Ans:-
First Step:
a. Firstly Contract with the buyer & seller for the concerned opening letter of credit (LC).
b. Opening a Bank Account in the Company name in the schedule Bank under AD Branch only.
c. Collect Proforma invoice from an exporter (it includes statements of goods & details about Importer & Exporter information).
Second step:
Submit said Proforma invoice( PI) in the desired Bank & collect Letter of credit (LC) application form.
Third step:
Fill up the Letter of credit (LC) application form as per the Proforma Invoice ( PI) and Necessary documents. After filling with the Necessary documents submitted to said Bank.
"Required Documents for opening Letter of credit (LC) in the scheduled Bank "
01. Trade license
02. IRC(Import registration certificate)
03. TIN. (Tax identification number)
04. BIN. (Business identification number)
05. Member certificate.
06. Memorandum of Article. (MOA)
07. Deed registered (If Partnership business).
08. Resolution (If Partnership business).
09. Passport photo.
10. Insurance cover note & Premium deposit slip.
11. Indent /Proforma invoice.
Tags:
Letter of Credit (LC)