How Foreign Trade Zone (ftz) Can Help Businesses Save
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Today, North America businesses are utilizing Foreign Trade Zone (FTZ) to better manage their global supply chain costs. Increasingly, many companies are looking at FTZ as a competitive alternative to a domestic distribution center.
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Make Your Business More Competitive
Today, North America businesses are utilizing Foreign Trade Zone (FTZ) to better manage their global supply chain costs. Increasingly, many companies are looking at FTZ as a competitive alternative to a domestic distribution center. In addition to the advantages of duty-deferral and duty avoidance on their imports, companies can perform kitting and distribution operations within the FTZ without paying duty on the labor. Location to key markets in North America within a day's drive is a prime consideration to the section of your FTZ.
Many companies have selected Speed Global Services-- headquartered in Buffalo, NY--for these reasons, in addition to our overall professional guidance around FTZ.
The key benefits of a FTZ are:
Duty Deferral
You'll realize improved cash flow as Customs duties are only paid when imported merchandise is entered into the U.S. Customs territory. Goods may be held indefinitely in a FTZ without Customers duty payment.
Duty Avoidance
There are no duties paid on merchandise exported from a FTZ, transferred to another zone or destroyed. This eliminates the need to manage costly and time consuming Duty Drawback programs.
Duty Inversion
The user may elect to pay the duty rate applicable to either the component materials ore the finished goods produced from raw materials, depending on which is lower.
Inventory Tax Incentives
Companies that hold goods in a FTZ are allowed exemption from inventory taxes. Also, certain tangible personal property is generally exempt from state and local ad valorem taxes.
Strategic Location
Buffalo, New York is strategically located to major markets in the U.S. and Canada. Your product will reach most cities within a 500-mile radius overnight at minimal freight costs.
Non-Dutiable Labor, Overhead and Profit
There are no duties applicable on labor, overhead or profit to operations performed within a FTZ.
Weekly Entry
Customs allows for a weekly entry processing, which benefits importers because they pay Merchandise Processing Fees capped at $485 on a weekly basis, versus a per shipment basis.
Enhanced Security
By using an FTZ, the "internal controls" requirements of section 404 of the Sarbanes-Oxley Act are met and participants in the Customs Trade Partnership Against Terrorism (C-TPAT) program are eligible for additional benefits provided by Customs.
FTZ Facts
Modern computerized (online) inventory control systems
Clean, dry temperature-controlled environment
Food-grade warehouse space
HAZMAT-certified
Online track and trace
Open 7 days a week, 24 hours a day
Fully secured with video surveillance
By taking advantage of the benefits and cost efficiencies of a FTZ to improve their global supply chain, you can significantly improve your market competitiveness and business growth. Click here to download a .pdf of FTZ information.
Author: Jim Trubits
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© 2007 Jim Trubits, LCHB Speed Global ServicesRandom related phrase:
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