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I. Introduction
Apply to ICBC if your company has to pay for the imported goods in full or partial. ICBC will offer credit and make payment on behalf of you to your exporter.
II. Features
To apply, supply the contract signed with your exporter and the performa invoice issued by the importer. The short term loan helps your company's payment turnover and liquidity.
III. Target Clients
When your company has to pay for the imported goods in full or partial.
IV. Operation Guide
Sign the Master Agreement if your company applies for the first time and submit the following for each application:
1. Application Form:
2. Outward Remittance Application Form;
3. Trade Contract;
4. Import Agreement (under import through agent);
5. Import Payment Record Form (if necessary);
6. Commercial invoice or performa invoice;
7. Advance Guarantee from the exporter (if any):
8. Other documentation required by ICBC.
V. FAQ
1. The procedure is faster if your company agrees to transfer the rights in the exporter's Advance Guarantee to ICBC.
2. Your company should have a long-term relationship with the trading partner, at least 2 years and a good record of contract fulfillment from both sides. Your company and your trading partner cannot be associated company of each other.
VI. Statement
Information herein is for reference only. Industrial and Commercial Bank of China Limited reserves the final right of interpretation. Refer to the announcements and regulations of local branches for further details.
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