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BOC issues Lin-gang's first separate Customs Guarantee

en.lgxc.gov.cn| Updated: May 26, 2020 L M S

The Shanghai branch of Bank of China (BOC) recently issued a Customs Guarantee for Shanghai Tonghua international logistics Co Ltd within just 10 days, making full use of Shanghai's new separate Customs Guarantee system. This is the first time this has happened in Lin-gang Special Area.

"It was faster than we expected!" said one Tonghua employee when the Shanghai BOC delivered the Customs Guarantee.

Shanghai Tonghua international logistics Co Ltd is a logistical supply chain company registered in the Yangshan Comprehensive Bonded Area. It offers customs clearance, warehousing, transportation, and other services for domestic enterprises.

In the past, such companies needed to have sufficient working capital for a long period of time in order to pay taxes in cash before their goods could be cleared.

In order to help alleviate the burden on enterprises and reduce the costs of customs clearance, Shanghai Customs launched the separate Customs Guarantee system, which allows firms to use Customs Guarantees instead of deposits, and offers foreign trade enterprises more efficient tax release and customs clearance services with the help of customs declaration companies.

The Shanghai BOC used to offer "BOC credit factories" to companies as a form of credit support.

In response to new trade liberalization and facilitation policies in the Yangshan Comprehensive Bonded Area, the Shanghai BOC has announced a new financial support service system for the bonded area.

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