maintain OIAs with more than one licensed commercial bank, shall obtain a special approval from the Head of the Department of Foreign Exchange of the Central Bank by submitting a request through the branch.

Column I

Column II

Column III

Eligible Resident Investor

Type of Investments/ Instruments

Permitted limit

  • A company listed in the Colombo Stock Exchange

Shares, Units, Debt Securities and Sovereign Bonds

USD 2,000,000 or an equivalent amount in any foreign currency designated by the Central Bank, per calendar year

  • A company not listed in the Colombo Stock Exchange

USD 500,000 or an equivalent amount in any foreign currency designated by the Central Bank, per calendar year

  • A partnership registered in Sri Lanka

USD. 300,000 or an equivalent amount in any foreign currency designated by the Central Bank, for life time.

  • An individual

USD. 200,000 or an equivalent amount in any foreign currency designated by the Central Bank, for life time.

  • A company or a partnership

Setting up of Overseas offices

USD. 300,000 or an equivalent amount in any foreign currency designated by the Central Bank, per calendar year.

 

  • The aggregate limits for investments specified in above table shall consist of the aggregate investments made under Foreign Exchange Act No.12 of 2017 and any outward payment previously made in terms of the general permission granted by the Gazette Notification Nos. 1686/50, 1686/52 and 1686/53 of dated January 1, 2011 issued in terms of the repealed Exchange Control Act No, 24 of 1953.

  • Any investment exceeding the limits above shall require a special approval of the Monetary Board in terms of Section 7 of the Foreign Exchange Act No. 12 of 2017 upon applications submitted to the Head of the Department of Foreign Exchange of the Central Bank.