Do you import or export products? Have you ever wondered what a Foreign Trade Zone (FTZ) could do for your business?
What is a Foreign Trade Zone?
FTZ is a secured site within the United States where foreign imports and domestic merchandise are considered to be outside U.S. Customs territory. Goods in the zone remain in international commerce as long as they are held within the zone or until they are exported. Premier Logistics is unique in that we have an FTZ right here at our terminal in Tulsa, Oklahoma!
How can Premier Logistics’ FTZ benefit your business?
Deferral, reduction, or elimination of certain duties
Improved cash flow
Shorten your supply chain
Duty elimination on waste, scrap, and yield loss
Eliminate Customs fees by Weekly Entry process
Duty exemption on re-exports
What are the primary industries using FTZ?
*Petroleum Refining *Pharmaceuticals *Automotive *Chemicals
*Consumer Electronics *Building Materials *Machinery Manufactures
What are the public benefits?
Helps to facilitate and expedite international trade
Helps to firms conduct international trade-related operations in competition with foreign facilities
Helps to attract off shore activity and encourage retention of domestic activity
Assists state and local economic development efforts
Helps to create and maintain employment opportunities
What is the production equipment benefit?
Production equipment to be used in FTZ manufacturing can be brought into the zone in foreign status.
Prior to the payment of duties, equipment can be:
Duty on imported production equipment is not paid until the equipment is to be used for manufacturing activity.
What activity is permitted in Premier Logistics’ FTZ?
General warehouse and distribution activity is allowed (no time limit on storage)
Merchandise in a zone may be assembled, exhibited, cleaned, manipulated, manufactured, mixed, processed, relabeled, repackaged, repaired, salvaged, sampled, stored, tested, displayed, and destroyed.
Production activity using foreign merchandise must be authorized by the FTZ Board on case-by-case basis.
Premier Logistics' FTZ can be a powerful tool in your supply chain. Contact us today to see how we can put our FTZ to work for you.