New York Immigration Assistance Service Providers Bond

Individuals or businesses offering immigration assistance services within the state of New York. This includes entities that provide services such as notarizing documents, translating forms, assisting clients with typing or clerical services in preparing applications and securing documents required for the submission of immigration applications. 

We recently supported a newly established immigration assistance provider in New York as they applied for their Immigration Assistance Service Providers Bond. Despite their familiarity with the industry, they were hesitant about the nuances of the bond and its potential implications for their business. Recognizing their commitment to assisting immigrants, we provided personalized assistance throughout the bond application process. By streamlining the procedures, we helped them navigate New York's regulations seamlessly, ensuring a successful launch and bolstering their reputation as a reliable immigration assistance provider.

Providers are required to maintain a financial surety of $50,000 to ensure that they can cover the cost if a customer is owed a refund or incurs damages due to their actions. If the provider earns more than $250,000 in any twelve-month period, the surety must be increased to 20% of the paid fees and compensation.

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 3% for applicants with good finances. This means you’ll need to pay between $500 and $1,500.

How is your bond premium determined? The surety agency takes a close look at your overall finances, paying special attention to your personal credit score. Your assets and liquidity, as well as your professional experience as an immigration assistance providers are also considered. The stronger your financial and business profile is, the less you will have to pay for your immigration assistance service providers surety bond.

You can consult our surety bond cost guide to get the complete picture of how your bond premium is set.

Can I Get a New York Immigration Assistance Services Bond with Bad Credit?

Even if your credit score is far from stellar, you shouldn’t worry about not being able to get bonded. Lance Surety Bonds runs its exclusive Bad Credit Surety Bonds program in order to help applicants with low credit score, tax liens, bankruptcies, or civil judgements, obtain the bond they need to keep their business going.

You are likely to pay a bit higher bond premium, in the range of 5% - 10%. This compensates for the higher risk that is involved in getting bad credit applicants bonded.

At Lance, we can offer you the best rates tailored to your specific circumstances, so you’ll never have to pay more than you need to. Whatever your credit score is, we can be your trusted partner in getting your immigration assistance service providers bond, and running a successful immigration assistance service.

You can apply online for your free bond quote today! For your exact bond price, complete the full application and attach all necessary paperwork.

For further information, our How to Get Bonded page offers a complete overview of the bonding process.

Any questions or concerns? Just contact us at (877) 514-5146 and our bonding experts will provide you with the assistance you need.

How Do I Renew My New York Immigration Assistance Service Providers Bond?

Your immigration assistance service providers bond should be renewed annually or biannually, depending on your state of operation. The renewal usually goes together with renewing your certificate or registration with the state authority.

Getting bonded with Lance Surety Bonds means you don’t need to worry about missing your renewal deadlines. We will send you a notification a few months earlier, and will then contact you via mail, fax and email to make sure you have received the information. This means you’ll have plenty of opportunities to get the renewal done on time, so you can stay compliant and run your certified immigration assistance provider.

It’s a useful reminder that an immigration assistance service providers bond does not protect your business, but your customers. It guarantees that you will provide them with the right services that they need. Engaging in fraudulent activities or otherwise transgressing the applicable rules can lead to a claim against your bond.

If the claim is proven, this can lead to serious financial consequences for your business. You will have to financially reimburse the affected parties, up to the penal amount of the bond. Your surety will pay at first, but you need to cover all costs afterwards.