Their initial destination is a bounded warehouse when products are exported or imported. These are structures where dutiable commodities may be kept without paying duties. These are facilities for the transitory temporary storage of products and goods.
Bonded warehouses can be divided into two fundamental categories: those that are privately owned and operated and those that are owned and controlled by the state. Once items are loaded into a warehouse, whoever owns it is responsible under a bond for the importer/exporter and the warehouse owner. This short-term obligation disappears whenever the products are supplied for domestic use after paying tariffs.
Bonded warehouses are further subdivided into different types. Today, we will look at a few of them down below:
Bonded Logistics Parks
Bonded logistics parks, often known as special economic zones, are administered by the local government but are more significant than free or public warehouses. These are usually defined geographic areas set aside for logistics and warehousing. A prime example is the Dube Trade Port, close to King Shaka International Airport in Durban.
Free Warehouses
Anyone can store dutiable commodities in these buildings. Free warehouses are typically guarded by customs agents and secured with padlocks.
Private Bonded Warehouses Type 2
Only the items that belong to the warehouse owner may be stored in type 2 private bonded warehouse. The proprietor/administrator is unable to accept products from outside customers.
Private Bonded Warehouses Type 1
The owner only uses this type of bonded warehouse. Compared to a type 2 private bonded warehouse, it’s up to the owner/administrator whether to accept products from the outside or not.
Public Bonded Warehouses
Anybody who wants to store goods under the watchful eyes of customs agents can utilize public customs warehouses. These are typically controlled by the local port authority or the government and can be accessed depending on storage space availability.
Temporary Storage Areas
These are temporary locations, both covered and uncovered. In a temporary bonded warehouse, products can be kept after entering the customs area while they wait for additional authorization or documentation before being transported.
Duty-Free Stores
This type of bonded warehouse is known as a “duty-free store” in the logistics sector. Retailers are permitted to provide conditionally duty-free goods for use outside of the customs zone. The owner of the goods in this class is responsible for ownership, sales, and delivery from the warehouse for export.
These shops might also carry goods that aren’t duty-free. A classic “drop ship” strategy, in which the retailer keeps no inventory, and a direct-ship vendor solution, in which the merchant owns the products, are the same.
Yards for Heavy and Bulky Cargo
Bulky, hefty imports are kept in bonded sheds or yards. These places, for instance, provide storage for corrals, feeding pens, and stables. Tanks for imported liquid goods and restricted enclosures for storing imported animals also fall under this subcategory of bonded warehouses.
Wrapping Up
This wraps up our list of bonded warehouses you can use as an import and export business to store your products. Ultimately, the type of warehouse you need will depend on the type, amount, and size of goods you want to import or export. So, consider your requirements and choose wisely!
