Import Letter of Credit
A letter of credit is a commitment by the bank to pay the seller of goods or services of a certain sum provided the seller presents the documents specified in the terms of the credit.
Required documents for Import Letters of Credit approval
- One set of import application and L/C application.
- Three copies of proforma invoices.
- Valid trade licenses.
- Tax Identification Number (TIN) Certificate.
- Insurance certificate.
Export Letter of Credit
An export letter of credit refers to a foreign bank undertaking issued on behalf of foreign importer. The issuing bank specifies all the requirements of its customer in the letter of credit and undertakes to honor all drafts drawn in conformity to the credit terms and conditions.
Required documents for Export Letters of Credit approval
- Valid trade license for export.
- Tax identification number (TIN) certificate.
- A copy of sales contract.
- A copy of authenticated Letters of Credit.
- Three copies of invoices.
- One set of export application.