The Foreign Trade Zone (FTZ) program is a catalyst for companies involved with international trade to improve their competitiveness and profitability. By utilizing the FTZ program, companies are able to defer, reduce or eliminate Customs duties on products admitted to the zone.
Goods stored in a FTZ are considered part of international commerce and are legally outside U.S. Customs territory. By utilizing the zones program for trade, companies benefit from a variety of financial advantages:
- Duty Deferral – Duties are paid only when goods enter U.S. Customs territory.
- Duty Elimination – Goods may be re-exported duty free from the zone. Goods may be destroyed or scrapped duty-free in the zone.
- Reduction of Tariffs – Importers may choose to pay duties on raw materials entered into the zone, or pay duties on the finished products as they are entered into U.S. commerce.
The Charlotte Regional Business Alliance is the Grantee for FTZ #57. As Grantee, the Alliance is charged with establishing, operating and maintaining the zone. For more information, please contact Laura Foor at firstname.lastname@example.org or 704-378-1365.
Need information on the Foreign Trade Zones program in South Carolina? Visit the South Carolina Ports Authority for an overview of the SC zones program.
Interested in learning how your company could benefit from the Foreign Trade Zones program? The FTZ Savings Calculator will give you an estimate of your potential zone savings.