Letter of credit in Dubai: Letter of Credit Process in Diagram, Explanation and Documents

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Before jumping straight to your query let’s dig basic of it as what is Letter of Credit or LC?

Letter of credit or letter credit or letter of undertaking or LC used in International trade to ensure safety of transaction. Actually, a letter is issued by a bank that protects both seller and buyer. 

It plays a crucial role to complete international business smoothly. There are a number of steps to be followed in order to issue a LOC from a concerned bank. Therefore the importance of financial brokers like Taskmaster cannot be overlooked.

Now the basic but burning question is that can you issue a LOC in Dubai?

Yes, Numbers of reputed financial institutes like Taskmaster are here to readily assist you for the same. Phone: ‎+971 43233854.

TASKMASTER commercial broker LLC. Involves the use of our letter of credit and guarantee facilities with numerous institutions. Our letter of credit clients are importers and trading companies worldwide looking to expand their business by leveraging their existing cash flow to its maximum.

Whether you are an importer, trader, broker, introducer, or consultant, if you have business that you think might interest us. Give us a call ‎+971 43233854 or write us an email sales@taskmastergulf.com. We would be very happy to speak with you about your transaction. If we aren’t the right address, maybe we can point you in the right direction.

Currently we offer a wide range of products:

Letter of credit at sight
Usance letters of credit
Standby letter of credit
Bank guarantees
Performance guarantees
Demand guarantees
POF massage
Pre advice massage
Comfort letters
Ready willing and able (RWA) message

How Does Taskmaster start Insurance procedure: (Document required issuing LC)

We need the following documents/ information for finalizing the draft-

  1. Filled in application form
  2. Verbiage required in the instrument for SBLC & BG / Proforma invoice for FLC
  3. Trade license of your company
  4. Share holders list
  5. Passport copy of main applicant
  6. Three years audited balance sheet
  7. Six months latest bank statements

Know The Procedure as How does We helps you to get desired deal

Step Wise

  1. After acquiring all the above documents / information, we will select the issuing bank financial institution and finalize the draft for your review.
  2. Upon receiving the draft copy of the instrument, you must thoroughly review the draft for any correction, addition or removal of information. Should there be any amendments, we can amend the draft accordingly to match your preferences. Once the draft is approved, you will need to send us a copy of the draft with a sign and stamp on it as your approval.
  3. We will raise the invoice for the agreed charges (charges include margin money, processing fee and professional charges) and you will make the remittance against the invoice.
  4. Only after we receive the payment for the raised invoice, the issuing bank / financial institution will issue and relay the instrument through swift within 48-963 hours after remittance.
  5. Simultaneously we will send you the issued copy through email for your reference and record

Note: The charges will depend on the value of the Financial instrument, Tenure, Issuing Bank / Financial institution.