FREE ZONE & BONDED WAREHOUSING
World Wise Consulting can help you learn how to bring cargo into the United States and avoid taxes and fees in certain scenarios. Allow us to explain the differences and find out which program would benefit your business model.
FREE TRADE ZONE OR BONDED WAREHOUSE?
To take advantage of an FTZ, companies need to be able to track their inventory, trace manufacturing and production orders, determine whether material came from domestic or international sources, and classify goods for duty deferrals and reductions. How much a company saves by using an FTZ depends on the size of the company and its business model. Reducing merchandise processing fees alone can save a company a substantial amount of money.
It’s easy to see why so many international shippers are turning to Foreign Trade Zones to shave costs off their supply chain. Florida boasts more than 20 FTZs, including many in Miami. But what’s the alternative? Obviously, not everyone uses Foreign Trade Zones for their distribution needs. Shippers must weigh the pros and cons of operating within these semi-independent zones, and in some cases they might find that it’s easier to stick with traditional, bonded warehouses.
ADVANTAGES OF FREE TRADE ZONE
Deferral, reduction, or elimination of certain duties
Relief from inverted tariffs
Duty exemption on re-exports
Duty elimination on waste, scrap, and yield loss
Weekly entry savings
Improved compliance, inventory tracking, and quality control
Waived customs duties on zone-to-zone transfers
ADVANTAGES OF BONDED WAREHOUSE
Shippers who rely heavily on the domestic marketplace
Only foreign goods are permitted in a bonded warehouse
Keep cargo up to 5 years
$50,000 surety bond, instead of a $250,000 that is required for a FTZ
WHY WORLD WISE CONSULTING?
World Wise Consulting is not just another consulting firm. Our employees have actively worked in the trade, providing training and expertise from an operational perspective.
that we will provide help and assistance to import cargo into the US with virtually no complications or obstacles.
that you will understand the intricacies and help you circumvent red tape to guarantee that importing procedures are fast, cost-effective, and hassle-free.
to be your liaison with US Customs from start to finish.