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What are the requirements to open an LC (letter of credit) ?

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Question ajoutée par ahmad abu alshaar , assistant operations officer , Kuwait Finance House (KFH)
Date de publication: 2014/06/08
Indrajith Tissers Indrajith Tissers
par Indrajith Tissers Indrajith Tissers , Sous Chef , Jumeriah Island Club (Nakheel Leisure)

Because of your company need to salary fo staff,

Mohammad Foysal Ahamed Foysal
par Mohammad Foysal Ahamed Foysal , account manager , ECO BATTERIES LIMITED

First : One Proforma Invoice from Seller to Buyer mentioned buyer requirements item and value.

Second: Acceptance singnature on PI (Proforma Invoice) by Buyer/Applicant.

Third: Collect some LC related prescribed form from related Bank (Buyer's transaction maintaining bank).

Forth: Fill up all the forms as per PI information and make an Application on PAD of the buyer's company or Institute. Next signed by applicant all the forms where required. 

Fifth: Submit at related bank and wait for the LC copy.

 

Before all of procedure the applicant must need to approval (IRC) from legal authority of the country to make a LC.

Akhtar Husen Pathan
par Akhtar Husen Pathan , Senior Accountant (Asst. Finance Manager) , Corys Building Materials LLC (Hepworth)

Proforma invoice & purchase order containing details of Incoterm, latest shipment date or period, expiry date, shipping mode, port of loading & discharg, advising Bank details, partial/trans shipment details, description good with price & quantity, list of documents required, tolerance applicability, legalization & Bank charges to bear by both the parties etc.

Fahad Ahamed Syed
par Fahad Ahamed Syed , Senior Accountant , Eden line kitchen equipment trading llc

LC Application Form Duly filled and Signed by the Authorized Signatory, the Following are the Details required on the LC Application Form.

1.Name & Address of the Applicant ( The Company who is applying for the LC )

2. Account No of the Applicant.

3. Name and Address of the Benefeciary

4. Account No. , SWIFT Code , IBAN No. Intermediary Bank Name.

5. Value of the Goods ( As per Performa Invoice )

6. Latest Date of Shipment

7. Expiry Date of the LC

8. LC Terms ( CIF or  Ex Works )

9. Payment Terms ( 30 days or 90 Days from BL or AWB)

10. Insurance Provider

11. Required Document to be submitted ( AWB, BL, Invoices, Packing List Certificate of Origin Etc)

12. Port of Departure and Port of Destination 

Maha MSArini
par Maha MSArini

The requirement to open LC

Request Authority for approval, letter signed by higer management to open the LC including the bank confirmation to raise fund for the same.

Confirmation Bank details from the seller and the buyer

Bill of Lading

Order bill of Lading

Commercial Performa Invoice

Pack listing

Airway Bill Or Land Bill Or Sea bill 

Destination

Agreed payment terms

Insurance Certificate

Insurance Policy

Certificate of Origin

Inspection Certificate

Contracts between two parties or Approved Purchase order

(Agreed Transportation Type)

 

 

 

 

 

Muhammad Ishaque Mohamed Ibrahim
par Muhammad Ishaque Mohamed Ibrahim , Finance Coordinator (Bank Relation, import) , Saudi Fisheries Company

Application form signed by management 

availability of the fund or facility agreement with your local bank 

 

 

ahmad abu alshaar
par ahmad abu alshaar , منسق اداري (الاعتمادات المستنديه) , بيت التمويل الكويتي

1- memorandum of association2- commercial license3- import licenses4- civil id for partners5- civil id for company

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