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BUCE simplifies accreditation for foreign buyers using two-sided transactions
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MINSK, 28 February (BelTA) – A simplified procedure for accrediting non-resident companies that intend to close exchange-facilitated two-sided transactions in order to buy timber products will be introduced by the Belarusian Universal Commodity Exchange (BUCE) as from 1 March 2024, the BUCE press service told BelTA.
The required time for accreditation will be reduced from three business days to one and the necessary package of documents will be trimmed.
According to the new procedure, in order to become a BUCE client, a foreign commercial entity will only have to submit scanned copies of a filled-in and signed application form and an extract from the trade registry of the country where the buyer is registered. If the documents are signed by an authorized representative instead of the company’s CEO, the potential buyer will also have to submit a scan of the letter of attorney. These documents do not have to be legalized or translated into Russian or Belarusian.
Simpler accreditation for foreign buyers is expected to enhance the appeal of exchange trade, expand the geography of BUCE-facilitated trade, and ensure favorable conditions for increasing the export of Belarusian timber products via the commodity exchange.
Accreditation simplification is another step the Belarusian Universal Commodity Exchange has made towards foreign buyers of timber products that close exchange-facilitated two-sided transactions. The buyers can sign a contract for BUCE services by acceding to the standard form by simply signing the relevant application form. Apart from that, a Belarusian seller can submit the package of documents to BUCE instead of the non-resident buyer in order to shorten the accreditation procedure.
The ability to close exchange-facilitated two-sided transactions in the course of timber export has been available at BUCE since 22 June 2023. The key peculiarity of such transactions is the ability to seal deals directly with foreign buyers but the selling price cannot be lower than the current price resulting from exchange-facilitated trade in this product. Apart from that, since two-sided transactions are closed via the commodity exchange, their parties can use all the risk insurance tools BUCE offers.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
As much as 183,000m3 of timber has been exported since the beginning of the year thanks to exchange-facilitated two-sided transactions. Companies residing in nine countries bought the timber.
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