Immigration Consultant Bond

Immigration Consultant Bond

As an immigration consultant you play an important role in helping people make their dreams of moving to the US come true. You offer the support and understanding potential immigrants need to complete all of the necessary paperwork and submit their application. You help make the process easier by translating forms and gathering supporting documentation. You provide an invaluable service. Unfortunately some unscrupulous people who act as immigration consultants take advantage of this position of power over vulnerable people, that’s one of the main reasons why all immigration consultants are required to obtain an immigration consultant bond.

Protecting the rights of immigrants

To operate as a certified immigration consultant in the US you’ll need to maintain an active immigration consultant bond at all times. Each state has its own specific requirements for the minimum bond amount an immigration consultant needs to keep their license. One important thing consultants should remember is that immigration bonds are not designed to protect your business. These bonds are in place to protect the immigrants to a state and the state itself. They are used by the state as a method to help ensure that consultants act within the law and in the best interests of their clients. Although they don’t provide you with business protection they can help you build a solid reputation for your business as they allow you to become officially licensed as a legitimate immigration consultant.

 

Bonds are not a replacement for insurance

Surety bonds are often confused with insurance but the two are actually very different. When you purchase an immigration consultant bond you are actually acquiring a form of credit. People or agencies can make a claim against the bond if they feel that you failed to follow the appropriate immigration consultant rules and regulations. When you submit an application and pay the bond premium the surety provider agrees to compensate claimants on your behalf up to the value of your bond. If your bond is claimed against you will be required to pay back the full amount that the surety extended as credit.

 

Getting an immigration consultation bond

If you’re acting as an immigration consultant in the US you’ll need to maintain an active surety bond in order to stay compliant with state law and keep your license. Obtaining a bond is a relatively simple process that can be completed quickly when you use an experienced bonding company. To apply for a bond you’ll need to complete an application form and submit documentation about your business financials and your personal credit history. A surety company needs this information to calculate the premium rate for your bond. People with good credit and a solid financial history will pay lower premiums than those with poor credit. Your credit score influences the premium rate because the surety uses this information to determine how likely it is that they will have to pay out on the bond—lower risk means lower premiums. However, even if your credit is lacking you can still apply for a bond, your premium may just be slightly more expensive.

 

Finding the right immigration consultation bond

The requirements for bonds vary by state so it’s important that you find the right bond to meet the licensing rules of your state. Did you know that 90% of immigration surety bonds are underwritten in California? Let’s use their licensing requirements as an example: any business or entity acting as an immigration consultant in California must have a bond for $100,000 written by a surety company that is licensed to operate in the state. To find the right bond you should choose an experienced surety bonding company who can help you find the best bond for your business and ensure that you remain compliant with licensing requirements.

 

Renewing your bond

Most bonds only last for a certain period of time, if you fail to renew an expiring bond you may have to apply for a new bond and a new immigration consultant license. To avoid having to deal with these processes again you need to complete the bond renewal process and pay the new premium before your existing bond expires. Your surety bond company can help you complete this renewal process in a timely manner. Once your new bond is in place you need to register it with the Secretary of State to maintain an active license.

 

Get the immigration consultant bond you need when you need it

Viking Bond Service has been helping immigration consultants acquire the bond they need when they need it for many years. For a friendly service and a quick and easy application process call the team at Viking Bond today.