Southwest Missouri Foreign Trade Zone
The Southwest Missouri Foreign Trade Zone (FTZ) can help businesses avoid some of the frustrations of international trade by reducing U.S. Customs delays, and high Customs' duties (taxes).
What is an FTZ?
A Foreign Trade Zone (FTZ) is an economic incentives program created by the federal government to facilitate international trade. An FTZ is physically located within a nation’s boundaries, but legally exists outside the Customs' area. The Southwest Missouri Foreign Trade Zone can include any business in a 23 county region in Southwest Missouri (shown in blue on the map).
While merchandise is in an FTZ, Customs' duties are delayed until it enters U.S. commerce. If goods enter the FTZ and are exported again, they may never be subject to U.S. Customs' duties.
Is an FTZ right for your business?
Consider using an FTZ if any of the following applies to your company:
- You need to store imported goods, or show them to prospective buyers
- Your merchandise must be processed, cleaned, tested, re-labeled, re-packaged or otherwise manipulated before it is released into the U.S. or exported
- Your domestic goods will be sold abroad and carry a high excise tax burden
- Some of your imported goods are damaged or destroyed, or have become a waste product of your finished merchandise
- The value of your imported merchandise is increased before it is sold
- There are U.S. quota restrictions on your finished product
- Continue to operate at your existing facilities
- Never pay Customs' duties on goods exported from an FTZ or transferred from one FTZ to another
- Duties are not owed on labor, overhead or profit attributed to production in an FTZ
- Store your goods indefinitely, duty-free
- Minimize inventory cost
- Pay the duty rate on either imported components or the finished product, whichever is lower
- Duties are reduced or eliminated on damaged or waste materials
- Utilize the “weekly entry” feature approved by Customs to save processing fees and minimize procedural requirements
- Food and Drug Administration and Department of Agriculture non-approved items may be allowed into an FTZ
Download these FTZ fact sheets for more information:
The Southwest Missouri Foreign Trade Zone can assist with a simple feasibility study to determine the full range of potential benefits to your company. Contact: Tom Rykowski, 417.868.0500. Or email: info at flyspringfield.com