Getting paid from Sri Lanka
Stripe and Shopify Payments do not serve Sri Lankan businesses. PayPal launched receiving in Sri Lanka in May 2026 with Bank of Ceylon, Commercial Bank and Sampath Bank as first partners; to receive and withdraw, your PayPal account must be linked to a local partner bank. That helps many freelancers, but not with card checkout through Stripe or Shopify.
A US LLC can apply for US Stripe, US PayPal Business and Shopify Payments with its EIN and a US business bank account. The providers check the business and the owner, and they decide.
At home
Outward investment under the Foreign Exchange Act
The Foreign Exchange (Overseas Investments Made by Persons Resident in Sri Lanka) Regulations No. 1 of 2026 were published in Gazette Extraordinary No. 2493/36 and took effect on 20 June 2026, under the Foreign Exchange Act, No. 12 of 2017.
- Resident individuals may invest converted rupees abroad only in employee share ownership or option plans, up to USD 20,000 a year.
- Sri Lankan companies and partnerships may invest in foreign subsidiaries within set limits, for most companies USD 500,000 or 20% of net assets a year, through an Outward Investment Account.
- The regulations also deal with investments made from foreign currency already held in a bank account, and with overseas assets received without payment. A separate order restricts payments through Outward Investment Accounts and remittances from personal foreign currency accounts. How these apply to a US LLC is a question for your bank and a chartered accountant.
Bringing money home and reporting
Income and capital proceeds from overseas investments must be brought back to Sri Lanka within one month of receipt, to the account the regulations specify.
Residents holding overseas investments report them each year, as at 31 December, by 31 March of the following year, through their bank or directly to the Department of Foreign Exchange and the Inland Revenue Department.
Sri Lankan tax
Sri Lanka taxes residents on worldwide income under the Inland Revenue Act, No. 24 of 2017. How a US LLC and its profit are treated in Sri Lanka depends on your facts. The US and Sri Lanka have an income tax treaty.
The US side is the same for everyone
Where you live does not change the US part. It is done online, without travelling, without a US address and without an SSN.
- Choose a state: Wyoming or New Mexico for low running costs, Delaware if you plan to raise money from investors.
- The formation document is filed with a registered agent in that state, within 48 hours.
- The EIN is requested from the IRS as soon as the state approves. No SSN or ITIN is needed.
- You get the operating agreement that banks and payment providers ask for.
- With those documents you apply for a US business bank account, for example at Mercury.
- Every year: the registered agent, the state's annual report where there is one, and Form 5472 for a single-member LLC owned by a foreign person.
Which state?
With no people or premises in the US you can choose any state. Most founders abroad choose on yearly cost and speed.
Sources checked on November 2, 2026
This page is general information, not legal or tax advice. Rules and fees change; check your own situation with a chartered accountant in Sri Lanka before you form the LLC.
