Benefits of Using Bonded Warehouse
A bonded warehouse (sometimes called customs warehouse) is a secure storage space where goods liable to certain taxes like Goods and Services Tax (GST) and import duty are stored. The GST and duty payments are withheld until the goods are removed (exported) from the bonded warehouse or sold. Bonded warehouses can be owned either by governments or by the private companies, depending on local regulations in each country. Each country also has different rules regarding how bonded warehouses should operate. This article will reveal to you the benefits of using bonded warehouses.
Deferred GST and Duty Payments
As stated earlier, duty payments and GST on various goods are withheld while in a bonded warehouse until they are sold or removed from the warehouse. For example, Singapore Duty is charged at different rates for
Special Packages Offered
Most bonded warehouses have special packages for most producing companies. If you are using a customs warehouse as your “all in one” warehousing and logistics partner, you can be sure to receive more affordable packages that fit your needs. In most cases, the bonded warehouse manager will evaluate your company’s warehousing needs before customizing a package that fulfills your requirements. At I.M. Investment Holdings we can meet your company’s needs by providing other services like local and international delivery and pick and pack services.
Long-term storage basis
Most bonded warehouses can agree to store your items and goods for up to 4 years or more. In fact, the storage time in some countries is unlimited. Additionally, bonded warehouses have high-end storage systems and equipment that can help to preserve the quality of different goods or products. At I.M. Investment Holdings, we have the capability to store your products in deep freezers, dry containers, and bulk storage equipment fit for any trading or producing company. Storing your products on long-term basis gives you an opportunity to sit on the goods until there is a rise in demand. Since an increase in demand equals a rise in revenue, you have a chance to manage your cash flow for increased profitability. Ask us about our marketing services to help you gain access to our local and overseas network.
Bonded or customs warehouses can accommodate different types of materials and goods. No matter how regularly or irregularly shaped, how big or small, perishable or less perishable, your products are kept safe and sound. If you are looking for a total warehousing and logistics solution for your imported goods, a bonded warehouse is the perfect answer.
Security and safety
Both safety and inventory management are usually on a higher level when compared to regular warehouses because government control is much tighter for bonded warehouses. Security people monitor most bonded warehouses on a 24-hour basis to ensure ultimate safety and tight security. Special monitoring for delicate and refrigerated items are given priority. Furthermore, efficient and updated security systems, bar coding systems and WMS systems are used to make sure that all goods are stored correctly and documented.
Choosing the right provider for bonded warehouse services is essential if you’re in the import, export or production industry. Bonded warehouse services are critical to managing cash flow by delaying custom taxes and GST. Also, our personnel can give you priceless advice about how to deal with customs and taxes more efficiently.