Foreign Trade Zone 289 (FTZ 289)
Through the efforts of Ontario County Economic Development, Ontario County was awarded Grantee status in 2014 under the Alternative Site Framework for FTZ 289 by the U.S. Department of Commerce. Businesses within the five county Service Area of Ontario, Wayne, Seneca, Yates, and Livingston counties may apply to Ontario and the Foreign-Trade Zones Board to establish subzones or magnet sites.
WHAT IS A U.S.FOREIGN-TRADE ZONE?
A Foreign-Trade Zone is a site in or near a U.S. Customs Port of Entry where foreign and domestic merchandise can be stored or manufactured. Merchandise in the Zone is considered to be outside of the country for Customs duties and excise tax purposes. Customs duties and excise taxes are due only when the goods leave the Zone for domestic consumption; goods which remain in the Zone or are exported to international markets are not subject to US Customs duties and taxes. The site is monitored by the sponsor business as well as the local Custom Border Protection agency. Business users must still adhere to local, state and federal law.
There are several ways that businesses can benefit from operating in a Foreign-Trade Zone, including:
- Cost savings on Duty Deferral or Duty elimination on imports which are later introduced to the U.S. domestic market or on Duty Reduction on imported items for production purposes.
- Duty elimination on scrap.
- Administrative cost savings on customs entry and processing fees through Weekly Entry.
- Direct deliver can streamline the travel time from port of entry to FTZ.
- Tighter security and inventory control procedures.
- Zone-to-Zone Transfers allow for products to move duty-free between zones within the U.S. before introduction to the domestic market.
- No time limit on duration of stay for merchandise that is warehoused in the FTZ.
- U.S. Foreign Trade Zone Board
- National Association of Foreign Trade Zones Board (NAFTZ)
- Greater Rochester International Trade
- CBP Trade Information
- International Trade Administration
- Export Import Bank of the US
- FTZ Savings Estimator
- FTZ 289 Zone Fee Schedule
LOOKING TO EXPLORE FTZ 289 FURTHER? CONTACT US
Begin with a simple call or email to Suzanne Vary, Ontario County FTZ 289 Rep., Ontario County Economic Development, 585-396-4866, Email: Suzanne.email@example.com
Refer to the Key Benefits listed above and consider the cost saving options specific to your business or industry. Options are to either establish a subzone or to establish a magnet site. We look forward to helping you access this federal program that could benefit your business with imports and exports. Applications must be submitted to and processed by Ontario County as Grantee.
FIVE COUNTY CONSORTIUM
The participating 5-county coordination for establishing this zone encourages communication with each of your local EDC or IDA. Be sure to ask us about your next steps.
- Call Sue Vary or email her today. Please start the conversation with a short phone call or email to describe your business and what your role is with the company. Be sure to address your import/export business.
- Sue will send you documentation and application to review. (12 question Application)
- Establish a site visit or meeting with Sue to present application and discuss next steps.
FTZ 289 Participating Counties