Florida Export Guide 2016

26 / 36

26 2016 Florida Export Guide Florida.Think.Global
Obtaining Foreign Trade Zone
status for a business can have a
significant impact on the com-
pany’s bottom line. For compa-
nies located in Pinellas, Pasco or Hernando
counties, Foreign Trade Zone (FTZ) 193 is
a way for manufacturers and distributors to
defer customs duties and taxes until mer-
chandise is transferred from the FTZ to
the domestic market. If a business is re-exporting a product,
in most cases duties can be completely eliminated.
An FTZ is a secured site within the United States, but
technically considered outside of the jurisdiction of U.S. Cus-
toms, allowing shippers to streamline customs clearance and
better manage supply chain and logistics expenses.
By using an FTZ, businesses can operate more efficiently
by effectively managing cash flow and saving a significant
amount on the cost of importing materials by deferring any
duties paid until the final sale of the product. And while duty
deferral can be substantial, companies involved in manufac-
turing or distribution operations in a foreign trade zone can
realize many more intangible savings, such as streamlining the
movements of products through a facility.
FTZ 193 encompasses more than 2,000 square miles in the
Tampa Bay region. Some of the best industrial land sites in the
United States are available within this Foreign Trade Zone.
Moreover, FTZ 193 allows for easy integration into a com-
pany’s existing site/location. Storage and distribution sites can
be approved in 30 days. Manufacturing and processing plants
can be approved within 120 days.
Companies should consider investigating FTZ 193 if
the business:
• Manufactures, assembles or processes imports.
• Exports previously imported materials.
• Regularly pays more than $485 per week in merchandise
processing fees.
• Waits long periods of time for orders to get through
customs.
• Scraps, rejects, destroys, wastes or returns some imports.
By integrating FTZ 193 into a current operation
companies can:
• Defer customs duties and taxes until merchandise is trans-
ferred from the FTZ to the domestic market.
• Reduce merchandise processing/entry fees substantially with
just one entry filed each week, and just one fee per entry.
• Reduce duties on goods processed or assembled in the
FTZ when imported components have a higher duty rate
than the finished goods.
• Eliminate duties entirely on scrap, damages, zone transfers,
and on goods re-exported.
Brent Barkway is the Business Development Manager for
Pinellas County Economic Development
More information about ForeignTrade Zone 193 is available on-
line a r by contacting Brent Barkway, Business
Development Manager, Pinellas County Economic Development at
r 727-464-7411.
Foreign Trade Zone 193: The Best Kept Secret
for Distribution and Manufacturing in Florida
By Brent Barkway
“An FTZ is a secured site within
the United States, but technically
considered outside of the jurisdiction
of U.S. Customs…”
Florida’s
Foreign
Trade
Zone
193
Hernando
Pasco
Pinellas
Brent Barkway
Do you manufacture, assemble or process imports?
Do you export previously imported materials?
Do you regularly pay more than $485/week in
merchandise processing fees?
Do you have to wait long periods of time for your
orders to get through customs?
Do you scrap reject, destroy, waste or return some of
your imports?
CHECKLIST: Is an FTZ Right for Me?