Introduction
When enterprises are applying for ATA carnets according to the requirement of Customs Convention on the ATA Carnet for the Temporary Admission of Goods, they should give tax-paying guarantee in written form for all temporarily permitted import goods, with ATA carnets issuance institution as the beneficiary.
Features
1. Simplify customs clearance procedures, as well as reduce expenses and time for customs clearance;
2. Reduce risks of carnet holders;
3. Reduce capital occupation due to cash margin payment;
4. Improve the commercial credit of enterprises.
Application Qualifications
1. The applicant shall have the qualification to engage in underlying transactions;
2. The applicant shall maintain good credit standing without any bad record;
3. The applicant shall have sufficient credit line or be able to pay sufficient margin necessary for issuing the letter of guarantee;
4. The applicant shall possess real relationship of transactions that meets Bank of China's requirements on business compliance;
5. The applicant shall provide complete and valid business information.
Process
1. The customer submits application for letter of guarantee and relevant documents;
2. Bank of China reviews the documents and issues the letter of guarantee;
3. Bank of China charges guarantee fees;
4. Bank of China amends the letter of guarantee;
5. Bank of China makes compensation against the letter of guarantee or cancels the letter of guarantee.
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