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SERVICES:
Warehousing
What is a CBP
bonded warehouse?
What are the advantages of using a
CBP bonded warehouse?
Who provides CBP bonded warehousing
in the Port area?
What
is a CBP bonded warehouse?
CBP defines this general term and outlines the 9 types of bonded warehouses
at this link.
As defined by CBP:
A CBP bonded warehouse is a building or other secured
area in which dutiable goods may be stored, manipulated,
or undergo manufacturing operations without payment of duty.
Upon entry of goods into the
warehouse, the importer and warehouse proprietor incur liability
under a bond. This liability is canceled when the goods are:
• exported;
• withdrawn for supplies to a vessel or aircraft in international
traffic;
• destroyed under CBP supervision; or
• withdrawn for consumption within the United States after payment
of
duty.
What
are the advantages of using a CBP bonded warehouse?
As defined by CBP:
No duty is collected until merchandise is withdrawn for
consumption. An importer, therefore, has control over use
of money until the duty is paid upon withdrawal of merchandise
from the bonded warehouse. If no domestic buyer is found
for the imported articles, the importer can sell merchandise
for exportation, thereby canceling his obligation to pay
duty. The merchandise can remain in a bonded warehouse for
up to five years.
Many items subject to quota or
other restrictions may be stored in a bonded warehouse. Check
with the nearest CBP office before assuming that such merchandise
may be placed in a bonded warehouse.
Duties owed on articles that
have been manipulated are determined at the time of withdrawal
from the CBP bonded warehouse.
Who provides
CBP bonded warehousing space in the Port area?
See Port Directory - Warehousing
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