Bonded Goods imported into a country are usually stored in a bonded warehouse, which is an area where the imported goods are kept without the payment of duties or other tariffs. The bonded warehouse provides not just space to store the goods but also services to store, repack or complete the production of bonded goods.
If there are imported goods to be stocked in the bonded warehouses, the importer will pay for the service of warehouse management to store the goods for him and will be provided with a detailed list of the duties which have to be paid on the imported goods. He has to send his payment of duty to the registered office of customs. From time to time, the importer will send an invoice to the bonded warehouse manager, who would then be paid by the importer.
Warehouse service charges vary according to the kind of service that is offered. Warehouses are usually managed by bonded customs agents. In some cases, bonded warehouses are run by bonded customs brokers. The latter, generally charge higher than normal rates. These warehouses do not allow the importation of goods unless they are being stored there for a specific period of time or not for at least six months.
Bonded warehouses provide the importer with facilities like storage of goods, cleaning, maintenance of goods, packing, and unloading of goods. Warehouses also include storage and warehousing of hazardous goods involved in industrial processes.
Warehouses also offer services like storing and re-stocking of goods, including foodstuffs and perishable items. They may also offer services like storage and re-stocking of non-food items such as batteries, oil, water and electricity supply etc.
Warehouses charge the importer with import duties to buy the imported goods. These duty charges are generally paid in advance before the importation takes place. It is not compulsory for the importer to pay the import duty before importation. Warehouses usually pay the duty amount on the day of importation.
Import duties are always less than the duty that would have to be paid for the same goods if they were imported directly from another country. Warehouses charge their importer with less duty on imported goods because they have the advantage of paying lower import duties. on imported goods from countries other than their own.
There are certain requirements that are to be fulfilled before the importer can send his goods from a warehouse to his home country. The importer has to fill an application form for import of bonded goods and he needs to fill up an import bill for the goods to be imported. The importer also has to declare the nature of imported goods before he is permitted to send the goods. his goods through bonded warehouse services.
The warehouse will ensure that the goods are properly packed and are safely kept while in transit. The importer should be aware of the conditions and terms and conditions of storage of the goods during transit and must not send the goods out of the warehouse before the expiry of the storage period. If the goods are not kept properly after the expiry of the expiry, then the importer is liable to pay the duty amount on the goods and he should return the goods at the warehouse.
An importer can get information about the storage periods and conditions of shipment of goods from the warehouse either through the warehouse management or through the importer’s online account. Warehouses may ask the importer to pay an extra fee if they want to receive information on the shipping of bonded goods.
Warehouses usually charge the importer with the cost of goods. They normally give the importer an invoice, which contains the price and description of the goods and the place of loading and unloading of the goods. The importer has to pay the duty amount on these invoices before the importer can send the goods to his home country.
Warehouses have been providing bonded goods services since the nineteenth century when they were established to provide goods transportation to factories. In some cases, they provide services like shipping freight and logistics to other nations.