Advantages of a Bonded Warehouse
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. These types of warehouses can be found around the world, but each country may have slightly different rules regarding how they can operate. Here is a look at some of the advantages of a bonded warehouse:
No Duty Payment Required
As mentioned, importers and proprietors do not have to pay any type of import duty on products traded or purchased internationally. This can save the importer money and give him or her more control over his finances.
Storage is often Long-Term
In some countries, storage time is unlimited. In the United States, imported goods may be stored for up to five years. This means that the importer can sit on a product until there is an increase in demand. Because duty is required when the goods are exported or removed from the warehouse for consumption, this also helps the importer manage his or her money, because an increase in demand usually equals an increase in revenue.
Save Haven for Restricted Goods
If you import goods that are subject to restriction, finding something to do with them before you get the restrictions straightened out can be a hassle. With a bonded warehouse, you can store restricted items until you are able to move them elsewhere or get permission to bring them into the country. Bonded Service has been serving the state or Georgia since 1931. With locations in both Savannah and Atlanta and easy access to one of the biggest airports in the world and one of the busiest ports along the Atlantic Ocean, we can store your imports in our warehouses or transport goods to anywhere in the world. To learn more, call us at 404-349-1466.