How to get a Continuous Customs Bond to Import Goods?




If you are a frequent importer in United States, this article is for you.  A customs bonds (301 customs bond) is like an insurance paper that is mandatory for shipping in US. It is a surety bond between custom and importer that guarantee some specific obligations to be fulfilled. If an importer fails to pay taxes, fees, penalties and fines, customs bond aid government (CBP) to recover this money and identifying the defaulter. CBP Form 301 is required to be filled to obtain a continuous import bond or customs surety bond.
There are two types of customs bonds CA allocated by U.S. Customs and Border Protection (CBP). First one is single entry customs bond and another is continuous custom bond or continuous transaction bonds. The single entry custom bond allows you to import once in a year. On the other side, continuous transaction bond is a bond that will cover all shipments imported within one year.

What is Single Entry Bonds?
As you read earlier, a Single Entry Bonds is another option to obtain for only shipment in a year. It is affordable as well as easy to possess. A carrier with its commercial value excess 2,500 is allowed by CBP to go with single entry customs bonds. You can get it by filling customs form CF 301.
What is a Continuous Transaction Bonds?
Importer and vessel carriers who do more than one shipment in a year are allowed to acquire a continuous transaction bonds/continuous customs bond/301 customs bond. There is a common continuous bond of $50,000 amount in US. Basically continuous bond is 10% fees paid for 12 months. Shippers can use this bond for all the imports during one year of period. The benefit of continuous transaction bonds is, it automatically renewed/reissued after a year.
Get Continuous Custom Bond
A continuous custom bond/continuous transaction bonds can be acquired from a custom broker who is licensed and certified by U.S. Department of the Treasury. They are well familiar with CBP Form 301. Customs brokerage sometimes charges more than required. So make sure to visit an experienced custom bond consultant company which had already done work for other importers/exporters in past.

Comments

Post a Comment

Popular posts from this blog

Why Do Traders Need Customs Surety Bond?

Image
Are you a trader who wants to know more about customs surety bond ? You have probably heard of sales tax obligations, government bonds, and other trading conditions, but you still need to know important facts about customs bond. The truth is that a bond cannot bring you any dollar income, but it can save your negotiation from confusion. There are certain conditions when publishing these obligations. If you do not receive adequate security, you and your goods may encounter problems. Let's dive into multiple interpretations.             Since the United States government has taken serious action against the arrival of risk goods in 2003, the procedure for importing goods into US buildings has been tightly regulated. The government had established customs and border protection (CBP) with specific laws. This limited the ability of criminals and prevented them from sending dangerous imports to this part of the world. How does C...
Read more

Look for These Qualities in Your Customs Broker

Image
The complexity of commercial laws and regulations make it serious for companies in import and export companies. Trade laws and policies may differ in all countries. It is important to hire a customs brokerage to avoid delays in importing products. Before sending a shipment, companies must remove the modified documents and documents. If you are a carrier based in the United States. So you must comply with all mandatory requirements of US customs and Border Protection (CBP). These include customs Bonds (301 customs bond), “continuous import bond” or Continuous Surety Bond. Delivery delays can be harmful to any operator. Customs brokers are obliged to prevent the latency of shipments and to send their goods from all ports and associated officials. The CBP 301 form and the CF 301 customs form require the correct skills and knowledge to complete them. Customs brokers work A customs brokerage company or customs broker helps carriers to collect import and export taxes fro...
Read more

3 Requirements for Obtaining Continuous Import Bond

Image
Importers are always interested in the latest information about changes in the customs sector. Periodic updates regarding loading, unloading, clearing and logistics ensure your identity. The role of brokers is convincing on the condition that an operator has doubts about certain import processes. Prices, regulations and fines may vary depending on the type of products shipped to the United States. A continuous import bond covers a certain percentage of the total amount of fees, taxes and charges that the bondholder must pay during the 12-month period. Shipments that are scheduled to land by oceanic ships in the United States must be subject to a specific customs bond . Container goods are assessed by the broker or insurance company before the price of these bonds is determined. The activity code 1 for customs and border protection (CBP) of the United States is very important to understand before the decision is made to import abroad. Let's look at some important requirements...
Read more