Business

Import and export traders

The import and export system plays an important role in the economic development of Bangladesh. The demand for food grains, agricultural inputs, industrial raw materials and parts, fuel, etc. is met through these imports and exports. But importing and exporting without rules is basically out of control. Import and export traders

 

 

 

 

Therefore, the government formulates and issues various directives and regulations in this regard. In this case, an importer can start importing. Exporting through Import Registration Certificate (IRC) and Exporter Export Registration Certificate (ERC). Rules and procedures to be followed by importers and exporters:

 

 

IRC and ERC:

There are some steps to follow to get Import Registration Certificate (IRC) and Export Registration Certificate (ERC). The steps are to collect an ERC and IRC form from the office of the Chief Controller for import and export. Then you have to pay the scheduled fee at the branch of Bangladesh Bank or Sonali Bank. The application form along with the required documents should be submitted as per the demand of the office

 

 

Documents required:

Attested photo of the owner or managing director of the organization. Attested photocopy of trade license. Original copy of treasury invoice. TIN number. A valid certificate of the chamber or recognized trade association. Certificate of Bank. Attested photocopy of Certificate of Incorporation, Memorandum, and Article of Association in case of Limited Company.

 

 

Bonded Warehouse License:

Export Oriented Bonded Warehouse License is issued for those involved in the export of manufactured goods. They can reduce costs by importing duty-free raw materials from the customs department with the benefit of bonded warehouse licenses. In this case, we must be 100% export-oriented. Thereafter 25 percent benefit will be available on duty drawback or as per current rules.

 

 

Documents required for Bonded Warehouse License:

Application in the prescribed form with revenue stamp. Bangladesh Investment Development Authority (BIDA) or BSIC Registration Certificate. Attested copy of the assets of all directors and entrepreneurs of the company’s TIN and Income Tax Department. Updated trade and fire licenses. VAT registration certificate.

 

 

 

Name, surname, current and permanent address, signature, and photo of the entrepreneur on the non-judicial stamp of Rs.300. All the documents to buy the equipment. Two copies of the factory layout plan. Notary Public Certified Home Rental Agreement. A certificate from the bank to the effect that the applicant has the financial capacity to submit a general bond. The license fee is two thousand rupees.

 

 

Letter of Credit (LC):

Just as the exporter can be assured of receiving the price of his goods through LC. The importer can also pay the exporter through the bank with the loan facility from the bank against the LC.

 

 

Required documents:

An application form for LC and IMP. Agreement form. Charge document. Import Registration Certificate. Membership Certificate. Insurance cover note and premium receipt. TIN Certificate. Trade License and VAT Certificate.

 

 

Back to back LC:

The exporter needs back-to-back LC. Back-to-back LCs help if you do not have the necessary capital to supply goods. Through which exporters purchase, process, and Provide funds required for preparation and packaging.

 

 

Required documents:

Original copy of export LC. Valid bonded warehouse license. Textile permit issued by the Ministry of Textiles. Certificate of incorporation of a joint-stock company in the case of a limited company. LC application. Insurance cover note with money deposit receipt. Completed and signed LCA form. Valid IRC and ERC etc.

 

Marine insurance policy

This insurance policy guarantees protection against marine damage such as fire. Water, storms, shipwreck, loss of goods due to saltwater entering the ship, or attack by pirates.

 

 

Inspection Certificate:

You have to collect this form from the inspection company. The quality and specificity of the product and other matters are checked to see if the LC is being observed.

 

 

Documents required:

One copy of the commercial invoice. One copy of the packing list. Copy of the bill. Visa, license, one copy of each of the CO, etc. Import and export traders

 

 

Phyto Sanitary Certificate:

Phyto Sanitary Certificate is generally applicable for the export of plants, medicinal plants, seeds, fresh fruits, and vegetables. In Bangladesh, the Certificate Conservation Directorate under the Ministry of Agriculture issues this certificate. Its main function is to see if the export product is free from harmful insects and germs. Source: SME Foundation. Import and export traders

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