The City of Fort Lauderdale Executive Airport
has launched an exciting new program to establish
a Foreign-Trade Zone in northern and western
A Foreign-Trade Zone is part of an attractive
federal program to defer, reduce, or even eliminate
costly Customs duties on products you import
into the U.S. Companies currently importing
goods and paying Customs duties are invited
to participate and take advantage of this program.
What is a Foreign-Trade Zone?
A Foreign-Trade Zone (FTZ) is an area that, for
U.S. Customs purposes, is considered to be in international
commerce. Any foreign or domestic material can be
moved into an FTZ without being subject to U.S. Customs
duties. A Zone is operated as a public venture sponsored
by a local municipality or authority
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 one of the privately-owned sites.
Subzone status can also be granted through for sites
located outside the pre-approved areas. A Subzone
is operated by the individual firm through a separate
application to the Foreign-Trade Zones Board and an
agreement with the City of Fort Lauderdale.
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.
Why do communities sponsor and develop
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.
Advantages of Foreign-Trade Zones
- Import duties are not paid until the goods leave
- 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 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
- 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
- Due to increased security, discounted cargo insurance
rates (up to 40% less) have been negotiated.
- 90% of firms using FTZs are U.S. based.
- 80% of merchandise received in FTZs is of domestic
- Over 2,900 firms use FTZs.
- Over 290,000 people are employed in U.S. FTZs.
- Exports from FTZs exceed $17 billion.
- Forty-nine states plus Puerto Rico have established
- There are 230 Foreign-Trade Zones and 407 Subzones
in the U.S.
- The FTZ Act of 1934 was a "New Deal" law introduced
to expedite and encourage U.S. participation in
- The FTZ program operates with minimal expenditures
of tax dollars. U.S. Customs oversight and enforcement
are reimbursed through merchandise processing fees.
- Zones encourage firms to locate final assembly
operations in the U.S. rather than abroad and discourage
domestic firms from relocating offshore.
For additional information on the City of Fort Lauderdale
Foreign-Trade Zone, please contact Clara Bennett
(954) 828-4955, or by email at email@example.com.