How can it help my business?

For companies with strong international business needs, particularly manufacturers and distributors, the Virginia TradePort offers many benefits:

• Maintains cost competitiveness vs. foreign competitors and reduces operating costs.
• Reduces, eliminates, or defers duties and eliminates duty drawback via the Foreign Trade Zone.
• Shipments are cleared through a regional Port of Entry (saves time and money).
• Concentration of facilities and resources supports more efficient domestic and international trade.
• Rail, air, and highway infrastructure provides easy accessibility to domestic and international markets.

Foreign Trade Zone-to-Zone Transfers
Many companies are making use of the ability to transfer merchandise from one foreign trade zone to another foreign trade zone. The merchandise is transported in-bond, with customs duties completely deferred until the product is removed from the final zone for entry into the U.S. (or re-exported or manufactured).

Foreign Trade Zone Duty Savings
By using the Virginia TradePort foreign trade zone, companies are able to defer, reduce or in some cases completely eliminate duty charges depending on the use of the incoming goods and whether the goods are ultimately exported or stay in the U.S.

Bureau of Customs and Border Protection
Having the opportunity of dealing with the Customs process provides for a more expedient clearance process as well as a more economic environment for special circumstances which may otherwise not be available in larger, more congested ports of entry.

Inventory Control and Supply-Chain Management Direct Delivery
Many companies using foreign trade zones find that their inventory control systems run more efficiently and more accurately, which in turn increase their competitiveness and their profit margins. Operating in a foreign trade zone also allows importers to have their merchandise delivered directly to their facility (with customs reporting to be done after delivery) as well as a consolidated entry process (as they file only one customs entry a week based on estimated distribution). These programs expedite the movement of cargo to support just-in-time inventory strategies and international supply-chain management.

Tax Savings
Tangible personal property imported from outside the U.S. and held in a zone, as well as that produced in the U.S. and held in a zone for exportation, are not subject to state and local ad valorem inventory taxes or internal revenue taxes.