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Trade Advisory for Indian Suppliers/Exporters

Posted on: October 24, 2019 | Back | Print

Indian companies are advised to take due precaution while engaging in business transactions, particularly when dealing with new or unfamiliar companies. A recommended list of check-points is placed below. It is not an exhaustive list of measures or options.

  1. Run the credentials check of the UAE company, including through the Embassy or the Consulate in UAE who may respond with basic information.

  2. Before signing a contract or purchase order, gather a copy of the Trade License of the UAE company and see if it is still valid before every transaction.

  3. It is advised that you deal with the official/authorized persons of the company only after duly confirming it with the passport and visa details.

  4. It is advisable to have written agreement about the terms and conditions of the business transactions.

  5. Site visits may be considered for large transactions. Take photos of the company and the factory during such visits.

  6. Payment with Letter of Credit (L/C) is recommended, especially when the contract object is of a high value, alternatively, both the parties should operate through ‘bank guarantee’ route.

  7. It is advised to insure the transaction by way of proper insurance from ECGC or any other agency.

  8. Avoid concluding the transactions only on the basis of TT copy.

  9. Advance payment through bank transfer is discouraged, unless the credibility of the supplier is proved beyond doubt.

  10. It is advised not to send the shipments if substantial dues are pending with the buyer for earlier shipments even after passage of agreed upon time period.

  11. All trade related complaints/grievances may be filed through the DGFT portal through their website – www.dgft.gov.in.

  12. For general queries you may please contact the Trade & Commerce Wing, Consulate General of India, Dubai at com1.dubai@mea.gov.in.

Disclaimer – The above information is suggestive in nature and the Consulate shall not be deemed responsible for any legal disputes arising out of it. In case of any suggestion and alteration to the above advisory, these may be mailed to us at com1.dubai@mea.gov.in.