Mostly the custom bounded warehouses are controlled or owned, by the government, but there are few private customs bounded warehouses too. The private facility owner has to get a certificate for a licensed warehouse singapore to operate as a custom bonded warehouse. There are many advantages of custom bonded warehouses. Let us see some of them.
- The custom bonded warehouses are basically used, for long-term storage goods. The advantage of storing the goods here is that you store the goods without paying customs duties. In some countries, there is no limit in the time period of storing the goods in this warehouse.
- The deferred duties help the importer save a lot of money. For whatever purpose the good is imported they can be safely kept in the custom bonded warehouse and the importer gets some more time to complete all the legal work related to it.
- The custom bonded warehouse is bet for the restricted goods as they need lots of legal and paper works to be done. When these restricted goods are kept at regular warehouses then there is a time limit to complete all the paper works but at the same time if they are kept at the custom bonded warehouse then they get a lot of time to complete the required work.
- Custom bonded goods are much convenient to the businesses that do ship internationally. They can directly import goods to custom bonded warehouses anywhere in the world and can store the goods there.
- The importer can keep the good in this warehouse till the demand for the goods increased in the market. When the demand increases the importer can pay the duty tax and take the goods. There is no compulsory that all the good should be taken at once.
Hope this information has helped you to gain some knowledge on the custom bonded warehouse.