A customs bond is required for importers who are bringing goods into the United States that is worth over $2,500 with the exception of clothing and textiles where the threshold is $250.00. The bond guarantees that all duties, taxes and fees owed to the Federal Government will in fact be paid. Obtaining this bond is a somewhat lengthy process and requires a meticulous attention be paid to the application. In some cases a bond is not required if you are using a broker as the bond procured by the broker can be used for the import.
There are two basic types of customs bonds; single entry or continuous. The type of bond needed is determined by how often a company imports. The single entry bond can be difficult to obtain as it is viewed by the surety as not for the principal’s primary business thus is viewed to be of greater risk to the surety. The continuous bond is normally recommended as it can be used for several transactions and various ports of entry.
The continuous bond is normally $50,000 and can be approved by completing a simple application. The cost is 1% and approval normally takes 1-2 business days. Our market will file the bond with the Customs office. Note that the customs office will take 7 to 10 business days to accept the bond.