Opening an Import L.C
This is one of the Payment order methods in international business and it is a definite and irreversible commitment by the credit opener bank for accepting the payment for the offered documents based on the credit conditions.
A) Importing goods through Import Letters of Credit
Conditions and regulations for opening L.C:
- Receiving legal permits from the ministries and competent authorities according to the regulations of imports and exports and relevant executive regulations.
- Doing the registration in the ministry of Industry, Mines and Commerce.
- Presenting the required pledges and guarantees.
- Paying the banking services commissions and providing the deposit in Rials or foreign currencies which is determined by the bank.
- Providing an applicants commitment (including the Goods customs license) for the countrys banking system.
- Valid commercial ID card.
- Pro forma.
- Insurance policy.
- Filling in the banks forms.
B) Importing goods through Payment Orders
Conditions and regulations of the imports via Payment Orders:
- Receiving required legal permits from the ministries and competent authorities based on the rules and regulations of Exports and Imports and relevant administrative regulations.
- Doing the registration in the ministry of industry, Mines and Commerce.
- Following the permitted maximum amount for doing the Payment Order by considering the current regulations (equal to one million Euros with the official price for each registration at once or in times for providing pro forma, registration license and insurance policy).
- Paying the banking services fees.
- Valid commercial ID card
- Pro forma
- Insurance policy
- Filling in the banks forms
- Written submission based on providing the supporting and goods import documents (including bill of lading, business inventory, and customs green license).