✅ Contents reviewed during the procedure for opening an LC letter of credit
– Seller and Buyer companies
– Importer’s business registration certificate
– Details of the contract with the seller
– Details of the contract with the buyer
– P.I[Profomar Invoice]
– LC funds payment process
– LC letter of credit opening amount [limit amount]
– Reference materials: business plan, seller and buyer contract, importer business license, P.I. Other documents are additionally reviewed during the review process.
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| LC Opening Procedure |
✅ How to open LC letter of credit and raise funds
❍ Overseas financial sector LC
– Overseas financial sector: Within the top 50 financial sectors of overseas banks. UK, Singapore, Hong Kong, USA, etc.
– Fees and interest rates are negotiable, but there is no significant difference.
– It is prepaid, and after the LC condition is presented and the LC condition is received from overseas finance (bank), it is confirmed.
❍ Domestic financial sector LC
– In the domestic financial sector, LC opening is impossible without collateral and credit
– LC Open through financing for importers and exporters who do not have collateral and credit for the LC limit amount
– LC Open limit amount investors pay monthly interest rate of LC limit amount [ 2 ~ 5% per month ]
– LC limit investment funds are proceeded by establishing a pledge to the designated bank
✅ Special matters for domestic importer LC fund investment
① Consultation is conducted on the method of monthly interest rate payment on the investment amount and the method of distributing profits
② Basic investment period: 6 months to 1 year, can be extended by consultation
③ Holding a time deposit in the name of the investor and providing it as bank pledge collateral for the opening of an income L/C [investment amount generated at the time deposit bank interest rate]
④ Control of imported goods is delegated to investors
⑤ The bank account for the sales proceeds is managed as a bankbook with the joint seal of the investor and the importer
⑥ Interest payment period: Within 1 business day after the payment for the sale of imported goods is paid
⑦ Management of investment and sales proceeds at the bank
⑧ B/L [Bill of Lading] is managed by the investor
⑨ In principle, the investment recipient [importer] pays various fees for opening a financial account and LC letter of credit. It is possible that the investor pays in advance and repays later according to the agreement
⑩ There are two types of monthly fee payment: interest rate regardless of the income of the importer and distribution of income according to the income structure.
However, in the latter case, complicated cases such as exchange risk and problems with the CEO of the importer arise. Since there is a monthly interest rate payment method is preferred
