From the Archives:
(Miami Herald, A boost to South Florida's Economy, August 7,2012)
'In a move that enhances Miami-Dade County’s status as a center for international trade and commerce, the U.S. Department of Commerce this week provided a grant of authority for PortMiami Foreign Trade Zone No. 281, a new mega-Foreign Trade Zone (FTZ) that stretches north from Southwest Eighth Street to the Broward County line. The new zone will be among the nation’s first to operate under new, streamlined processes'. Read more from the Miami Herald
WTDC moved quickly to become the first activated Zone within FTZ 281 on December 12, 2012.
(12/13/12)FTZ Open for Business! WTDC is now Foreign Trade Zone 281, Site 4. This week WTDC received its FIRMS code from U.S. Customs enabling it to operate the first Usage Driven site approved under PortMiami's FTZ281.
Foreign Trade Zone (FTZ) operations can be successful cost reduction tools for companies importing or exporting in the United States. WTDC provides Public Foreign Trade Zone Warehousing and Foreign Trade Zone Consulting. Commonly referred to internationally as a Free Trade Zones or Zona Franca, United States Foreign Trade Zones have a number of advantages:
Merchandise Processing Fee (MPF)
In a FTZ, importers can pay the MPF (≈.34% of value, max $485) by way of weekly summary entry on all import transactions during the week, as opposed to paying per entry filed. This is an advantage to companies filing multiple entries per week/month, as a max MPF of $485 is payable per week/month.
Harbor Maintenance Fee (HMF)
In a FTZ, the HMF (.125% value of goods) is payable 30 days after a quarterly filing, whereas in a typical shipment, the HMF is due per entry with no deferability. The deferral of HMF payments is a useful cash flow management tool.
Unlike a Bonded Warehouse, where goods must be destroyed or exported 5 years from date of importation, merchandise in a FTZ has no time restrictions.
Merchandise for Domestic Consumption
In a FTZ, merchandise can be sorted, destroyed, cleaned, graded, mixed with foreign or domestic goods, labeled, assembled, manufactured, exhibited, sold and repacked.
Appraisal and Classification
In a FTZ, the value of the merchandise may be determined either at the time of admission into a Zone or when goods leave a Zone. It is at the user’s discretion, a useful when Closing Out goods or when Manipulating a Product.