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Find a branch office In most of entrance and exit origins and major cities of the country ...
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Offering information on performing customs formalities, cargo, clearance, ...
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Order Registration Formalities for the import of commodity:
Observance of administrative rules for order registration:
- Submission of the documents needed for order registration including valid trader’s card membership card of ministry of commerce, order registration forms signed by the applicant, the permissions required under export / import regulations, original proforma invoice and a copy of the same.
- Observance of the directives on issuance of amendment and extension and nullification of order registration in case of a requirement.
Formalities in order Registration:
- Completion of a form and submission of documents needed for registration with data Bank of ministry of commerce.
- Submission of order registration documents to the related officer in foreign trade department of ministry of commerce.
- The documents are checked and the conditions for import of the commodity of interest and conformity of documents to related regulations is ensured and finally the tariff for the commodity in question is surveyed according to H.S system.
- The documents for order registration are verified subject to the following:
- The documents are checked for the seal and an 8- digit number on them.
- Type of transaction for which the order registration is made and their conformity are checked.
- Order registration and original proforma are sealed.
- The related commission is calculated and on invoice is issued for the value of the commodity in Rials.
- Order registration documents, the proforma and other documents are returned to the applicant.
B- Provisional Import :
Provisional import is another kind of import and it means the importation of certain goods or a provisional basis. They are re-exported after the aims intended by provisional import have been reached. The are:
- The foreign goods imported to participate in international fairs.
- The goods imported for repair and completion.
- Filming and air photography systems and the instruments for scientific studies.
- Commodity carrying vehicles and housings.
- The commodity provisionally imported in accordance with customs treaties.
C- Returned Goods
They are the goods imported into the country and subsequently returned for some reasons returned goods are classified as temporarily imported goods.
D- Transit ( local and International:
International transit : it is the importation of foreign good at a frontier point with the intention of carrying the same through Iranian territory. Such a commodity is re-exported through another point on frontiers of the country. Such commodities are not considered a final import/ export local transit. Local Transit: it is the movement of a commodity from an authorized customs- house in the country, without any export formalities, to another customs house that is located in the territory of the country as well.
6- Methods of payment under commercial Transactions:
These methods are classified into two main categories:
A- The methods with a greater risk on the part of seller and smaller risk on the part of buyer.
B- The methods with greater risk on the part of buyer and smaller risk on the part of seller. The first method involves the conditions under which the seller provides the commodity to the buyer and receives the price subsequent to it. The second method involves the conditions however in which the seller receives the price before it provides the buyer with the commodity.
The most practiced method is currently payment under a letter of credit and it is under uniform customs & Practice for documentary credits ( UCP-500).
Definition of Documentary Credits :
It is an obligation undertaken by credit creating bank to pay to the beneficiary or the seller against certain documents. Such a payment is effected either through a bill of exchange or a letter of credit ( L/C).
Bill of exchange (B/E):
It is written by the exporter ( the seller ), furnished by the beneficiary’s bank and endorsed by the buyer ( the importer). The exporter may receive the amount under the bill immediately upon submission of the same to its own bank.
Letter of Credit:
It is the agreement under which the credit opening bank authorizes the correspondent bank, to the request of the buyer, to pay to the seller maximum amount of the credit against transportation documents of the commodity in transaction. The correspondent bank provides such documents to the buyer’s bank subsequently. Unlik bill of exchange, a letter of credit is not a negotiable document.
Usance L/C:
Usance means a grace period and money interest. However, international trade practice takes it as a guaranteed transaction on credit Usance cost is the interest that the buyer of commodity ( credit applicant ) pays in addition to the price of commodity because of the grace period he has been granted.
What is meant by Finance?
Whenever a seller accepts usance documentary credit, the buyer requests a financial company to arrive in the transaction to pay the price of it and to receive on due date of the usance the principal amount along with the interest applicable from the buyer.
Such organizations are called financier.
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