Does your manufacturing or distribution facility import a significant volume of goods and/or incur high tariff costs each year? Achieving designation for your facility as a Foreign Trade Zone may be the key to streamlining your import and export procedures as well as greatly reducing your annual import and duty expenses.
We can work with you to determine whether your operations and import volume make a Foreign Trade Zone a viable strategy for your company. Foreign Trade Zone operators enjoy a variety of savings and advantages, including:
- Reduced Merchandise Processing Fees. Consolidate your weekly Customs entries with a single, maximum
- Merchandise Processing Fee of $485 per week.
- Duty Deferment. Deferment until the date ofshipment for all duties owed on goods eventuallyshipped domestically.
- No Duties on Exports. Avoidance of all duties ongoods exported.
- No Duties on Discarded Materials and Merchandise. Avoidance of all duties on goods lost due to waste, scrap, or spoilage.
- Inverted Tariff Savings. Savings associated with manufacturing activities at your facility.
Working with your key financial and logistics personnel, we can model the savings available to your company from the categories above. This analysis will give you all you need to determine whether this project is a viable one.
APPLICATION TO THE U.S. FOREIGN TRADE ZONE BOARD
Thanks to recent revisions to federal regulations, gaining approval from the U.S. Foreign Trade Zone Board is a very streamlined process. Our staff will assist by identifying and collecting key information and documentation pertaining to your current import activities and assemble the necessary application package.
ACTIVATION WITH U.S. CUSTOMS
Once you have been approved as a Foreign Trade Zone, we will guide you through the updates and alterations required by U.S. Customs to ensure your inventory control procedures, inventory tracking software, and facility security are adequate for Foreign Trade Zone operations. This process will culminate in your facility achieving activation with U.S. Customs as a Foreign Trade Zone operator, and you will begin to realize savings immediately.
COMPLIANCE & ONGOING ASSISTANCE
Once your Zone is activated, there are annual reporting requirements. We can take over this function or help train your staff on what is required. We can also provide the help you need to successfully handle Customs reviews and audits.