Legal Framework Ready to Enable Bank Accounts in Colombo Port City

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Legal framework for investors to operate bank accounts within the Colombo Port City have been made ready. Accordingly Gazette No 2282/59 on June 3 and relevant directives by the Department for Foreign Exchange have been made on June 28.

Any foreign entity or local entity with foreign remittances from overseas will be able to operate bank accounts to direct investments to the Port City. Accordingly new regulations enable investors to operatte Colombo Port City Investment Account (CPICA) which can be utilised to direct investments.

Await a more detailed article once more information is available is made available by the authorities.

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