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Expanding the Capital District Foreign Trade Zone - Coming soon to a property near you is an expanded FTZ # 121. Property owners in the Capital Region have a one-time opportunity to participate in a major expansion of the Capital District Foreign Trade Zone (FTZ #121). The Zone Administrators, Capital District Trade Strategies – Sustaining Members of CRWTC - are seeking to identify suitable properties - industrial parks, multi-tenanted facilities, contract manufacturing facilities, industrial incubators and/or properties located contiguously to significant infrastructure assets (Airports, Navigable Waters or Rail Yards) – that could benefit from Zone status.
Benefits might include:
- improving the business potential for existing or prospective tenants at the site
- attracting international inward investment to the site
- accelerating the development of and therefore the value of the site
- linking the site to the wider economic developments in the region.
There is no legal limit to the size, number or nature of sites that might be included in the expanded Zone. However, each site must be able to demonstrate that the acquisition of Zone status is likely to enable them to retain or attract business and jobs; that this development is in keeping and integrated with the wider economic development goals and plans of the region, that the Zone status created will serve more that a single company and that the Zone status established is likely to be used. CDTS and the Zone Grantee, the Capital District Regional Planning Commission, are at your disposal to help determine if your property can meet these criteria
Foreign Trade Zone status, like State Enterprise Zone status, provides active users with significant tax and other cost savings, especially as this relates to international business activities, international sourcing (imports) and international selling (exports). Last year over two hundred and fifty billion dollars worth of goods were manufactured, value added, warehoused, distributed, exported and imported through the U.S. Foreign Trade Zone program and Zone status was one of the top five attributes required by international companies and site selectors in choosing a relocation or development site. (For a comparison between FTZ’s and Bonded Warehouses see this month’s FAQ).
If you have any interest in finding out what value Zone status might have for your property or your business activities and would like to determine if your property might qualify for inclusion in this proposed Zone Expansion, please call the Zone Administrator at 518-694-8676 (x-105 for after hours messages) or check out the Grantee’s website at CDRPC.org.
CDTS is expected to close this open invitation and qualification process by the end of November, 2006 so please don’t delay!
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Coming and going were our business and governmental visitors from Ukraine. On Wednesday October 18th we met with their delegation in our Trustee Board Room atop 100 State Street. There was a true meeting of the minds and, as CRWTC hopes will become its distinguishing characteristic, we got right down to business. We are grateful to CRWTC members Ralph and Lydia Savage of Savage Law Firm P.C., David Bissett, Bob Holbrook of the local Shenendehowa Rotary and the Rotary International’s Open World Program supporting the Library of Congress’ Open World Leadership Center for the opportunity to meet this delegation and move their business outreach and development process forward. Delegates were Yuliya Doynova, Head of the Department for Economics and Regulatory Activities of the Berdyansk City Administration Executive Committee, Mariya Kovaliv, Vice Chairman of the Board of the Association of Economic Development of Ivano-Frankivsk Region, Yaroslav Kyrpushko, Director of the Bukovyna Center for Development and Reconstruction and Customer Support Department Head of the Chernivtsy Branch of Ukrinbank, and Orest Mykyta, Project Coordinator for the National Association of Regional Development Agencies of the Ukrainian Association of NGOs. The group was accompanied by facilitator Iryna Gulenko, auditor at Ernst and Young’s Kyiv office, and Valentyna Kharenko, translator and board member of Ukrainian Medical Services Group.
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Sandra Lloyd, our Office Manager and Director of Membership is settling in nicely and looks forward to speaking and meeting with all of you. Please give her a call at 518-694-8677 if you have any questions, concerns or needs. Jennifer Stacey, our intern from Siena College, is making good headway in her research on the ‘best practices’ of other World Trade Centers and is recommending how they might be implemented here at CRWTC for the benefit of our members. We are now planning a November daytrip to the Association’s Headquarters in New York City to introduce ourselves and bring back a fuller understanding of all the benefits and services the wider organization brings to its members. We’d be delighted if you’d join us- please call for scheduling details.
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Effective January 25, 2007, truck carriers entering the United States through all ports of entry in the states of Washington and Arizona and through the ports of Pembina, Neche, Walhalla, Maida, Hannah, Sarles and Hansboro in North Dakota will be required to file electronic manifests through the Automated Commercial Environment (ACE).
ACE is the next generation of U.S. Customs and Border Protection technology designed to protect the United States from terrorism and to ensure the country’s economic vitality by expediting lawful trade.
To comply with this requirement, truck carriers have the following options to transmit e-manifests.
- Self file through the Web-based ACE secure data portal or via a CBP approved electronic data interchange (EDI), or
- Use third parties, which usually require a fee.
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Foreign Trade Zones provide more and better benefits than Bonded Warehouses including: Cash Flow Savings, Export Duty Elimination, Duty Reduction, Duty Deferral and Inverted Tariff Savings. Here’s How:
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Function |
Bonded Warehouse |
Zone |
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Customs Entry |
A bonded warehouse is within U.S. Customs territory; therefore, a Customs Entry must be filed to enter goods into the warehouse.
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A zone is not considered within Customs territory. Customs entry is only required if, as and when goods enter the domestic commerce of the U.S.
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Permissible Cargo |
Only foreign merchandise may be placed in a bonded warehouse
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All merchandise, whether domestic or foreign, may be placed in a zone
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Customs Bonds |
Each entry must be covered by either a single entry, term bond or general term bond.
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No bond is required for merchandise in a zone.
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Payment of duty |
Duties are due prior to release from bonded warehouses.
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Duties are due only if and when goods enter the commerce of the U.S.
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Manufacture of goods |
Manufacturing is prohibited.
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Manufacturing is encouraged. Duty is payable on either the imported components or the finished product, whichever carries a lower rate, and only on the landed value of the o the imported goods. No duty on waste material or on value added in manufacturing, such as labor, overhead, domestic materials and profit. No duty paid on goods exported from a zone.
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Appraisal and Classification |
Immediately.
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Tariff rate and value may be determined either at the time of admission into a zone or when goods leave a zone, at your discretion.
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Storage periods |
Not to exceed 5 years.
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Unlimited.
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Operations on merchandise destined for domestic consumption |
Only cleaning, repackaging and sorting may take place and under Customs supervision.
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Sort, destroy, clean, grade, mix with foreign or domestic goods, label, assemble, manufacture, exhibit, sell, repack.
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Customs Entry & Import Regulations |
Apply fully
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Only applicable to goods actually removed from a zone for U.S. consumption.
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Jurisdiction of other federal agencies |
Applies to all foreign merchandise.
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Variable depending on products, processes and agency.
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If you're interested in this opportunity, please contact Ferenc Veres, CRWTC International Trade Specialist at ferenc@crwtc.org. |
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