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 […]
QUESTION: My company is about to become users of someone else’s ftz. Do we need to get an additional bond—on top of one we already have for imports—for our entries into and out of FTZ? %%%%%%%%%% ANSWER: No you do not – the FTZ that you are using has the FTZ Bond, you only need […]
QUESTION: Probably a question for surety companies… Company A has several wholly owned subsidiaries. Among them is the XWZ Corporation. XWZ has its own Tax ID and its own Customs bond. Company A sells XWZ to Company B. Company B intends to have WXZ remain a separately incorporated subsidiary. The Tax ID transfers with XWZ. […]
