If your business brings merchandise into the United States from other nations, you may be considering a bond to comply with entry regulations and to guarantee payments of import duties and taxes. The following provides some information on two import bond types.
If your business imports goods and later exports the same goods to a foreign nation, a drawback bond can help recover some of the expenses associated with the trade. The most common claim type is accelerated drawback, which guarantees that overpaid drawback is paid to the U.S. Customs & Border Protection. This arrangement is unique because a refund can be provided before goods are liquidated.
Foreign Trade Zone Operator
In areas typically found in and around ports of entry, designated zones are considered out-of-reach for customs activities. In most cases, foreign merchandise tariff payments are deferred until the goods reach the customs territory. To operate in a foreign trade zone, one must secure a bond; the minimum amount being $50,000. This bond serves to assure compliance with customs laws.
An import bond can speed up trade, and in some cases help your business recover fees that were paid but are now irrelevant because the same goods are being exported. Be sure to consult with an insurance professional to consider thoroughly the unique needs of your business.