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Corporate Information
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Domestic Factoring
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Domestic factoring means the series of comprehensive financial services our bank provides your company (the supplier in domestic trade business and transferor of the account receivable), which includes prepayment finance of account receivable, management of account, collection of account receivable and undertaking of the seller's commercial risk. We adopt the sole factor model in domestic factoring. That means our bank act both as the seller's factor and the buyer's factor.
Your company could select the service you need. If you do not require for finance, you could apply for factoring without finance. In that case our bank will share or take solely the commercial risk of the buyer upon maturity of the account receivable. Along with this product we also provide the service of account management and account receivable collection and tracing. If you are in need of finance, we could discount the account receivable before its maturity. - Application Subject
If both your company and the buyer are enterprise legal entities with good contract performance and finance record, and your company also maintains settlement account with our bank, you could apply to us for factoring of domestic account receivable before maturity of the account receivable. - Application Procedure
In addition to the copy of your business license, articles of association and the financial statements for the last two years, you should provide the following documentation:
(1) The authorization letter and business approval of your company, including letter of authorization and written approval for the sales contract and factoring business.
(2) A copy of the sales contract of the buyer.
(3) If there is subordinated guarantee documents for the contract, you should also provide us with the original copy of registration certificate of the guarantee.
(4) A copy of the list of account receivable confirmed by the seller, which shall include the details, payment schedule and payment conditions of the account receivables.
(5) Bills of transportation, bills of insurance and invoice.
(6) Prospects of the account receivable.
(7) Completed application form for factoring. - Accepted Form
We could provide prepayment of the account receivable in the form of facility or discount. Concerning account receivable facility, we could set a certain financing proportion for the account receivable according to the requirement of risk control and provide you pre-payment loan according to this proportion within the credit line; concerning discount, we could provide you with full face value discount within the credit line after deduction of discount interest.
The factoring interest rate is floated according to the basic RMB interest rate for the same tenor. Principally the tenor of the prepayment finance should not exceed 180 days. | | | | | | | | | | | |
