Below is a practical, step‑by‑step guide to opening a corporate (business) bank account in Sri Lanka, with the typical documents, timing, and compliance points you’ll need to know. I’ve cited official bank pages and Sri Lankan AML/CDD guidance so you can confirm details with a chosen bank.

Summary (quick)

• Main steps: pick a bank → prepare company & ID documents → complete KYC/beneficial‑ownership forms → submit application in branch (or via relationship manager) → bank does CDD/AML checks → account activated. (combank.lk)

1. Choose the bank and account type

• Decide whether you need an LKR current/savings account, a foreign‑currency business account, overdraft/merchant services, or corporate treasury services. Major Sri Lankan banks (Commercial Bank, Bank of Ceylon, Bank of China, etc.) offer corporate current/savings and foreign‑currency business accounts. Terms (minimum balances, fees) vary so contact the bank/branch for product details. (combank.lk)

2. Typical documents required (Limited company) Banks ask for company documents plus ID for authorized signatories. Common list:

• Certificate of Incorporation (company registration). (boc.lk)
• Memorandum & Articles of Association (or certificate of incorporation & Articles). (boc.lk)
• Form 01, Form 20 (or the Registrar of Companies forms showing directors/secretary) and Form 15/48 where applicable — many banks require these specific forms certified by company secretary/Registrar. (boc.lk)
• Board resolution authorizing opening the account and naming authorized signatories (certified). (boc.lk)
• Beneficial Ownership Declaration (banks collect BO info per CDD rules). (combank.lk)
• Tax Identification / tax documents (if available). (boc.lk)
• Proof of company address (utility bill, lease, etc.). (bankofchina.com)
• ID and address proof for directors/authorized persons (NIC/passport + proof of address + recent photo). (boc.lk)
• Specimen signature cards, mandate forms, fax/email indemnity, e‑statement request forms, etc. (boc.lk)

For partnerships/sole proprietors or NGOs the document list is different (registration of firm, partnership deed, NGO registration or gazette for government accounts). Banks publish separate checklists. (boc.lk)

3. Additional requirements for foreign/overseas owners or foreign currency accounts

• If the company or owners are non‑resident/foreign entities, banks will require certified passports, proof of address, source‑of‑funds information, and may require notarized/certified company documents (apostille/notarization) and local agent/representative details. For foreign‑currency business accounts, banks also ask for proof of foreign exchange earnings (export docs, service contracts) and additional CDD. (combank.lk)

4. AML/KYC and beneficial ownership

• Sri Lanka’s banks must follow Customer Due Diligence (CDD) / AML rules and collect information on beneficial owners and source of funds. Expect enhanced due diligence if the business, owners or transaction profiles are higher‑risk. Banks may ask follow‑up documents or time to verify background with government registries and the FIU guidance. Plan for extra time if complex ownership or foreign elements exist. (fiusrilanka.gov.lk)

5. Process and timing

• Typical steps: submit application + documents at branch or to corporate/relationship banker → bank verifies documents, does CDD/AML checks → bank requests any missing items/clarifications → account is approved and activated.
• Timeline: simple domestic corporate accounts commonly take a few business days to 2 weeks; more complex/foreign ownership accounts or those requiring legalizations can take several weeks. Always ask the bank for an estimated timeline. (combank.lk)

6. Minimum deposit, fees and operational setup

• Minimum opening deposit and required maintained balances vary by bank and product (some corporate/demand accounts require higher minimums). Ask the bank for fee schedules, online banking setup, cheque book, debit/merchant services, and limits. (boc.lk)

7. Practical tips to speed approval

• Provide certified copies where requested (company secretary/attorney cert often accepted).
• Prepare a short company profile, recent audited financials (if any), and expected monthly turnover and major counterparties — this helps the bank’s risk assessment.
• Ensure beneficial‑ownership details are clear and documented (share registers, shareholder IDs).
• If you’re abroad, contact the bank’s corporate or international desk first — some banks allow initiating the process remotely through their overseas offices or with notarized documents. (combank.lk)

8. Where to confirm and next steps

• Contact the branch or the corporate banking desk of the bank you choose (Commercial Bank, Bank of Ceylon, Bank of China, Sampath, DFCC, Hatton National, Nations Trust, etc.) and request the corporate account opening checklist and application form for your entity type. Bank websites list product pages and many provide downloadable application forms. Always confirm current requirements, fees and any regulatory updates with the bank before you submit. (combank.lk)

Key references I used (examples you can check)

• Commercial Bank — business current & savings account pages (account types, document guidance). (combank.lk)
• Bank of Ceylon — corporate account documents & minimums summary. (boc.lk)
• Bank of China (Sri Lanka) — corporate savings/foreign currency account doc list. (bankofchina.com)
• Financial Intelligence Unit / Central Bank — Customer Due Diligence (CDD) rules, circulars and press notices (AML/beneficial ownership rules banks must follow). (fiusrilanka.gov.lk)

If you want, I can:

• Draft an email template you can send to a Sri Lankan bank requesting their corporate account checklist; or
• Prepare a tailored checklist for a specific company type (private limited company, partnership, foreign‑owned company) if you tell me the entity type.