What Is an Immigration Consultant Bond?
Certified immigration consultants in the U.S. are required to post an immigration consultant bond and keep it valid at all times. The bond is required in order to get the certification from the relevant authority in their state of operation. The specific bond amounts vary throughout the states.
An immigration consultant bond functions as a protection for the state and the general public, and does not safeguard your business. Its purpose is to protect your customers seeking immigration consultation from any unlawful actions on your side, such as fraud and misrepresentation of information. Being a certified immigration consultant is a strong sign to people that you are following the law, and will provide them with reliable consulting.
Similarly to other types of surety bonds, an immigration consultant bond is a three-party contractual agreement:
- A principal – your business
- An obligee – the state authority that will certify your consultancy
- A surety – the entity providing the bond.
How much does an immigration consultant bond cost?
How much you need to pay for your immigration consultant bond depends on the bond amount you are asked to obtain, plus the overall strength of your finances.
Different states have various requirements for the immigration consultant bond amount. If you are based in California, you’re asked to post a $100,000 bond for 2 years, while in Utah the amount of the bond is $50,000. You can determine the exact amount that applies to you by checking with your state authority.
To get bonded, you do not have to pay the full bond amount. You pay only the bond premium, which is a percentage of the total amount. For the standard bonding market, the usual premiums are between 1% and 2.5% for immigration consultant bonds. For a Utah bond, this means you’ll need to pay between $500 and $1,250
To apply for this kind of Bond https://www.allstatesuretybonds.com/surety-bond-form-page/