How long can you store goods in a bonded warehouse?

A Customs bonded warehouse is a building or other secured area in which imported dutiable merchandise may be stored, manipulated, or undergo manufacturing operations without payment of duty for up to 5 years from the date of importation.

What does it mean if a warehouse is bonded?

A bonded warehouse, or bond, is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. It may be managed by the state or by private enterprise. In the latter case a customs bond must be posted with the government.

Is bonded warehouse suitable for long term?

Bonded warehouses are perfect for importers, as they can keep their items duty-free even for a long time until they find their customers. Such warehouses play a crucial role in cross-border trade, making them ideal for eCommerce businesses involved in international trade.

Who owns the goods in a bonded warehouse?

In the United Kingdom bonded warehouses are known as customs warehouses. In the United Kingdom there are two types of such warehouses – public and private. The arrangement with public warehouses is that the owner is the ‘warehousekeeper’, and the organisation wanting to store the goods is known as the ‘depositor’.

What are the benefits of bonded warehouse?

Benefits of Bonded Warehouses

• You can defer or avoid duty and tax payments.
• Storage can be long term.
• You can improve service for your customers.
• The quality of your product can be preserved.
• Bonded warehouses can keep your products safe and secure.
• Your goods are stored closer to ports.

Can you export from a bonded warehouse?

If you’re importing to export to non-EU countries, then using a bonded warehouse is a no-brainer. Keeping your goods in a bonded warehouse means you won’t have to pay any import-duty on products you export, saving both time and money.

What is the advantage of a bonded warehouse?

Using a bonded warehouse means you can deliver your goods closer to their final destination. It also means that duty payments can be postponed until the product has been moved. This system can provide significant benefits for businesses that trade across different jurisdictions.