Maximize your importing and exporting operations.
If your company imports components for distribution or manufactures finished products that are exported, Washington’s Foreign Trade Zones (FTZ) can offer you a tremendous competitive advantage. Businesses with operations in a FTZ can receive foreign merchandise for storage, assembly, manufacturing and processing without being subject to formal Customs entry procedures, duties and federal excise taxes. These fees are not due until the merchandise is transferred from the FTZ and is ready for consumption by U.S. customers. If the goods are exported, then no duties or taxes are paid on those items.
For the purposes of Customs, FTZs are considered to be outside the U.S. Customs Territory. Since they haven’t formally entered the United States, components and merchandise can be shipped in and out of the FTZ exempt from duty payments. Goods can remain in the FTZ for an indefinite amount of time and a business can conduct any number of activities, including assembly, packaging, storing, cleaning, re-packing, distributing, sorting, grading, repairing, testing or recycling.
FTZs can greatly reduce the cost of doing business and simplify processing and entry fees as well as the paperwork required. It also allows companies to retain more capital, improving cash flow as goods are moved in and out of the United States.