Foreign Trade Zone #57

The Foreign Trade Zone (FTZ) program is a catalyst for companies involved with international trade to improve their competitiveness and profitability. By utilizing the FTZ program, companies are able to defer, reduce or eliminate Customs duties on products admitted to the zone. 

Like all Foreign Trade Zones across the nation, FTZ #57 in the Charlotte region is a secure area located in or near a Customs Port of Entry – in this case, at the Charlotte Douglas International Airport. Goods in FTZ #57 are considered to be part of international commerce and are legally outside of U.S. Customs territory. By utilizing this zone for trade, companies benefit from a variety of financial advantages: 

• Duty Deferral - Duties are paid only when goods enter U.S. Customs territory.
• Reduction of Tariffs - Goods may be exported duty-free from the zone. Goods may be destroyed duty-free in the zone.
• Elimination - Importers may choose to pay duties on raw materials entered into the zone, or to pay duties on the finished products as they are entered into U.S. commerce.

ADVANTAGES FOR REGIONAL COMPANIES LARGE AND SMALL

In addition, to deferral, reductions and elimination of duties, FTZ #57 offers significant benefits for companies of any size or any industry, from oil refining and shipbuilding to chemicals and electronics.

• Elimination of Drawback - through the use of FTZ #57, the need for drawback – duties previously paid on exported merchandise – may be eliminated, allowing these funds to remain within a company’s operating capital.
• Quotas - U.S. quota restrictions do not apply to merchandise admitted to FTZ #57, and quota merchandise may be stored in the zone until the quota is opened and the merchandise is shipped into U.S. Customs and Border Protection territory.
• Labor, Overhead and Profit - when calculating the dutiable value of foreign merchandise removed from FTZ #57, users are authorized to exclude zone costs of processing or fabrication, general expenses and profit.
• Taxes - personal property imported from outside the U.S. and held in FTZ #57 is not subject to state or local ad valorem taxes.
• Zone-to-Zone Transfer - duties may be deferred as FTZ #57 users transfer merchandise to another zone.

To find out how your business can benefit from conducting international trade in the Charlotte region’s FTZ #57, please contact:

Laura Foor
FTZ #57 Administrator
Email Laura
704.378.1365