The Foreign Trade Zone (FTZ) program was created by the U.S. government to facilitate international trade and increase the global competitiveness of U.S. based companies. The program, which has existed since the 1930’s, continues to thrive and change to better meet the needs of American companies in the global economy. A U.S. Foreign Trade Zone is a site within the United States, in or near a U.S. Customs port of entry, where foreign and domestic merchandise is considered to be outside the country, or at least, outside of U.S. Customs territory. Certain types of merchandise can be imported into a Zone without going through formal Customs entry procedures or paying import duties. Customs duties and excise taxes are due only at the time of transfer from the FTZ for U.S. consumption.
FTZs provide users with the opportunity to lower costs and boost profits through duty savings benefits. Contact us today to find out how our FTZ can benefit your company.