New Regulations For Customs Bonded Warehouse Operations

(Coopers & Lybrand Times, Issue No. 21)

In accordance with new regulations on Establishment and Operations of Customs Bonded Warehouses, to establish and operate a bonded warehouse a licence of the State Customs Service is required. The licence cost is US $2,500. In addition, the warehouse owner is required to pay an annual registration fee of US $1,500. To obtain a license the applicant should submit a set of documents to the customs office which serves the area where the warehouse is located. The basic requirement is that the warehouse must be ready for operation and duly equipped.

Incoming goods may be cleared only by the warehouse operator. Outgoing goods may be cleared by the warehouse operator as well as by the goods owner. To perform customs clearance the warehouse operator must obtain a Qualification Certificate issued by the local customs office at a fee of $1,500. Imported goods can be stored in bonded warehouses for maximum period of up to three years. Alcoholic