Question: Question about import bonds. Our Corporation’s import bond is up for renewal (Corp A). Last year we bought a company that current has their own IOR # (EIN) and clears under their own import bond. Call them Subsidiary B. The plan is to start merging them into the Corp entity. Treasury wants to close […]
Question: Hi All- we have an FTZ approved facility, but we do not currently import into this location using FTZ entry (only consumption). All previously imported FTZ inventory is cleared out, duty paid, etc. Should I maintain the FTZ Customs bond? Answer 1: My understanding is you have to maintain the bond until you close […]
Question: I’m curious regarding the typical level of collateral companies are providing their import bond providers for goods that are at risk for anti-dumping duties. Our CEO is questioning our level, but from my limited experience it’s pretty good (just under 20%). Would greatly appreciate any input from others on your experiences. Answer 1: Hello, […]
Question: My company recently acquired another company. The new company will operate as a separate entity however we would like to apply for one Import bond with 2 co-principals. Please advise whether this would be an issue having 2 separate entities on one import bond rather than 2 separate import bonds for each entity.Thank you […]
Question: We are currently having issues with our Canada warehouse and want to know if the following is an option as we have a bonded warehouse located in the US. Can we move our goods in-bond from the port of NY to our bonded warehouse in the US and then move them out of our […]
Question: Our corporate address is going to change. Not our tax ID/EIN, just the registered physical address. What should I be doing? Global trade compliance manager is my title and role. Bonds? What else? Answer 1: One requirement is to change your DDTC registration. See 22 CFR 122.4(a)(2)(ii). Answer 2: An updated 5106 should be […]
Question: We are a customs broker. Our client is nearing the max allowed for their current bond of 600K. The surety wants a bond at 700 or 800 K. The surety requested financials and after review require them to obtain a letter of credit from their bank. Their bank will not provide. Is it possible […]
QUESTION: We are purchasing the yearly bond for our company through our broker and need to have them change our address. The broker is requesting updated POA just to request an address change, should the POA be required after the address change is submitted, not before? I don’t want to issue new POAs to this […]
QUESTION: If a customs bond has lapsed (or been cancelled) and someone tries to import under the EIN for that bond, will CBP stop the transaction? Or is it up to the importer to know? *************** Answers: The transaction will not clear customs as the entry will reject for an invalid bond. ************** The broker […]
QUESTION: We are trying to renew our bond. We are pass-through entity and definitely will not provide our Customs partners with tax returns. As for audited financials, we consider margins and footnotes highly confidential. We have provided a surety company with Excel versions of summary financial statements that were in excess of what we sent […]
QUESTION: We are trying to renew our bond. We are pass-through entity and definitely will not provide our Customs partners with tax returns. As for audited financials, we consider margins and footnotes highly confidential. We have provided a surety company with Excel versions of summary financial statements that were in excess of what we sent […]
Your Social Security Statement QUESTION: I have entries that needs PSC/Protest filing but the continuous bond has expired. Am I still able to file PSC/Protest? Do they need SEB? *************** Answers: Your original Bond is still valid on date of entry…. it remains open with respect to those entries throughout the liquidation process. ************* You […]
