ITC Diligence will provide a complimentary Cost/Benefit Analysis to IMA member companies to help them determine if the Foreign Trade Zone program is a fit and offers value to a company.
If you want to start your fact-finding, complete this questionnaire to determine the feasibility of your company being an FTZ operator.
Cost Analysis
What will it cost me (year 1 and ongoing)?
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- Grantee Application & Annual Fees
- FTZ Bond procurement fee
- FTZ Security estimated costs
- Inventory Control guidance to satisfy the Annual Reporting requirements to FTZ Board
- ITC Consulting fee for turn-key application management
Benefit Analysis
Provides an estimated Annual Savings/Cash flow per each benefit of FTZ program
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- Duty Elimination- for export shipments outside of the U.S. commerce
- Duty Deferral- import duties are deferred while the goods are within the FTZ warehouse and only paid at the time when goods are shipped to enter the U.S. commerce per the Customs Entry filing process.
- Weekly Entry Program- Customs allows a one-time weekly processing of an Entry for goods shipped during the weekly shipping period into the US commerce, therefore caps the Merchandise Processing Fee to $634.62/weekly, instead of on per shipment basis.
- Harbor Maintenance Fee- in the FTZ environment, the HMF is deferred and paid quarterly via one payment instead of per shipment basis. HMF applies to ocean vessel import shipments only.
Manufacturing Review and Analysis
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- In FTZ manufacturing, the imported goods can have higher duty rates than the finished good product entering the U.S. commerce. The FTZ Board may allow the manufacturer to apply the lower finished product duty rate to the foreign inputs.
Note: Inverted tariff benefits may be precluded by restrictions on certain imported goods; either case specific or implemented in U.S. trade measures
Additionally…members are eligible for a complimentary Foreign Trade Zone 101 presentation- upon request, a complimentary virtual 45-60min PowerPoint presentation providing an overview of the FTZ program sharing the history and driving goals of the program; including overview of the roles of the FTZ Board, the Grantee, the FTZ Operator and U.S. Customs. Most importantly, the presentation provides real world examples demonstrating each of the FTZ benefits to provide memorable associations.
Reach out to Jason Poyser, Director of Consulting
ftzconsultants.com
223 N 6th Street; Suite 220, Boise, ID 83702
Mobile: 805-404-5941
Office: 626-333-3822 (ext. 2)