Guarantee accounts are established as a means of giving some form of security to the Customs for the eventual payment of duty and taxes whilst having use of the goods.
- The Importer/Exporter or Broker must obtain from a financial institution (i.e. a commercial bank) a bond or guarantee on the prescribed form, listing the sum for which the institution will assure payment.
- The Importer/Exporter or Broker must present to the Comptroller of Customs or designated revenue officer, the bond or guarantee and notify the officer of his/her intention to establish a transit, warehouse, or declaration guarantee account.
- The establishment of an account is not automatic and the Importer/Exporter or Broker must satisfy the Customs that he/she will meet his/her obligations under the guarantee.
- The Importer/Exporter or Broker may at any time inform the Comptroller of Customs and his/her financial institution (i.e. a commercial bank) that he/she no longer wishes to continue using the bond or guarantee. Such requests to discontinue may be granted by the Comptroller, provided that all outstanding obligations to Customs have been satisfied.