I. Introduction ICBC import bill purchase is a solution to address liquidity when your company has to pay foreign exchange to your overseas exporter under the L/C or collection terms. ICBC will make payment and collect back the shipping documents for your company to start processing or sales.
II. Features and Advantages ICBC import bill purchase is easy to apply, flexible in repayment terms and uses the same L/C credit line. ICBC helps you fulfill the contract without occupying too much of your company funds. Your company is now better known in international market.
III. Target Clients When you need ICBC to make payment first against your import L/C or collection.
IV. Operation Guide Submit the following to ICBC: 1. Application Form; 2. Trust Receipt; 3. Import bill purchase Agreement; 4. Certification on Legal Representative and/or Authorization Letter, Article of Association of your company, Board Resolution (if necessary); 5. Other documentations required by ICBC.
V. Application Conditions 1. Original and photocopy of import declaration, if the import is under non-full set of document of title or airway bill (not a document of title).
VI. FAQ 1. Currency of funding can be the currency of bills, or RMB. 2. Import bill purchase is a short-term loan with a term generally less than 120 days.
VII. 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.