Many people have heard of a bonded warehouse, but they aren’t exactly familiar with them or do not understand how they work.
What is a Bonded Warehouse?
Essentially, it is a secure location where imported goods are stored or manipulated without the importer or warehouse owner having to pay duty. The government owns many of these types of warehouses, but some are also owned by private companies. Private bonded warehouses require a posted customs bond and some customs supervision. … (Read more)