I. Introduction This is a written guarantee issued to China Customs (Beneficiary) (except HK, Macau and Taiwan), as requested by export processing company. ICBC undertakes to indemnify the guarantee amount if the applicant unable to export goods within the effective period stated in the processing contract manual, and unable to pay customs duties within specified period.
II. Features Tax Payment Guarantee replaces the duties deposited in the Customs by export processing company for the import of raw material. The guarantee releases the security deposit in full. No more financial burden to your company.
III. Target Client When your company imports raw material, Customs approves the Export Processing Manual and issued Security Deposit Account Opening Slip.
IV. Operation Guide Submit the following documents to ICBC: 1. Security Deposit Account Opening Slip issued by Customs. 2. Letter of Guarantee Opening-Letter of Guarantee Opening-Application Form stamped with official seal. 3. Trade Contract. 4. Sign Letter of Guarantee Opening Agreement with ICBC. 5. Business License (Copy) if it's the first time you apply for ICBC Letter of Guarantee.
V. Application Conditions 1. Your company must be rated by ICBC with an approved credit line. 2. Your company must pay the security deposit stated in ICBC rules. 3. ICBC offers a basket of services in export settlement and financing against the guarantee.