What does an annual bond for customs consist of? When should you request a continuous customs bond?
3 essential keys of annual bond for customs
The concept of an annual bond for customs greatly impacts foreign trade. If you are professionally engaged in international trade, it allows you to perform the tasks of an importer, demonstrating that your taxes are paid correctly.
Today, we will explain a continuous customs bond and its major repercussions. This important concept interests you if you want to import goods to countries like the United States.
What does the annual bond for customs consist of?
This is a binding contract that CBP generally requires for all imports for commercial purposes that exceed $2,500.
We must emphasize that when an import shipment is made, the different products assigned to this shipment must be regulated by a whole series of agencies that depend on the Government and are associated with it. They are what you know as associated government agencies, and in these cases, the concept of customs bond is applied to all the products mentioned above.
What is an annual bond for customs?
The importing company or person, with the intervention of the CBP and the company that guarantees the customs bond, are nothing more than the parties involved in the different terms of the agreement reached.
When should you request a continuous customs bond?
Once you know the definition of a customs bond, it is essential to be clear that there are a set of contexts in which we recommend using a continuous customs bond. Below we detail each of the possible situations so that you know them perfectly:
Imports that have a commercial objective
If you plan to import goods and these have a commercial purpose, this is one of the situations in which it is best to use a customs bond.
Those imports that are regulated by federal regulations
In the case of the United States, a series of federal regulations are mandatory in different circumstances. If the goods imported by your business are subject to federal regulations, this will be another possible circumstance in which you must use a customs bond.
How can you request a continuous customs bond?
At the moment you are aware of the need to have a customs bond; it will be an indispensable circumstance to acquire one of them.
Generally, what we understand by customs bond is relatively easy to buy. In the case of the United States, some customs agents are authorized to sell them, as well as a large amalgamation of surety companies where you can buy them.
One of the main possibilities for buying a customs bond is to go to any company in the bond sector in the country and request rates. However, if you need it, you can go to a customs office in the United States to request a customs bond. Below we will detail the steps to follow in the case of this last option:
Go to customs clearance.
First, locate a nearby one and find out about the different schedules.
Get your deposit
Once you are in the customs office, you must ask for one that is continuous and then buy it.
Complete the documentation
It is a fairly simple process that will not take more than 20 minutes.
Wait 24 hours
Usually, the application approval process does not take more than 24 hours. At this time, you will receive your approved application, and you can start using it.
Continue with the import process.
Finally, the annual bond for customs provides you with peace of mind and guarantees your import process from the United States. In addition to this, you can start using it two days after your request is approved.
Essential keys of the customs bond
We consider it essential to remember that the customs bond only applies to customs duties and taxes within the territory of the United States. In addition, it only represents coverage for what was explained above and never against merchandise imported into the country.
In no case do US customs have any responsibility when defining the price of a customs bond. Bail bond companies define these rates and fluctuate depending on the company selected.
You must know that the rate for your continuous customs bond may vary depending on different rates associated with it and other specific rights relating to imported goods.
