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The Rockefeller Group Foreign Trade Zone has been designated by the U.S. Department of Commerce as a foreign-trade zone.
The major advantage of merchandise admitted to an FTZ is that it is treated as though it were located outside the United States for Customs duty purposes. A firm can import goods or components into an FTZ without paying duties at that time. It can then warehouse, assemble, manufacture, package, test, grade, clean, mix, process, and exhibit merchandise in the FTZ. Duties are paid only when goods or products are shipped from an FTZ to U.S. destinations. Generally, no duty is payable on goods or products scrapped, transferred to another zone or exported.
Accordingly, depending upon the nature of the operation taking place, tenants may eliminate, reduce or defer payment of Customs duties.
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There are four distinct, economic benefits. Tenants may use any or all of
these to their advantage:
 Warehousing imported goods in the FTZ defers duty and improves cash flow.
No Customs duty is assessed when re-exporting goods from the FTZ to foreign countries.
Processing goods within the FTZ can eliminate or lower tariffs.
FTZ goods may qualify for direct delivery and weekly entry benefits expediting the flow of
merchandise to and from the zone.
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The excellent access to nearby ports and airports also allows goods to be moved quickly into and out of the FTZ. |
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