International business procedure import and export process

INTERNATIONAL BUSINESS PROCEDURE IMPORT AND EXPORT PROCESS


Any import who is interested in international business should request for a catalogue, showing the types of product, prices and the importer will select the product of his choice.


The importer after selecting the product he intends to purchase will meet his bank in affiliate with foreign bank of the exporter to prepare irrevocable letter of credit (L C) which is in favour of the exporter and it is advisable to select bank that is very close to you. Then the importer will pay percentage of the value of the goods to his bank.

The irrevocable letter of credit will be in four types as follows

One to be retained by the bank.
One to be send to affiliate foreign bank in favour of the exporter issuing letter of credit.
One to exporter.
Finally to the importer.

After issuing the documents on receipts of the irrevocable letter of credit from the bank, the export will assemble the goods or products as demanded by the importer and ship them to the importer as requires by the rule. The exporter will send the following documents as proof of delivery and on specification

Commercial invoice.
Bill of lading.
Federation of the country and certificate of origin and value.

The exporter’s bank will forward these documents to the importer’s home bank for confirmation of the shipment of the goods. Now the importer bank will inform him of the arrival of the order and make him to pay-up, on payment the documents will now be released to the importer. He will use it to clear his goods through port Authority.