What is a bonded warehouse?
U.S. Customs and Border Protection (CBP) defines bonded warehouses as secured areas 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 (19 U.S. Code § 1555).
Upon entry, merchandise remains under bond until it is:
- Exported;
- Withdrawn for supplies to a vessel or aircraft;
- Destroyed under CBP supervisions; or
- Withdrawn for consumption within the United States after payment of duty.
What are the benefits to utilizing bonded warehousing for importers and exporters?
- Tax and duty exempt upon entry into the bonded facility;
- Consolidations/de-consolidation benefits for importers and exporters;
- No duties paid on re-exported goods, eliminating burdensome duty drawback process;
- Increased cash flow due to reduced duties and taxes outlays;
- Goods can be worked within the facility before declaration and subsequent duty payment.
Green Worldwide offers warehousing services at our strategically positioned Miami Gateway facility located at the Miami International Airport, near the Port of Miami and Port Everglades.
Check out a birds-eye view of our Miami Warehouse!
Contact our offices by emailing [email protected] or calling +1 786 400 2390. For more information on Green Worldwide Shipping, visit our website, or connect with us on Facebook, LinkedIn, and Twitter.
