What is a continuous bond application?

A continuous bond is a financial guarantee commonly used in international trade that renews automatically until it is canceled. Continuous bonds do not expire as long as the client makes the required payment for each renewal.

How do I find my Customs bond number?

Your Company’s Tax ID Number / EIN The most common method used to identify this number is using your Tax ID Number (also known as your EIN). By adding two zeros at the end of your Tax ID, it becomes the importer number Customs has assigned you.

What does it take to be a customs broker?

Assuming I am eligible, how do I become a Customs broker? First, you must pass the Customs Broker License Examination. Second, you must submit a broker license application with appropriate fees. Third, your application must be approved by CBP.

What is a Type 3a bond?

Activity Code 3a – Instruments of International Traffic May be written as a continuous bond only. The bond may also be written as a combination bond with the Activity Code 3 – International Carrier bond. This bond guarantees compliance with laws and regulations on the movements and clearances of shipping containers.

What is a CBP Form 3461?

CBP Form 3461 is the document submitted electronically to U.S. Customs, where they either release the shipment or designate it for exam. CBP form 7501, the Customs Entry, is used to calculate duties and provide detailed information.

How do I renew my Customs bond?

Bond Renewal: What to Know Once you purchase the bond, it needs to be filled out, filed with US Customs, and accepted by a bond company. The easiest way to get a bond is through your Customs broker or freight forwarder. They will manage all the paperwork and make sure to inform you on upcoming bond renewal payments.

What is bond in import?

A US Customs Bond is a mandatory document for importing goods into the US, as stated under the US Customs Regulations. Customs Bonds are designed to ensure faster customs clearance as it guarantees the CBP the payment of any additional import duties, taxes, or fees that need to be assessed.

What is IIT bond?

An article qualifies as an IIT if it can be shown that is capable and suitable for repeated use and is commonly used in international traffic.

What is a 7501 document?

What is a CBP Form 7501? The CBP Form 7501, also known as “Entry Summary” is a mandatory document that is used by the CBP to analyze and determine the accuracy of information regarding the imported commodity. The form provides details of appraisement, origin, and classification, among other key bits of information.