FMC licence is required by the US Federal Maritime Commission that all transportation and shipping companies provide Ocean transportation intermediary have to register before providing services. The regulation applies for both import and export businesses.
OTI Bond stands for Ocean Transportation Intermediary Bond that is a guarantee fund that bond surety issues for NVOCCsin order tp guaranteeing financial ability of NVOCCs to pay relatived responsible fines if any. Maximum value of the guarantee fund is USD 150,000. NVOCC have to get OTI-BOND for registering FMC licence.
Businesses need FMC licence in order that they are allowed to issue House Bill of Lading directly, sign contract with carriers for North American routines, declare AMS (AMS is a system set up by the US customs to control all local and import- export cargo which are transported by all means)
FMC Licence is a solution that secures competition and prestige of ocean transportation system for supporting US economy and protecting US clients in transportation and delivery. Every year, Federal Maritime Commission FMC will researches and supervisesall contracts between ocean carriers and their partners such as ports and NVOCCs. FMC maintains and supervises all service contracts for protecting benefit of transportation between the USA and other countries.
All Non-USNVOCCs have to buy OTI-NVOCC Bond in order that they can issue House Bill of Lading with their onwed names.OTI – NVOCC bond is financial guarantee fund which bond surety issues to NVOCCs. The guaranteed value is 150,000USD maximum. Registering time: 1-2 weekds.
Applying to register FMC License. FMC licence is the rquired licence that businesses are allowed to issue their owned Bill of Lading and sign service contractswith carriers. The oversea businesses need acceptable OTI-NVOCC Bond to meet FMC Licence requirement. Registering time: 10 days.
NVOCCs who provide transportation services for US routines have to declare all selling rates and charges. They have to register an account in Tariff Filing system and filing. GOL supports filing for our customers.
Business’ House Bill of Lading form have to register with Federal Maritime Commission FMC. Business provides sample and GOL will consults before registering. Registering time: 10 days.
