Looking to avail LC at Sight – Import LC to facilitate your global trade transaction? But don’t know what are documents required for LC Opening? We’re here to help you!
Documents Required For LC Opening
The list of documents needed for opening Letters of Credit on your behalf from our bank account:
- A signed copy of the proforma invoice or SPA of your trade deal
- Company’s Registration / Trade License Copy and MOU between partners (if any)
- Authorized Signatory’s Passport photocopy
- Utility Bills proving the Authorized Signatory’s Residence & Company Address
- Also, the Latest 6 months Account Statement copy
If you’re ready with the above documents; in fact, you can contact us with your MT700 request & open the Letters of Credit within 48hrs at ZERO Collateral!
Get Letters of Credit at ZERO Collateral – Apply Now
What is a Letter of Credit – LC Opening?
Letters of Credit or LC MT700 is a written statement issued by a bank on behalf of its client. Further, this assures the seller that they will receive the payment upon the submission of a document as stated in the issued LC. Also, it ensures that if the buyer is unable to make the payment as per the signed contract; then the bank will be liable to cover the payment terms on behalf of the buyer.
Having Letters of Credit in hand also secures the buyer’s interest by giving assurance that the payment will not be released, until the goods have been shipped to the buyer’s port, as per the contract. Indeed, this is how Letters of Credit plays an active role in global or domestic trade by building the trust bridge between buyers & sellers.
Have you decided to use LC at Sight for your trade deals? But don’t know how to get started? For this purpose, below we have come up with the LC Opening process, which will help you to open MT700 on behalf of your company in just 2 days.
LC Opening Process
To open the LC on behalf of your company, you need to approach your bank with the SPA of your trade deal. If you have your own Bank Facilities available, then your bank will approve & proceed with your request. Also, in certain cases, they will demand you to keep a certain percentage of the margin amount to issue the required Letter of Credit.
In case, if you don’t have any bank facilities available or no cash funds available to keep as a margin. Then, the bank may deny your LC request. On the flip side, if you are a new account holder and your bank doesn’t know your financial background; of course, you cannot expect any trade finance support from your bank. In such cases, the only option available to avail LC MT700 for your imports is – Getting help from a Letter of Credit Providers in Dubai.
5 Step LC Opening Process – Apply Now
Get Help from Us for LC Opening
Being a Letter of Credit Providers in Dubai, Bronze Wing Trading can help you by providing LC MT700 for your trade deal from our own bank accounts. Also, we do not demand any fiscal collateral or cash margin from your end. If you’re in need of LC MT700 to conclude your trade deal, submit your MT700 requirements to us!
We will study your trade deal. If it complies with all the terms, we will approve your request. And then, we will proceed with structuring the import LC with our bank. Further, once you furnish the charges, we will open an LC from our bank account, instantly. Also, this will be issued on your behalf and transmit to the seller’s bank via Swift MT700.
To open import LC with us, there is no need to provide a cash margin or to block your working capital. You can avail MT700 within 48 working hours at minimum service charges without pledging any tangible collateral!
