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  Home Page > Corporate Banking >Bill Business >Bill Discounting Business >Commercial Draft Discounting
Commercial Draft Discounting

I. Introduction
Commercial draft discounting refers to the business act of ICBC Discounting Department, by full endorsement, undue commercial drafts with true transactions and legitimately acquired by corporate bearers or other organizations.

II. Target Client
Corporate companies and other organizations who hold the bill and in need of short-term finance.

III. Features and Advantages
(I) Help companies reduce account receivables, turn the account receivables into cash immediately, better financial reporting while increasing asset liquidity;
(II) When compared with conventional loan, discounting of commercial draft can speed up the turnover and improve the efficiency in the use of company funds.
(III) Help companies turn assets into liquidity, reduce interest expenses and financial fee,  use assets more efficiently while securing cheaper debt.
(IV) Simple procedures, fast and easy, practical and highly efficient, good solution for companies to access fast loan. 

IV. Documentation Required 
i. The original and a photocopy of the applicant’s business license; for enterprises whose business license, organization code certificate and tax registration certificate are not combined, the original and a photocopy of the tax registration certificate shall be provided additionally;
ii. The original of the handler’s identification card, and the photocopies of the handler’s and the legal representative’s identification cards;
iii. A power of attorney authorizing the handler to handle the business (stamped with the official seal and signed/stamped by the handler);
iv. The original of the commercial draft and a photocopy of its both sides;
v. The original and a photocopy of the trade contract;
vi. The original and a photocopy of the related tax invoice;
vii. Discounting voucher (stamped with the official seal or finance stamp consistent with the previously affixed seal);
viii. Discount Agreement in the prescribed form (completely filled out, affixed with official seal or contract seal, the personal seal or signature of the legal representative or the authorized agent);
ix. Other documents required by the ICBC Discounting Department.

Note: Information herein is for reference only. Refer to the announcements and regulations of local branches for further details. ICBC reserves the final right of interpretation.