To help Northeast Florida companies better manage cash flow during COVID-19, the Jacksonville Port Authority (JAXPORT) is now deferring the application fee for all new Foreign Trade Zone No. 64 applications received by July 31, 2020.
New FTZ customers can defer the one-time $2,500 application fee for 90 days from their application date, and take advantage of the substantial savings, including import duty deferral, reduction, or elimination, that a foreign trade zone offers.
An FTZ is a secured site within the United States, but technically considered outside of U.S. Customs' jurisdiction, allowing shippers to clear cargo as it leaves the FTZ while saving on import clearance costs.
“The ability to file a single weekly entry for all foreign merchandise arrivals, rather than on each shipment, can save companies thousands of dollars each year, in addition to potential duty savings,” said JAXPORT Foreign Trade Zone Manager Deborah Lofberg. “Imported products can be stored indefinitely in an FTZ while Customs duties are deferred. Companies can use those dollars for other priorities right now.”
FTZ No. 64 is Florida’s largest foreign trade zone by area. In Fiscal Year 2019, the value of merchandise entering the zone grew by more than $1 billion, a 40 percent increase over the previous year.
The FTZ’s alternative site framework (ASF) allows Northeast Florida companies to enjoy FTZ benefits while operating within their existing locations.
Storage and distribution sites located within Baker, Bradford, Clay, Columbia, Duval, Nassau, Putnam, Flagler and St. Johns counties can be approved in 30 days or less under the ASF. Manufacturing plants are normally approved within three to six months.
