• Home
  • BONDED WAREHOUSES REQUIREMENTS

BONDED WAREHOUSES REQUIREMENTS

Basic Requirements

  • Inspection Report from the Area
  • Format Application
  • Certificate of Incorporation
  • Memorandum and Article of Association
  • Particulars of Directors u2013 Form Sale 2.3.
  • Current Customs Agent Licence
  • Audited Account of the Company
  • Forms Sale 158
  • Site Plan and Premiseu2019s Plan
  • Sketch Diagram of the location
  • Vehicle Particulars
  • Letter of Recommendation from a reputable bank

Additional Requirements

  • The application must be by a reputable corporate body with necessary facilities to operate a Bonded Warehouse.
  • The applicant must be able to show evidence that this business enterprise would suffer greatly if denied bonded warehousing facilities.
  • Goods evacuated to a Bonded Warehouse must be cleared within a period of three months with duty and charges fully accounted for.
  • There shall be periodic audit of warehoused goods.
  • The Bond security in respect of the warehoused goods should not be less than 15% of the duty payable. This is apart from the general Bond which the operator must execute with any of the Customs Duty collecting banks.
  • Any Bonded Warehouse Operator who violates any of the concessions granted under the procedure shall have his licence or approval withdrawn and made to face prosecution and/ or a fine of 200% of the value of the Bond.
  • Every Bonded Warehouse should be linked to the ASYCUDA for the purposes of accountability and ensuring that every cargo is properly assessed and duty paid.
  • The importer would have specified on his Form “M” that the cargo would be cleared through a specified Bonded Warehouse.

Webb Fontaine Group. All rights reserved.