First ever customs bonding procedure program launched by Shippers’ Academy Colombo

Tuesday, 8 August 2017 00:00 - - {{hitsCtrl.values.hits}}

The customs bonding process is a global tool provided by customs organisations throughout the world to facilitate trade where different regulations exist in countries. The bonding process helps traders, importers, exporters and service providers such as logistics industry players to manage inventory, run efficient distribution centres, pre-plan supply chains and most importantly to manage cash flow across the supply chain.

Sri Lanka being the ideal location in the Indian Ocean to be a global manufacturing and a distribution hub has to open up the economy further to expand the trading environment. Opening special economic zones, free zones along with for trade facilitation for domestic importers and exporters is a need of the hour and the bonding schemes which are somewhat restrictive due to technical reasons has to be understood by the trade properly to get the benefits.

The Shippers’ Academy Colombo for the very first time has developed a short program to give insights into the bonding processes available in Sri Lanka under different investment criteria. The short education programme would cover the following aspects:

What is bonding?
Legal background
Underlying principles in bonding
Advantages in operating a bond
Responsibilities of a bondsman
Types of bonds and how each type operates
Bonds operating under BOI regulations Bonds under TIEP schemes
Bonds operating under HUB regulations
Bonded imports under IBG
Bond operations under INFAC
Entrepot trade
Process of bonds
How to apply
Minimum requirements
Maintaining and renewal of bonds
Penalties
Common errors
Dos and do nots

The training will be conducted by a senior ex-Customs director and a consultant and will be held on Wednesday, 9 August from 8:30 a.m.-12:30 p.m., and is scheduled to be held at Sri Lanka Foundation.

The Shippers’ Academy invites all traders, exporters, importers, BOI companies freight forwarders, logistics and warehousing companies to register as it will be useful information to develop new business.

Limited seats available, please contact the Shippers’ Academy Colombo on 077-3820703/0113560844 or [email protected] or online www.shippersacdemy.lk to register.