A bonded warehouse; what is that exactly and what are the benefits?
You have most likely come across the term bonded warehouse, but what does it mean exactly? A bonded warehouse provides the opportunity to store goods temporarily, without the obligation to pay import duties and VAT. Bonded warehouses have already been set up in many countries, both within and outside Europe. To better understand the operation and benefits of bonded warehouses, it is important to answer a few questions.
Who can benefit from a bonded warehouse?
As long as you are importing from outside the EU, storage at a bonded warehouse can be an interesting option, irrespective of the type of product or business. For example, there are bonded warehouses with cooling and freezing systems and facilities which allow for bulk storage. If your company is engaged in re-exporting to outside the EU, then a bonded warehouse is the ideal solution to avoid double payment of import duties and taxes. But also if you transport your goods further within the EU, storage at a bonded warehouse will be advantageous to you.
You have most likely come across the term bonded warehouse, but what does it mean exactly? A bonded warehouse provides the opportunity to store goods temporarily, without the obligation to pay import duties and VAT. Bonded warehouses have already been set up in many countries, both within and outside Europe. To better understand the operation and benefits of bonded warehouses, it is important to answer a few questions.