What is a bonded warehouse, and why should you choose a bonded warehouse over the others? Here’s why. A bonded warehouse is under customs rules and is a protected warehouse facility to store your goods. Warehouses are typically used to store products, materials and items that are bound to be exported. While using a warehouse is optional, it would always ensure the safety of your good and the delivery of your service legally. But why would you choose bonded warehousing over the others, especially on an island like Sri Lanka? Here are five reasons why bonded warehouses in Sri Lanka is the better choice.
Availability of Bond
If you store your goods in a bonded warehouse, value-added taxes and duty taxes are waived until they are removed from the warehouse. This is a win-win for your goods and your business. Once your goods reach the bonded warehouse, the manager would offer a bond that guarantees no loss or the requirement of payment until all the items are removed from the warehouse.
Provide Storage facility
Bonded warehouses typically agree to store your good in the warehouse for a period of 4 years or more. And these warehouses are equipped with the technology to maintain the quality of your goods for a longer time. EFL 3PL boasts a green warehouse, completely sustainable to store goods while keeping the planet safe.
Businesses and traders save significantly when working with bonded warehouses since they are deferred from paying any taxes. They are not charged a fee even if the goods have to be reexported. Businesses owners pay the VAT when these goods are sold.
Safety comes paired with a bonded warehouse. Security personnel will be hired to supervise your goods 24/7 and year-round while giving special attention to refrigerated items. Inventory systems will be implemented to document and preserve goods.
Warehouses may only be used to store goods, but bonded warehouses are networked with freight companies that would provide logistics, deliveries and distribution for your goods. This presents you the opportunity to capitalise on several warehousing solutions to efficiently deliver your goods to your customers in the most cost-efficient way.
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