InsightsSuccess
Subscribe Now!
Get A Chance To Feature In Magazine By Submitting Your Interview Today!
No Result
View All Result
InsightsSuccess
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Blog
  • Conferences
No Result
View All Result
InsightsSuccess
No Result
View All Result

How to get a Custom Bond

learn more about customs bonds

Custom bonds are a necessity for businesses importing even moderate amounts of material into the United States. They’re useful or even necessary in many other countries, as well. Let’s learn more about customs bonds before we discuss how to get a custom bond.

What Is a Customs Bond?

A custom bond or customs bond is a type of insurance policy. It ensures that the national government will be paid for your import duties and taxes. For example, they want to know that their tax bill will be paid even if your business goes out of business.

When Do You Need a Customs Bond?

Importers in many cases must have a customs bond. In the United States, any imported shipment worth more than 2500 dollars requires such a bond. These bonds are mandatory if you’re bringing in shipments by either air or sea. If you are importing goods subject to Food and Drug Administration inspection, you need a bond no matter the dollar value.
If you are found not to have a customs bond, you could be fined or see your items stuck in customs until you pay your bill. And that bill includes any associated fines. Note that these bonds are required in addition to any departmental paperwork.
Industry professionals know that customs bonds are a necessity of doing international business. However, you can’t just pay for the bond and be done. Bonds expire. This is why people must renew their customs bonds periodically. Single-entry bonds are tied to a specific shipment. Continuous transaction bonds are a continuous bond that covers all shipments or imports over a 12-month period. At the end of the year, you have to renew it.

How Do You Get a Customs Bond?

If you want to know how to get a customs bond, know that your customs broker or international freight forwarder can do it for you. Then they can put the bond number on the international shipping forms. If you have a continuous bond, they’ll use the same bond number on every shipment for the 12-month period. This may be saved in your profile, if you’re making regular shipments. Or they can secure a bond for each individual shipment and keep the bond number associated with the shipment.
If you’re trying to do things on your own, you can try to secure one through a reputable business. These businesses should be licensed by the country’s government. Unfortunately, it is very easy for scammers to pose as insurance companies and take the money of unsuspecting clients.
When you work with a good customs broker, the bond can be secured in only a few days. They’ll file the bond with the necessary government agencies.

How Does the Customs Bond Work?

The bond or surety company, which may be your customs broker, will pay the additional fees, taxes and duties at the point of entry. Then the government officials will release the goods to the importer. The importer then reimburses the bond or surety company for these costs. The benefit comes from immediate payment of said fees, rather than waiting to hear back from the government and then send payment to them.

Previous Post

The Key to Starting Your Own Construction Business - 9 Tips For Success

Next Post

Four Companies That Help With Product Innovation

Next Post
Companies That Help With Product Innovation

Four Companies That Help With Product Innovation

Recent News

Barstool Sports
Recent News

Penn Entertainment Announces Plans to Buy Barstool Sports

Berks County-based company Penn Entertainment has been in limelight for its announcements since it changed its name from Penn National...

Read more
Hearing is Simplified

Hearing is Simplified: FDA approves OTC Sale of Hearing Aids

Peloton

Peloton to launch DIY Bikes to Reduce Costs

Avalara

Avalara Set to be Acquired by Vista Equity Partners for $8.4 Billion

Samsung

Samsung Launches One UI 5 beta in Galaxy S22 Smartphones

Path Breakers

Golden Helix

Golden Helix: Providing Leading Genomic Data Analysis Software

Hubstaff | Workforce Management

Hubstaff: Time and Workforce Management at Your Fingertips Virtually

Evonence LLC

Evonence LLC – Expert Google Workspace Partner Across North America

Booster Box

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Gary Olson, CEO, GHO Group LLC

GHO Group LLC: Bringing Vision to Reality

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.

  • About Us
  • Advertise With Us
  • General Disclaimer
  • Terms & Condition
  • Privacy Policy
  • Subscribe
  • Contact Us

© Copyright 2022, InsightsSuccess | All Rights Reserved.

No Result
View All Result
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Women In Business
  • Blog
  • Conferences
  • IT & Innovations
  • Leadership
  • Healthcare
  • Money
  • Startups

© Copyright 2022, InsightsSuccess | All Rights Reserved.