A Continuous Customs Importer Bond is a requirement for importers who frequently bring goods into the United States, ensuring compliance with U.S. Customs and Border Protection (CBP) regulations. This bond covers multiple shipments over a 12-month period, eliminating the need to purchase a Single Transaction Bond for each import. pCustoms streamlines the process by allowing users to purchase a $50,000 activity code 1 importer continuous annual bond online, ensuring seamless customs clearance and uninterrupted trade operations. Let's dive into this step-by-step guide on how to purchase a new continuous customs importer bond in pCustoms efficiently.
Step 1: Go to the Continuous Bonds module
You need to click on the "Bonds" drop-down at the left navigation bar:
Then, click on "Continuous":
Step 2: Fill out the form details
Now, it's time to fill out the information needed to purchase your new continuous customs importer bond. We need the following details:
Bondholder
Commodities
Estimated commercial value per annum
Estimated duty value per annum
AD/CVD risk status
We need a valid POA (Customs Power of Attorney) to proceed with the bond purchase on your behalf. If you haven't yet completed the POA in pCustoms, you can follow the article here that goes into details on how to file a POA in pCustoms
The bondholder is the entity that is purchasing the customs bond, which is typically the importer. You can input the entity name, city, or country ISO code to search from entities you have in the commercial entities module:
If you need to add a new bondholder, you can follow the article here that goes into detail on how to add a new importer entity in pCustoms.
The commodities are the commodity entities that are specific to your filings/shipments for which imports you will be using the bond you are currently purchasing. You can input the HTS code, manufacturer name, or county of origin ISO code (minimum two characters) to search from entities you have in the commodity entities module:
If you need to add a new commodity, you can follow the article here that goes into detail on how to add a new commodity entity in pCustoms.
The estimated commercial value per annum is the sum of the commercial values in USD of the imports you will be making in a year:
The estimated duty value per annum is the sum of the duties, taxes, and fees in USD you will be paying to CBP for your imports in a year:
Click on the radio button accordingly if commodities present an Anti-Dumping or Countervailing Duty (AD-CVD) risk:
One of the places you can check about AD/CVD risk is the US International Trade Administration AD/CVD search, which can be found here.
The purchase of bonds is contingent upon approval by the surety. The surety reserves the right to modify the bond premium or adjust the pricing at its sole discretion, particularly in situations where there is a perceived risk to the bond’s enforceability or the likelihood of future claims. This includes, but is not limited to, instances of incomplete documentation, non-compliance with filing timelines, Anti-Dumping or Countervailing Duty (AD/CVD) risk, or elevated risk factors associated with the transaction or parties involved.
Step 3: Submit the form
Once you fill out all the details mentioned above, just click on the "Checkout and Submit" button at the bottom:
Enter your payment method details:
Then, click "Pay" to proceed:
When you submit your continuous bond purchase application, your request will be put into the queue with the surety first for a new bond purchase. As soon as the bond is confirmed by the surety, which may take 1-3 business days, then we will send you the bond copy as a confirmation via chat and email.
AD/CVD is one of the main risks the surety may decide not to proceed with the bond request without collateral. If your request is rejected by the surety, with your consent, we will reach out to other sureties to see if they will provide a bond to your case without collateral, as each surety has its own unique internal procedures to evaluate risk. If proceeding without collateral won't be an option, unfortunately, then we have to provide you with a refund for your respective bond purchase.
Please always do your research regarding AD/CVD and if the product you are planning to import has an AD/CVD risk associated with it before the purchase of your product as AD/CVD duty are usually very high (2-3 digit percentages and more), which can cause you a lot of expenses for the applicable duties and also make very difficult to have a surety that is willing to provide you with a bond without collateral.
Purchasing a Continuous Customs Importer Bond in pCustoms provides a seamless and efficient way for importers to stay compliant with U.S. Customs and Border Protection (CBP) regulations. By entering key details, submitting the form, and completing the payment process, users can initiate their bond purchase online. The bond request is then reviewed by a surety, with approval typically taking 1-3 business days. If Anti-Dumping or Countervailing Duty (AD/CVD) risks are present, additional collateral may be required, or alternative sureties may be consulted. Proper research on AD/CVD risks is crucial before importing, as these duties and burdens associated with it can be significant. pCustoms simplifies the entire process, ensuring smooth trade operations while helping importers navigate compliance effectively.