Fort Lauderdale is home to FTZ No. 241, a thriving Foreign Trade-Zone (FTZ) that can instantly make your company more competitive with those abroad, generate significant savings, enhance revenue, and free up resources for job growth and business development.
Operating in FTZ No. 241 is easier than ever thanks to Fort Lauderdale’s Alternate Site Framework (ASF). Zone designation can be assigned to existing or new businesses located in Broward County, or companies may relocate to Fort Lauderdale Executive Airport’s 200-acre Industrial Park. Plus, with our expedited application process, your site application could be approved in 30 days or less!
What is a Foreign-trade Zone?
A Foreign-Trade Zone (FTZ) is an area that is considered to be within international commerce. Any foreign or domestic material can be moved into an FTZ without being subject to U.S. duties, or taxes on imported materials. A Zone is operated as a public venture sponsored by a local municipality or authority and part of a federal program to defer, reduce, or even eliminate costly duties on products that are imported into the U.S. commerce. Companies importing goods and paying duties are invited to participate and take advantage of this program.
Fort Lauderdale Executive Airport’s Foreign-Trade Zone Program offers businesses several location options. Businesses can relocate into the Executive Airport’s 200-acre Industrial Airpark, choose another City-owned site, or locate at a privately-owned site, within Broward County.
Why Do Communities Sponsor and Develop FTZs?
A local community benefits from the increased business attraction and retention opportunities a Zone offers. FTZs provide an attractive climate in which to do business and thereby encourage domestic companies to expand and/or to retain operations in the U.S. that would otherwise be relocated overseas. The overall result is more jobs created in the local area.
Why Do Companies Use FTZs?
Companies utilize FTZs in order to reduce operating costs associated with a U.S. location that are avoided when operating from a foreign site. This cost reduction allows firms to maintain cost competitiveness in their U.S. based operations.
Advantages of operating within a Foreign-Trade Zone include:
- Import duties are not paid until the goods leave the Zone.
- Re-exported goods are never entered into U.S. commerce and are not subject to Customs duty.
- No duty is paid on scrap, waste, or damaged goods.
- The company has the use of the duty dollars for the limited time the goods are in the FTZ.
- The final duty rate paid is that of the component part or of the finished article, whichever is lower.
- Products transferred from Zone to Zone are duty free.
- Most merchandise subject to quotas may be held in a Zone until quotas open.
- Customs review of security procedures and Federal laws governing unauthorized removal of Zone merchandise deter theft.
- Due to increased security, discounted cargo insurance rates (up to 40% less) have been negotiated.
For more information, please contact:
Business Assistance Coordinator
(954) 938-4974 (Fax)