Public bond Warehousing

A bonded warehouse may be a storage facility wherever foreign merchandise, except perishable articles and explosive devices, could also be keep while not the payment of Customs duties for a amount of 5 years. additionally, a warranted warehouse could also be used as (1) a location to control foreign product before entry into the commerce of the us, (2) a location to manufacture product from foreign and domestic parts for functions of exportation, and (3) a exempt sales enterprise. Such uses rely on the kind of warranted warehouse license the warehouse owner obtains and also the nature of the merchandise. as an example, Customs won't approve a warranted warehouse application if the contemplated operations performed on quota category textile product ends up in a amendment in quota class.

This note describes the wants for establishing a warranted warehouse, and also the obligations of the warehouse owner. within the event you choose to ascertain a warranted warehouse, we'll assist you in finishing the acceptable application and supply the corporate with a manual that describes, in detail, the wants that has got to be glad. when the warehouse application has been completed and filed with Customs, we have a tendency to anticipate that a license are going to be granted among six months.

In order to control a warranted warehouse, the owner or leaseholder of the warehouse should file associate application with the District Director of Customs wherever the warehouse is found. the applying should disclose the names and addresses of all officers and managing officers of the warehouse, and every one persons WHO have an immediate or indirect money interest within the warehouse. the applying should conjointly state the precise location of the warranted warehouse and, if a non-public warehouse, the character of the merchandise which will be keep in this associated an estimate of the utmost quantity of duties that ar owing on warranted merchandise keep among the warehouse throughout a given amount of your time. This last demand is important so as to work out the quantity of the bond the warehouse owner should secure. A copy of the hearth contract covering the warehouse, and blueprints showing the measurements and openings of the warehouse or area to be warranted, should be submitted to Customs with the applying. Upon approval of the applying, the warehouse owner should execute a bond that sets forth the conditions with that the warehouse owner should abide by. Customs could refuse to grant associate application for warranted warehouse standing, or revoke such standing, within the event that the warehouse owner or a company officer has been condemned of, or has committed, specific criminal acts about the thievery or importation of merchandise.