Stay up-to-date with Industry News and Insights
Sign up for email updates.
In today’s global marketplace, it is highly likely that your business is either importing and/or exporting goods into and out of the United States. The Foreign-Trade Zones Program is offered through the Department of Commerce, Foreign-Trade Zones board, and gives companies within the United States a wide range of benefits that allow them to stay competitive in today’s marketplace. And yet, many companies don’t fully understand how FTZs can be utilized and what positive impacts they can have on their business.
If you answered “no” or “I don’t know” to any of these questions, you may be at a higher risk for fines, increased broker fees or delays in getting your products to market.
At MarksNelson, we can help you explore ways to improve your trade strategy and protect your business.
According to CBP, FTZs are “are secure areas under U.S. Customs and Border Protection (CBP) supervision that are…the United States' version of what are known internationally as free-trade zones.”
The FTZ program offers a variety of benefits for many different types of companies. The program allows importers to have better oversight of their import process, as well as a better relationship with US Customs. Many companies use FTZs in order to hedge against the volatility of evolving trade agreements and relationships between the U.S. and other countries. Companies that import high-value goods or a high volume of products can also potentially reduce duties and broker fees by operating an FTZ.
While many companies operate within established FTZs, others are benefiting from establishing their own. When advising companies, we consider factors that can influence their FTZ approach, including types of goods produced or sold and locations where goods are manufactured or distributed.
Our FTZ consultants have experience as both FTZ operators and FTZ consultants and can advise in trade planning from origination to destination. Through this experience, we have built relationships with other trade service providers and current and former CBP employees that can provide additional insights.
When working with clients on FTZ and other trade matters, we partner with our in-house tax and accounting consultants in order to evaluate the bigger picture of trade as part of an overall tax planning and operational strategy. We also have access to international experts as part of the Leading Edge Global Alliance of firms.
Whether you are already operating within the FTZ program and need additional guidance or support or are evaluating the benefits of an FTZ for your company, we provide the following services: