Standing Guarantee Account - SG

Account Opening
Steps to complete the procedure:
  1. Ensure an Importer Code, Clearing Agent Code or Free Zone Code for the Customer is opened by the Client Partnership Department.
  2. Give a specific Standing Guarantee Account Number.
  3. Enter the standing guarantee account limit into the system.
  4. Activate the standing guarantee account.
Documents required:
  1. Pre-approval Account Opening Form signed by Client Partnership department.
  2. Original Bank Guarantee/Cash Deposit to cover the credit account limit. Or,
  3. Self Guarantee letter to cover the credit account limit based on an approval by the Credit Committee.
  4. Provide a valid trade license copy. This is for the purpose of entering accurate date into the system for the purpose of opening an account.

Invoicing Process
Steps to complete the procedure:
  1. Manual Entries are to be updated in the system, if any.
  2. Invoice Generation
  3. Demand Notice Generation
  4. Standing Guarantee Service Charge Notice Generation
  5. Notice to Account Holders Generation prior to expiry date of BOE
Documents required:
  1. Correction slip or Manual Debits from concerned operation section.
  2. Receiving the claims submitted by the Consignees from Claim Section after
  3. Approval. Verify the documents are approved accordingly and generate Invoice for locally Released Cargo.
  4. Print the Invoices and send to the Consignees by Fax.
  5. Print Demand Notices and send by Courier/Local Post
  6. Print Service Charge Notices and Notice to Account holders and send by Local Post.

Payment Process
Steps to complete the procedure:
  1. Accepting Cash or Cheque against Invoice, Demand Notice and Service charge notices.
  2. Issue of e-revenue receipt.
Documents required:
  1. Copy of Invoice, Demand Notice or Service charge notice.
  2. Cheque or cash equivalent to the dues. Part payment will not be accepted.

Queries Relating to Accounts and Invoices
Steps to complete the procedure:
  1. Receive Consignees queries relating to accounts, transactions and Invoices.
Documents required:
  1. E-mail or telephone calls requesting the requirements.

Permanent Closure of the Account
Steps to complete the procedure:
  1. Make sure that no balance is outstanding in the account.
  2. If any outstanding in the account inform the customer to settle the dues in full.
  3. Deactivate the account to avoid any more transactions.
  4. Close the account permanently.
Document required:
  1. Formal request letter from the customer to close the account.
  2. Receive the Client Partnership Department’s approval for the permanent closure of the account.