Customs Bonds | Single and Continuous Bonds

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How to get a Continuous Customs Bond to Import Goods?

If you are a frequent importer in United States, this article is for you.  A customs bonds (301 customs bond) is like an insurance paper that is mandatory for shipping in US. It is a surety bond between custom and importer that guarantee some specific obligations to be fulfilled. If an importer fails to pay taxes, fees, penalties and fines, customs bond aid government (CBP) to recover this money and identifying the defaulter. CBP Form 301 is required to be filled to obtain a continuous import bond or customs surety bond.

There are two types of customs bonds CA allocated by U.S. Customs and Border Protection (CBP). First one is single entry customs bond and another is continuous custom bond or continuous transaction bonds. The single entry custom bond allows you to import once in a year. On the other side, continuous transaction bond is a bond that will cover all shipments imported within one year. What is Single Entry Bonds?

As you read earlier, a Single Entry Bonds is another option to obtain for only shipment in a year. It is affordable as well as easy to possess. A carrier with its commercial value excess 2,500 is allowed by CBP to go with single entry customs bonds. You can get it by filling customs form CF 301.

What is a Continuous Transaction Bonds?

Importer and vessel carriers who do more than one shipment in a year are allowed to acquire a continuous transaction bonds/continuous customs bond/301 customs bond. There is a common continuous bond of $50,000 amount in US. Basically continuous bond is 10% fees paid for 12 months. Shippers can use this bond for all the imports during one year of period. The benefit of continuous transaction bonds is, it automatically renewed/reissued after a year.

Get Continuous Custom Bond

A continuous custom bond/continuous transaction bonds can be acquired from a custom broker who is licensed and certified by U.S. Department of the Treasury. They are well familiar with CBP Form 301. Customs brokerage sometimes charges more than required. So make sure to visit an experienced custom bond consultant company which had already done work for other importers/exporters in past.

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freight forwarders for customs bonds CA

You can't opt for any contractor to deal with the pros and your imports. As a matter of fact, your freight forwarder should know how to look after your shipping. For those who don't have any idea about how to pick a professional that is great for obtaining customs bonds CA .

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Choosing the right freight forwarders for customs bonds CA

You may read the 4 hints given below.

Experience

Be sure the professional is seasoned. Your specialist can cope with a variety of conditions, such as dockworker strikers and port shutdowns, just to mention a few. Apart from this, experienced professionals can help you cope with other problems that regularly occur during importing and warehousing. You should know that they have good experience of providing accurate continuous customs bond.

The network of the freight forwarder

You should go with a freight forwarder that has a network in the states. For example, be sure your freight forwarder has links in the foreign country where you intend to import from. You might have problems working with OFFs or customs brokers who don’t have strong connections in the customs department.

Services

The freight forwarder should provide you with the services that are required. You should learn if they provide air transport or sea shipping. Some providers may provide help with different items, such as warehousing and distribution. And finally, recheck whether they have a good track record of helping clients with continuous customs bond or single entry bond.

Good References

References are important regardless of which sort of service you've been on the lookout for. It's not restricted to cargo forwarding. You might want to appear somewhere else if no one is about to praise an expert.

Do you locate the references? The first technique is to visit this supplier's website to find some references page. So as to discover more about them you may contact those customers. You talk to their previous customers and ask about their experience regarding obtaining customs bonds CA and other paperwork procedures.

The other way of getting any type of customs bond is to file an application for it with the help of a surety company that is licensed by the Treasury Department of the United States. Customs bonds are important documents that you would not want any errors so make sure you work with experts in the field.

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Best Customs Broker for Customs Bonds Customs brokers are professionals who handle imports and exports between countries that have imposed customs restrictions and regulations. They handle transportation of both perishable and non-perishable goods. They act as intermediary between the government and importers/exporters. Here are a few tips for you to hire the best brokers or brokerage firm for 301 customs bond.

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How to select the best customs broker for customs bonds

The US policies for imports and exports change very frequently and that’s why businesses need to always vigilant about these updates. Therefore, they need experienced intermediaries who can facilitate these processes. The partnership with these professionals adds value to companies and helps them stay in compliance with customs regulations and guidelines. There are many advantages of working with an experienced, licensed, and knowledgeable customs broker. Finding the right customs broker for bonds Customs brokers are professionals who handle imports and exports between countries that have imposed customs restrictions and regulations. They handle transportation of both perishable and non-perishable goods. They act as intermediary between the government and importers/exporters. Here are a few tips for you to hire the best brokers or brokerage firm for 301 customs bond. How can they help you? Customs brokers are trained and licensed professionals who help importers deal with logistics and legal work that involve in international transaction of goods through ocean. They work on behalf of importers and help them with preparing documents, calculating customs duties and filing 301 customs bond application. They assist their clients regarding the safe clearance of goods through various customs points and agencies.

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OTI Bonds in NY If you’re an importer based in the US, you may be already familiar with customs bonds CA. Importers who import commercial goods that valued above $2,500 are required by the Customs and Border Protection (CBP) to purchase appropriate size of customs bonds.

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Do you want to purchase OTI Bonds in New York

There are numerous companies in the US that offer reliable and efficient packaging and freight forwarding services. Most of them keep working on their process to lend wings to their shipping service. While these companies deal with thousands of packages from different locations across the world, they also need to keep in mind the rules and regulations. Of course, OTI Bonds NY is a part of these regulations.

The Federal Maritime Commission (FMC) requires all ocean freight forwarders and non-vessel operating common carriers to obtain a license under the Shipping Act of 1984. The purpose of this act was to make the process of common ocean carriage more impartial and to reduce the intervention of government authorities.

Any OFF agency in the US that offers the services mentioned in the below points is required to obtain a valid license from FMC and submit proof of financial responsibilities in forms of OTI bonds.

·    Manages cargo movement to international destinations.

·    Dispatches shipments from the United States via common carriers and books or otherwise arranges space for those shipments on behalf of shippers.

·    Handles the documentation and performs related activities pertaining to those shipments.

Customs brokers and insurance agencies arranges bond placement on behalf of importers. If you’re looking for reliable and experienced insurance professionals to obtain OTI Bonds, CBI Customs Bonds & Insurance Inc can help you obtain one at the most competitive rates in the market.

We partner with you and deliver exceptional customer experience, highly committed service, and advanced automation. Our goal is to make client’s job easier and more efficient, resulting in your increased profitability and improved performance.

If you’re seeking to become a licensed ocean transportation intermediary and ensure you comply with all federal rules and regulations, you can consult with our surety bond experts. We are dedicated to giving the most pertinent information and solutions for your bond needs.

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Need OTI Bonds in the US? freight forwarders and non-vessel operating common carriers are required to obtain OTI Bonds SC to meet the rules and regulations of the Federal Maritime Commission (FMC). Any kind of business that does require transacting merchandise internationally might be aware of the importance of having an efficient freight forwarding partner by their side.

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Why Do Freight Forwarders Need OTI Bonds in the US?

Freight forwarders and non-vessel operating common carriers are required to obtain OTI Bonds SC to meet the rules and regulations of the Federal Maritime Commission (FMC). Any kind of business that does require transacting merchandise internationally might be aware of the importance of having an efficient freight forwarding partner by their side.

What are Customs Bonds?

America is the largest importing country in the world. However, the process of importing is nothing short of intricacies, especially for newbies. Business that import frequently might be aware of the level of paperwork needed such as Bill of Landing, Commercial Invoice, and Arrival Notice. Customs bonds are quite different from other types of bonds.

A customs bond is like an insurance policy that guarantees payment of all duties and fees related to a shipment. As an importer, you can purchase a bond from a surety company or customs broker, who guarantees the US government that all corresponding shipment fees and taxes will be paid for. If the importer fails to comply with federal regulations, the bonding company will be responsible for compensation.

OTI Bonds

All international freight forwarders and non-vessel operating ocean carriers are required to obtain OTI bonds to operate as legitimate ocean transportation intermediaries. These bonds are also similar to customs bonds that warrant obeying all contracts with shippers and carriers.

So you belongs to freight forwarding fraternity, you may be already aware of the importance of being licensed. If you wish to become a licensed ocean transport intermediary, you will need post necessary bond.

OTI bonds act as proper proof of financial responsibility. If you don’t possess adequate bond, you may be subjected to some heavy fines by the FMC and your license can be revoked by the authorities if you found noncompliant at any stage of carrying.

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Get the Right OTI and Customs Bond You May Need

We may not be the secret agents but we can get you the 301 customs bond you may need. CBI’s customs professionals work with multiple sureties and provide thousands of bonds to a hundreds of registered companies across the nation and beyond. We provide assistance in getting the right OTI Bonds CA that you may as an aspiring freight forwarder or common carrier need.

We deliver services to IFFs, NVOCCs, and FMCSAs and guide them in their licensing requirements. We specialize in providing different types of customs bonds that include Single Entry Bond, Continuous Bond, Custodian of Bonded Merchandise, and other miscellaneous specialty bonds.

A bond is a foundation for every registered operator’s license such as logistic companies and non-vessel ocean common carriers.

What do we do?

We are basically insurance experts catering to customs brokers, international freight forwarders and importing companies since 1981.  As a bond assist, we combine your bond and liability policy that will tax you and also ensures your bond underwriting is easy. We offer a wide variety of specific customs bonds all of which we’d happy to handle for you.

How can we help customs brokers?

If you’re a customs broker, we can get you working online to issue bonds quickly and competitively. We can also handle any different OTI bonds you may need. Our team is dedicated to helping in guiding and providing relevant information on crucial things like how to fill CBP 301 customs bond form correctly and how to become licensed NVOCC in American. We years of experience in the bucket, CBI’s competent agents are here to help you.

Why choose us over others?

The best part about getting the bond related services from our company is we do everything for you. We handle entire process from guiding you about the bond cost, responsibilities, and local regulations to filling and submitting the bond application correctly.

The Federal Maritime Commission (FMC) directs ocean and non-vessel freight operators. It requires all Ocean Transport Intermediaries (OTIs) to file an appropriate surety bond as per its official guidelines. If you’re a NVOCC or Ocean Freight Forwarder, you can contact us for necessary OTI bonds.

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Why Do Freight Forwarders and NVOCCs Need OTI Bonds?

Ocean Freight Forwarders or OFFs and Non-Vessel Operating Common Carriers or NVOCCs are essential contributors in international trading, responsible for making the process quick and safe. These terms are coined very often in ocean freight and cargo shipping business. These become the best source for both importers and exporters in their distribution needs.

But there is a certain difference between OFFs and NVOCCs. A freight forwarding company usually gives consultation and advice to its clients while NVOCCs provide services that include carriage, consolidation, storage, handling, packing, and distribution of goods. Both require obtaining OTI Bonds CA for respective reasons.

Because freight forwarding mostly entails processing goods from part of the world to another, they have the onus to ensure cargo departs safely and arrives at the right location at the right time. They require proper experience, training, knowledge, and skills to make this work feasible. Purchasing customs surety bond is a crucial part of making sure they comply with customs and federal laws and regulations.

NVOCCs as the name suggests, are carriers of shipment and provide service under their own bill of landing (BOL). They are also shipment consolidators and when having a proper license they can offer a variety of shipping services to a wide range of customers worldwide. To ensure they adhere to local laws and do the job without defaults, they also require a customs surety bond to protect the rights of clients.

OTI bonds can be obtained by filling Form FMC-48 or FMC-69 as per the requirement of the Federal Maritime Commission (FMC). These are necessary for licensed ocean intermediaries operating in the United States.

The reason why OFFs and NVOCCs require buying OTI Bonds is simple and apparent, to ensure compliance with FMC regulations and the Ocean Shipping Reform Act. As part of this NVOCC certification and licensing process, companies are assessed on their experience and ability to successfully provide OTI services that are in compliance with principles based on the Shipping Act and Federal Maritime Commission.

The OTI bond amount is normally $50,000 for OFFs and $75,000 for NVOCCs based in the US. You may contact our insurance professionals to know the exact amount of OTI bonds. We can give you quick assistance and provide you service at the best rates in the market.

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Going to Purchase OTI Bonds? Read These Important Tips

If you’re thinking about starting your own business as a an ocean Freight Forwarder or Non-Vessel Operating Common Carrier (NVOCC) handling cargo shipped in or from the US, you firstly need to learn more about the process. It is necessary for you to purchase OTI Bonds SC in order to operate as a licensed OFF or NVOCC in the United States. These bonds are somewhat similar to other customer bonds such as a continuous import bond.

Being an online business, importing products from all around the world so lead on Amazon either as Amazon fee seller or sell it on your own website. Nothing beat being your boss, right? During the importation process though you will have to deal with customs clearance, now everything you moved around to customs clearances seems to be so mysterious.

For example, continuous import bond if you’ve never done it before. You’d be like, what is a customs bond? Don’t worry, in this post, we’re going to make it crystal clear for you. And you’ll be reading three tips to save you money while purchasing OTI Bonds.

What is a customs bond?

You know you need the HTS code to determine the correct test and duty you’ll have to pay to the US customs. But, the US custom is not going to take the risk and assume that you’re going to pay for it therefore the customs bond is required to be established as an insurance to guarantee that you’ll pay your taxes and duties.

If you’re importing for commercial purpose and your declared value is greater than $2,500, you’re required to acquire either a continuous import bond or single entry bond depending on how many times you’re going to import in the next twelve months.

What is an OTI Bond?

The difference between other bonds and OTI bonds is simple. A normal customs bond is a kind of a financial agreement between three parties – the importer, Surety Company, and customs agency (CBP). An OTI bond guarantees completing all contracts with shippers and carriers without any harm to shipping merchandize.

Important tips to avoid risks and save money

1.       Know your eligibility: It is vital that you know the eligibility requirements for obtaining an OTI license. You must have at least three years of experience as an OTI to be qualified for this. Your must be gained this experience while being in the US.

2.       Wait: Wait until you have met the eligibility criteria. It’s better to avoid filling FMC-18 application form if you know you’re not a qualified individual.

3.       Shop: A lot of people buy custom bond from their freight forwarder which is fine but you should shop your customs bond from different customs broker or you can purchase it through online surety companies that give significant discounts.

4.       Compare rates: Customs bonds rates vary depending on various factors such as total value of your cargo and from where you’re importing goods. You should compare rates of different companies to see who is giving the best cost.

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Helping Freight Forwarders in Obtaining OTI Bonds

We have been successfully delivering services related to customs surety bond for many years now. You may always count on our seasoned agents for purchasing OTI Bonds, Continuous Bond, Importer Security Filling or Single Entry Bonds.

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Helping Freight Forwarders and NVOCCs in Obtaining OTI Bonds

When it comes to selling goods overseas or purchasing goods from an international supplier - you want to ensure you are choosing a freight company that will provide you with a reliable and dependable freight forwarding service. The process of importing and exporting foreign goods can be complex here in the US if you take it lightly and avoid expert assistance. To operate as OFF and NVOCCs successfully, it is mandatory for you to obtain proper OTI Bonds NY which is also part of the licensing procedure.

CBI Customs Bonds & Insurance Inc strives to provide the best bond and insurance solutions to importers, exporters, ocean carriers, brokers, warehouses, and freight forwarders. Our insurance professionals have been in business since 1981 which enables us to cater to the unique needs of our clients.

We have been successfully delivering services related to customs surety bond for many years now. You may always count on our seasoned agents for purchasing OTI Bonds, Continuous Bond, Importer Security Filling or Single Entry Bonds.

Becoming a competent freight forwarder and non-vessel operating common carrier with steady growth and operations might be difficult nowadays as more franchise-based companies entering this pool. It’s quite hard to get enough business from this niche and competing with other esteemed companies can be full of investments and efforts.

How to set-up an NVOCC in the U.S.? You need to acquire a license for your company. It is a special license issued and approved by the Federal Maritime Commission or the FMC. That license is known as the Ocean Transportation Intermediary license. The Bureau of Certification and Licensing administers the Ocean Intermediary License. The Bureau of Certification and Licensing is an area of the Federal Maritime Commission. A company can obtain an Ocean Transportation Intermediary License first by applying for it and then pass through a series of steps.

These steps entail obtaining necessary OTI Bonds and proving at three years of experience. You may contact us to know more about FMC-18 form and other requirements. An NVOCC is liable for shipping issues and acts as a carrier. This is the difference between a freight forwarder and an NVOCC.

If you have been looking for a reliable surety company or customs broker for any type of customs surety bond, you can contact us today. We provide both continuous bonds and single entry bonds at the best rates in the market.

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Know About Continuous Customs Bond?

You may access detailed information about different types of customs bonds from the official website of CBP, here are some important things you should know about a continuous customs bond:

They are different from single entry bonds

A customs bond is a type of guarantee for taxes, fines, and duties required by the CBP from importers. The bond gives a kind of permission for a commercial transaction of goods that are in excess of $2,500. There are two types bond – Continuous Bond and Single Entry Bond. A continuous bond is valid for multiple imports during a period of year while single entry bond is only valid for one-time transaction during a period of 12-months. Read More: https://cbicustomsbonds.com/

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What Should You Know About Continuous Customs Bond?

Every week a new trading turn-around shapes the country’s economy. It’s probably the toughest occupation when you’re a part of the news broadcasting website or a media channel that publishes stats related to supply chain and international trading. It’s obviously beyond the understanding of a common importer. The importing surveys, reports, and cryptography may seem abstracted and baffling if you’re not one of the frequent importers. Similarly, a continuous customs bond may seem to a lot of work when you’re not familiar with it.

However, if you’re one of the people who are frequently involve in shipping large cargos, tracking logistics, and clearing a large number of imports through customs, this isn’t going to be typical for you. It’s true that dealing with the officers of the Customs and Border Protection (CBP) is a tricky task.

You may access detailed information about different types of customs bonds CA from the official website of CBP, here are some important things you should know about a continuous customs bond:

They are different from single entry bonds

A customs bond is a type of guarantee for taxes, fines, and duties required by the CBP from importers. The bond gives a kind of permission for a commercial transaction of goods that are in excess of $2,500. There are two types bond – Continuous Bond and Single Entry Bond. A continuous bond is valid for multiple imports during a period of year while single entry bond is only valid for one-time transaction during a period of 12-months.

Costs

The bond amount may vary as per the total value of merchandize to be imported. The final bond amount is always determined by the agents of CBP. A single entry bond is equal to total value of goods plus the associated duties, taxes, and other fees. However, the minimum amount for a continuous customs bond is typically $50,000 or 10% of the total duties and taxes the importer delivered in the past 12 months.

When do you require a customs bond?

Customs bonds are required for any importing goods that exceed the value of $2,500 into the US. So if you’re planning to o receives products for commercial purpose from a foreign country, you may require obtaining an appropriate bond to stay compliant with rules and regulations set by the different federal agencies like CBP and FDA.

How to obtain one

You may obtain the necessary customs bond through licensed customs brokers, freight forwarders or surety companies. They can guide through the application process and documents you would need for it. For further information on continuous bonds, you may contact a surety company/broker.

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Why Do Importers Need To Purchase Customs Surety Bond?

Why Do Importers Need To Purchase Customs Surety Bond?

The institution of importing is one merchandize which is drenched in tradition is important. Over the years as it has been celebrated by different processes and through different era’s a whole range of conventions and customs surety bondhave arisen. Not least, the importing and exporting of the foreign goods. Customs law solicitors are highly sensitive to the personal issues involved, so they…

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