What is Oti Licence?

What is Oti Licence?

To operate as a non-vessel-operating common carrier or ocean forwarder in the U.S. handling international ocean shipments, a company or individual must first obtain an ocean transportation intermediary (OTI) license from the Federal Maritime Commission.

How can I get FMC license?

How to Apply for an FMC OTI License?

1. Step 1: Determine the type of license the company needs depending on your requirements.
2. Step 2: Establish or confirm your corporate identity (sole proprietor, LLC, or Corporation).
3. Step 3: Appoint a qualifying individual (QI) with at least 3 years of verifiable OTI experience.

What is NVOCC license?

NVOCC is an abbreviation for Non-Vessel Operating Common Carrier. An NVOCC is a company licensed by the FMC that deals with cargo transport for individuals and business corporations without owning ships. NVOCCs buy or lease space in containers, so they are responsible for consolidation and loading containers.

What is Oti experience?

A freight intermediary (also known as an OTI or Ocean Transportation Intermediary) is someone that assists an exporter or an importer to secure the best freight rates possible while providing the quickest routing for their cargoes and also preparing and processing the documents related to these shipments.

What is Oti process?

OTI ensures that its program neither duplicate nor substitute for other U.S. government efforts, reserving its resources for those situation in which a unique contribution can be made.

How can I get OTI experience?

Generally speaking, this experience must be obtained while working as an employee of an FMC-licensed NVOCC, ocean forwarder or an ocean carrier in the United States. The FMC will require a copy of a corporate document that proves the qualifying individual is a company officer.

How do I get a freight forwarder license in India?

Registration and Compliance Freight forwarders need to get registered with International air Transport Association (IATA) and Air Cargo Agent Association of India (ACCAI). It is also necessary to be a part of industry forums such as the Institute of Logistics so that issues raised to logistics industry may be raised.

How do I become an international freight forwarder?

1. Step 1: Know what type of entity you are.
2. Step 2: Determine your mode of transportation.
3. Step 3: Decide if you also want to be a carrier.
4. Step 4: Register for freight forwarder licensing.
5. Step 5: Submit insurance policies.
6. Step 6: Get a freight broker bond or trust fund agreement.

How do I start my own logistics company?

How To Start Logistics Company in India

1. Define Business Model.
2. Register Your Company.
3. Register With Local Search Companies.
4. Visit Popular Transport Facilities in Your Town/City.
5. Full Truck or Half Truck Transport.
6. Advertise Your Companny.
7. Grow Your Connections.

What is Oti surety bond?

What is an OTI Bond? An Ocean Transportation Intermediary Bond is a surety bond that is required for licensure to operate as an Ocean Freight Forwarder (OFF) or as a Non-Vessel-Operating Common Carrier (NVOCC). This surety bond is also referred to as an FMC-48 Surety Bond and an FMC-69 Surety Bond.

What is the difference between freight forwarder and freight broker?

A freight broker coordinates the connection between shippers and carriers but does not handle freight directly. A freight forwarder actually takes possession of the freight, and often stores, packs, and ships it.

Who is the richest transporter in India?

Transport Corporation of India (TCI group), with revenues of over Rs. 4300 crore, is India’s leading integrated multimodal logistics and supply chain solutions provider.

Who is best transporter in India?

Here follows the list of top 10 logistics companies in India

• Safexpress.
• Global Express Logistics.
• DTDC.
• Agarwal Packers and Movers.
• First Flight.
• Atlas Logistics Pvt Ltd.
• SAL Logistics Pvt Ltd.
• Falcon Freight.

What license is needed for logistics business?

How long does it take to renew an OTI license?

The initial renewal period will be no less than 12 months and no greater than 48 months from the initial effective date of the license – subsequent renewals will be due every three years. See the tables below for the renewal deadline schedule or look-up the license renewal deadline on the OTI list found on the FMC website.

How do I get an OTI license in the US?

A qualifying individual must have at least three years of demonstrable OTI experience in the U.S. trades that can be confirmed by the FMC and, be an officer of the company. Submit electronically Form FMC-18: Application for a License as an Ocean Transportation Intermediary.

How will I receive my license renewal notice?

License renewal notices will be sent via email each month based on the license renewal deadline, therefore it is important that licensees ensure the Commission has an up-to-date email address on file for this purpose. Licensees can provide updated email addresses to the Commission by sending an email with the preferred email address to [email protected].

When can I renew my NVOCC license?

The first renewals will begin in August 2016. Registered NVOCCs will receive an email notice no more than 30 days prior to their renewal date with instructions on how to log into the online filing system. There is no fee for renewal.