You might have heard or read the term customs bonded warehouse and wondered what it is. Well, if you are moving or travelling to a country like Australia where customs clearance rules are very strict, knowledge of customs bonded warehousing is advantageous.
A bonded warehouse is a secure storage area where goods to be shipped are stored, manipulated and even manufactured without having to pay any duty. Once these goods enter the warehouse, they are the responsibility of the warehouse authority under an agreement made between the warehouse authority and importer/exporter.
Warehouses are temperature controlled and are equipped with all facilities for storage, palatalizing, packing and stock control. Trade fairs and exhibition goods can also be stored in these warehouses.
Warehouses are mostly owned by the government but many private companies too have warehouses which require a posted customs bond as well as some customs supervision.