Foreign Trade Zones in Georgia
Foreign Trade Zones are a huge advantage to businesses that import and export goods. Locating a business within a Foreign Trade Zone allows a company to delay paying duties. There are several other benefits to locating within a Foreign Trade Zone.
Foreign Trade Zone #144
The Brunswick and Glynn County Development Authority is the Grantee of Foreign Trade Zone #144 (FTZ #144), one of three Foreign Trade Zone Grantees in Georgia. The other two are headquartered in Atlanta and Savannah. Foreign Trade Zone #144 covers most of Southeastern Georgia, bounded by I-75 on the west, McIntosh County and Dublin, GA on the north.
By becoming a sub-zone grantee of a Foreign Trade Zone, manufacturers are allowed to delay paying U. S. Duty fees on imported goods (raw materials, finished goods, partially finished goods, etc.) by temporarily staging these products within the designated boundaries of an FTZ sub-zone. While in this sub-zone, these products can be up-graded, repaired, or modified without duty being paid. If the products were then directly exported back off-shore without actually entering the United States officially, no U. S. duty would be paid. However, if the finished product were shipped from the FTZ sub-zone to a final destination within the United States, then the receiving company would be liable for the U. S. duty owed on the product.
The greatest benefit for FTZ sub-zone grantees arises from products having a very high value. Within FTZ #144, the majority of materials passing through the various designated sub-zones are automotive vehicles. Other current sub-zones are importing high value metals and products for processing and then returning them overseas for installation into the final product. During 2014, the value of products passing through Foreign Trade Zone #144 totaled over 5.2 Billion dollars!
Common Questions About Foreign Trade Zones
Keep in mind that Foreign Trade Zones are usually only worthwhile if you are working with high-value products.