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What is a Single Entry Bond?
What is a Single Entry Bond?
There are many types of customs bonds required by CBP for a variety of business purposes. The term “single entry bond” most often refers to a particular type of customs import bond. The primary purpose of the bond is to guarantee that the required duties, taxes, and fees are paid to U.S. customs when goods are imported into U.S. commerce, as well as compliance with all applicable federal regulations. A single entry bond provides this guarantee for one single import transaction.
The single entry bond amount must be equal to the entire value of the goods, plus the duties, fees, and taxes required on the important transaction. Single entry bonds can be written at a minimum value of $100.
The Single Entry Bond Application Process
Applying for a single entry bond is not difficult, but there are certain pieces of information you will need at hand. The most important thing to note is what type of items you’ll be importing and the total bond amount you’ll need, which again is usually based on the value of the goods plus the total duties, taxes, and fees. Other important data to have available include:
- Importer’s Name and address
- Importer’s federal tax ID
- Port Name
- Country of origin
- Value of merchandise
- And more
The most important distinction to keep in mind regarding the single entry bond, is that it has a one time use, meaning it only covers a single import transaction. If you plan to import goods more than one time in a 12-month period, it might make more financial sense to look into getting a continuous customs bond. The continuous bond will also cover the ISF filing which is typically required on your import.
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