Application Process
In order to join the EACBond++ program, the principal or clearing agent must first register an online account on the EACBond++ platform. This is a simple process requiring basic business and contact information. Once the account is created, the user can access the application form. This form consists of several sections, asking for the specifics about the principal/clearing agent's business, cargo details, transit routes, and proposed bond amount. Crucial documents like business license, cargo documentation, etc., would also need to be uploaded.
Anyone who complies with the program’s eligibility criteria – which mainly comprise principals and clearing agents – can apply. The application incurs certain fees, payable via multiple convenient methods, including online bank transfer and credit/debit cards. After submission, the ACU screens the application, checking for completeness and credibility of the entered details. The review process, depending on the complexity of the application, can take up to a week.
The determination of the customs transit bond value is primarily based on the value of the cargo being transported. Underwriters assess the risk associated with the cargo and the transit route to calculate the appropriate bond amount. Upon approval, the bond is issued online through the EACBond++ platform, with a defined validity period. Provisions for extensions, if required, are also outlined in the issuance process.
Upon successful issuance, participants receive confirmation of their status as approved program participants, granting them access to the benefits and coverage provided by the EACBond++ scheme.
Bond Issuance
Transit Declaration
To lodge a transit declaration online before the shipment of goods, users must navigate through the EACBond++ platform to access the transit declaration module. Here, they are required to fill in relevant declaration fields, providing details such as cargo specifications, point of origin, destination, and anticipated transit route. Additionally, users are prompted to attach supporting documents, including invoices, packing lists, and transport contracts.
Upon validation, the system generates an e-seal, which is a critical component for both cargo tracking and bond coverage. It's important to note that the submission of a transit declaration is mandatory for ensuring proper tracking and securing bond coverage for the consignment.
Customs examinations encompass various verification processes, including document verification and physical checks. These examinations occur at specific points along the transit route, such as entry, en-route, and exit points. At each of these examination points, the appropriate documents and e-seals are required for verification to ensure compliance with customs protocols and regulations.
These examination procedures are crucial in upholding the integrity of the transit process, ensuring that goods are appropriately documented and authenticated at each stage of their journey.
Examination Procedure
Tracking Visibility
The utilization of e-seals provides real-time tracking and monitoring capabilities to relevant authorities and stakeholders. This functionality enables immediate identification of any diversions or delays in the consignment's journey, flagging potential non-compliance or deviations from the approved transit plan.
The continuous tracking visibility enhances overall monitoring, contributes to the identification of potential violations, and ensures the secure and centralized tracking of consignments for enhanced visibility and control throughout the transit process.
To initiate the bond retirement process, users can submit the bond retirement voucher online through the EACBond++ platform. Alongside this submission, the required documents for retirement, such as delivery notes and payment receipts, must be attached.
Once submitted, customs officers validate the retirement process, ensuring that all necessary compliance requirements have been met. The average processing timeline for bond retirement and release is stipulated, with the bond being released online upon complete compliance, without incurring any penalties.