Import Export Trade Services
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Home page > Import Export Trade Services
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1. Follow up orders
- With pre-authorization arrangement, we will maintain regular contact with the designated vendors and factories to follow up orders, documents, shipment, etc. while keeping clients updated on the progress.
2. Shipping arrangement
This specific function, for the purposes of this document, can be categorized into (a) book Shipping Space and (b) arrange Cargo Insurance.
- The breakdown list of Ship-booking Service includes: (I) Check freight rates and shipping schedule; Prebook shipping space by sea, air, road or combined transport with the nominated freight forwarder or shipping line for global market; (II) Apply for issuing the appropraiate transport documents which mainly refers to Bill of Lading (B/L), Air Waybill (AWB), Forwarder’s Cargo Receipt (FCR), Shipping Company’s Certificate, and Shipping Guarantee; (III) Arrange for “telex release”, that is cargo release to the designated consignee at destination without the need to surrender original B/L. (IV) As an extra service, we will help proof-read those mentioned documents before and after issuance to ensure accuracy and consistency.
- We will arrange 1 Cargo Insurance to cover transport by sea, air or land with the nominated insurance broker or insurance company subject to the specific 2 Incoterms e.g. CIF, CIP in use. Besides, we will process claims on behalf of clients in case of cargo damage and / or loss while keeping update on the settlement status.
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- Cargo Insurance - Unless otherwise specified, we will cover cargo insurance for clients on the basis of the most popular set of insurance clauses that provided by the
Institute London Underwriters. For example, Institute Cargo Clauses (A), an updated version of the traditional All Risks clauses, provides cover against all risks of loss of or
damage to the insured cargo for sea transport mode.
- Incoterms - International Commercial Terms provide a set of international rules for the interpretation of the most commonly used Trade terms in International Trade
through defining the obligations of the exporter and importer. Thus, the risk of misunderstanding and subsequent disputes could be eliminated or minimized.
Incoterms is a trademark registered by the International Chamber of Commerce (ICC).
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3. Handle Letter of Credit (L/C)
1 Letter of Credit (L/C), or formally known as Documentary Credit (DC), is one of the most popular payment tools that found in International Trade.
Judge Kerr JL once described its importance as 'The Life Blood of International Commerce'. BURST has a specific team which has been awarded
with the internationally recognized 2 CDCS designation for monitoring L/C transactions in a cautious and professional manner.
- We will assist clients to review and evaluate the workability of export L/C terms and conditions that issued by the L/C issuing bank representing importers or buyers based on the clients’ provided contract details and particularly with reference to a set of the latest bank rules and guidelines, namely 3 UCP 600 and 4 ISBP 681, supplemented by 5 ICC published opinion. Only through detailed, cautious and professional examination in advance that can prevent or minimize any potential L/C discrepancies or pitfalls which might cause big problem in claiming for payment at a later stage.
- We will assist clients to complete the necessary bank forms such as L/C application, Trust Receipt (T/R), etc. and apply to the designated Bank with follow-up service to issue various types of L/C including Back-to-Back L/C, Transferable L/C, Standby L/C and Red Clause L/C in favor of local or overseas vendors and factories for preparing shipment.
- We will assist clients to handle L/C amendment according to the follow-up revised agreement.
- We will propose favorable L/C terms and conditions to clients that can be applied to both import L/C and export L/C.
- We will provide unique L/C consulting service related to the use of specific L/C types, technical terms and clauses, etc.
- We will help draft customized standard L/C format for protecting clients’ interest.
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- Letter of Credit (L/C) - It is a written, irrevocable undertaking given by the issuing bank usually representing importer or buyer, to a beneficiary, usually a seller or exporter
to pay either at sight or at a determinable future date a stated sum against the complying presentation of documents that fulfill L/C terms, the applicable provisions of
UCP 600 and International Standard Banking Practice. Since banks deal with documents and not with goods, services or performance to which documents may relate
, L/C is also known as Documentary Credit (D/C) which is an official terminology that commonly used among bankers.
- CDCS - Certified Documentary Credit Specialist, also known as L/C Specialist, is awarded by Chartered Institute Bankers
- UCP 600 - Uniform Customs and Practice for Documentary Credits (2007 revision, ICC publication no. 600)
- ISBP 681 - International Standard Practice for the Examination of Documents under Documentary Credits (2007 revision, ICC publication no. 681)
- ICC - International Chamber of Commerce, the World Business Organization, headquartered in Paris, France, is the global leader in the
development of standards, rules and reference guides for International Trade
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4. Prepare full set of Shipping documents, Import and Export documents,
Banking documents, etc.
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- Shipping Documents - This term nowadays is often used interchangeably with Import and Export document despite differences in their nature. Originally, Shipping
documents simply refer to transport documents specifically related to ocean bill of lading (OBL) which is a document of title for sea transport. As time goes by, the
so-called Shipping document evolves to become a “casual” terminology that generally applies to various kinds of trade documents for Import and Export Trade.
- Complying Presentation - It means that the delivery of full set of the required Shipping documents by the beneficiary to the L/C issuing bank that is in accordance with the
terms and conditions of the L/C, the applicable provisions of the bank rules, UCP 600, and international standard banking practice. In return, the L/C issuing bank has to honor payment without recourse.
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5. Handle Bank Bills payment (Bills Negotiation) and Bank Collection
- Bank Bills payment: It mainly refers to Bills 1 Negotiation, also known as Bills Purchase. We will pick out the appropriate negotiation clause when preparing the required banking documents and L/C application. For export L/C transactions, we will assist clients to deal with the designated bank for securing proper pre-shipment or post-shipment Trade Finance to improve company’s cash flow.
- Bank Bills 2 Collection: We will handle full set documents under 3 D/P (documents against payment) and 4 D/A (documents against acceptance) terms in accordance with a set of the latest bank collection rules, that is 5 URC 522, supplemented by ICC published opinion, enabling the collecting bank to collect payment from overseas buyers (for export collection), or through the clients’ bankers to make payment to their vendors or manufacturers (for import collection).
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- Negotiation - This term in banking sector means that the purchase by the nominated bank of full set of Shipping documents under a complying presentation in
accordance with L/C terms, the applicable rules of UCP 600 and ISBP, by advancing or agreeing to advance funds to the beneficiary, usually the exporter or
seller, serving as a type of post-shipment trade finance loan service.
- Collection - It is a method of settling payment between buyer and seller through bank channel. Unlike in L/C case as mentioned, a bank handling collection is acting as
the agent for its customer, either the seller of buyer, without undertaking to make payment against the presentation of complied documents. In practice, Collection can
be sub-divided into two categories, namely D/P and D/A.
- D/P - It stands for Documents against Payment. The collecting bank may be instructed by the seller or exporter to release full set of Shipping documents to the buyer or
importer against immediate payment for the goods or services.
- D/A - It stands for Documents against Acceptance. The collecting bank may be instructed by the seller or exporter to release full set of Shipping documents to the buyer or
Importer against the proper endorsement on the tenor (usance) bill confirming to pay at maturity, say, 30 days after B/L date.
- URC 522 - Uniform rules for Collections (1995 revision, ICC publication no. 522)
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6. Apply for Certificate of Origin and Trade Documents Endorsement
- Process and coordinate with Trade and Industry Department or government-authorized certification authorities such as Federation of Hong
Kong Industries to apply for Import and Export Licenses and other official Certificates such as Certificate of Origin (CO), Re-export CO and CO
without transit / with transshipment to fulfill the Import and Export requirement of different countries. For certain specific markets, say, Middle East, due to the import customs, L/C or consulate requirements, we will assist clients to apply to Consulate (Embassy) to legalize (endorse) the necessary Trade documents which may include commercial invoice, pro-forma invoice, packing list, B/L, etc.
7. Lodge Import and Export Declaration (Trade Declaration)
- We will assist clients to lodge Trade declaration with the Commissioner of Customs and Excise an accurate and complete import or export declaration typically in declaration Form 1, Form 2 or Form 2A through online transmission (Tradelink declaration) within 14 days after the importation or exportation of the article to comply with the current Import and Export (Registration) Regulations avoiding late penalty or even prosecution.
8. Trading Service - Value added
BURST, being a capable and considerate Trade Service provider, is always seeking for brand new service items in line with market trends.
- A well-designed operation workflow for every client to increase the visibility of back-end Trade support activities.
- Our well experienced Trade consultant will attend meeting with clients to identify and fix problems in all aspects of Import and Export Trade.
- An on-going Trade consulting service that mainly covers Trade rules, L/C operations, Cargo Insurance and I/E Shipping documentation are available to all clients.
- Accompany clients or buyers to pay visit to the mainland vendors and factories to facilitate business negotiation and handle ad hoc duties.
- Compile and submit monthly report enabling clients to review past transaction record in details.
- Provide mini-Trade ancillary services such as data entry, mailing, labeling, bookkeeping, etc.
- Host a variety of Import and Export practice training programs tailored for clients’ individual needs.
- A list of Trade magazines and Language usage reference materials are available to clients for market update and self-improvement.
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The above information is only a summary of major Trade Support Services that we offer. For details, please feel free to call us at 2361-8399. We guarantee you there will be NO any hard selling during our conversation ※
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