How to Get Bonded Warehouse Facility to Save Duty?

The shippers can store goods for a fixed tenure in bonded warehouse until the customs duties are cleared. The bonded storage houses are free of duty taxes. The imported items can stay in the bonded warehouses for a long time until or unless they are released to their final destination. If any taxes or payments are pending, they are paid before the goods are relocated. 

Who Controls the Bonded Warehouses?

US customs and Border Protection (CBP) supervises the bonded warehouses. CBP has set a guide manual for merchandise, importers, exporters, and warehouse owners to store and distribute goods under the specified authorities. 

In the United States, goods are stored at bonded warehouses for various purposes. Initially, these storage places were established to organize, label, and prepare the goods before distribution. However, importers also hold the goods in the warehouses until the demand for the stored product increases. Sometimes, the bonded warehouse is also used to store the products pending custom clearance or other taxes. Bonded warehouses are often found close to ports or airports. Thus, shipments facing clearance issues are sent to bonded storage for the best protection. 

 Categorization of Bonded Warehouse

United States authorities have categorized the bonded warehouse into approximately 12 classes. Each class holds specific types of goods. Different classes of bonded warehouses are responsible for storing duty-free goods. These bonded places can facilitate the traders from manufacturing to sorting, organizing, packaging, and labeling. However, the rules, regulations, and SOPs may vary between states within the US. Moreover, you will find SOPs and working procedures of the bonded warehouses subject to International rules or state laws. 

Key Features of the Bonded Warehouses

Bonded warehouses fascinate traders for their appealing features:

Duty-Free Trade

The importers and exporters can unlimitedly hold the shipments at the bonded warehouse without taxes or duties. In the United States, traders can hold the goods at duty-free places for nearly five years. Documentation and customs clearance often require days or months. In such cases, bonded warehouses are ideal for storing custom goods without Duty. However, Duty on shipment or goods is deferred only. When goods are ready to distribute in the market, owners must pay customs duty before leaving the bonded warehouse. 

Proximal to The Ports

Usually, bonded warehouses are established near ports or airports. Thus, it facilitates the ocean or air freight services to deliver the goods faster to the safe storage houses. The proximity of bonded warehouses to the ports reduces transportation expenses also. 

Versatile Storage

Bonded warehouses can store dry food, liquid, and even heavy machinery. A versatile storage place makes it more favorable to traders.

Benefits 

Bonded warehouses benefit importers and exporters in several ways: 

Long Term Storage

The importers and exporters can hold the duty-free goods there for years. That is why traders book bonded warehouses to store specific products until the demand for those products increases. Bonded warehouses provide the traders enough time to clear the customs duties and release the products in the market.  

Highly Secured Goods

In the United States, CBP controls and supervises bonded warehouses. Thus, state control enhances the security and protection of the goods at the place. 

Quality Preservation Source

Bonded warehouse provide optimal temperatures for food, drugs, chemicals, and medicines. Thus, it preserves the goods to keep them from spoiling. 

Store Restricted Goods

It is the best place to store restricted goods like chemicals, drugs, medicines, or other items. Later, the traders pass it from customs and comfortably deliver it to the destination. 

Hire Lionext Inc. To Get Bonded Storage Houses.

Lionext Inc. deals in all types of logistics, transportation, and storage houses. Contact our experts to get the best consultation for your shipment practices. Our professional team can suggest the best and fastest solution to your imports and exports needs. 

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