Question: Our customer in a Restricted Country requested that our company (FZ) processes Transfer of ownership (Exw) to their FF who will act as the Exporter of Record. Can someone please help me to identify the consequences and implications on such sales, what would be the best practice for having our company as the Exporter […]
Question: Can someone please provide an example of an approved FTZ manual? I see this question has been asked before, and the response was to see the CBP guidance or ask a FTZ consultant. The have the guidance, and don’t need the complete services of a consultant. The grantee has been very helpful and I […]
Question: We have a customer that is requesting that we become a FTZ operator so they can become exempt from local property taxes. Does the storage of goods in a FTZ alleviate the need to pay all property taxes or does a bonded warehouse afford the same relief? Answer 1: No, there is no impact […]
Question: Our company currently operates an FTZ and has opted to file weekly entries. We have recently encountered issues in regards to quota class merchandise and understand that items subject to quota are not allowed to be on a weekly entry. Are we allowed to file a “non-weekly” 06 entry to remove all quota items […]
QUESTION: We operate as an FTZ and are looking to self file our weekly withdrawals. In order to do this, must we have a licensed broker on the staff? %%%%%%%%%% ANSWERS: Yes, you will need a LCB on site. I hope that helps. %%%%%%%%%% If your company is the IOR then you do not need […]
QUESTION: Can an 06 Weekly FTZ entry be updated prior to 10th day, once it has been transmitted? I am aware that the Weekly Estimate Cargo Release can not be, but I am uncertain about the Entry Summary. ========== Answer: Yes, it is possible to update an 06 Weekly FTZ Entry once it has been […]
QUESTION: The company I work for buys parts from our related party and sells domestically. These specific parts have extremely long lead times and we are looking to better service our domestic customer by having these parts in-stock domestically upfront instead of having to place a PO with our related party once our customer needs […]
QUESTION: Are there any other manufacturer-importers that have suspended their FTZ operations due to the Transportation & Logistics challenges as a result of the pandemic? We are finding that because our consumption entries have increased so significantly, and we are doing far fewer FTZ Admissions, that the Administrative costs for running the FTZ have exceeded […]
QUESTION: My company is about to become users of someone else’s ftz. Do we need to get an additional bond—on top of one we already have for imports—for our entries into and out of FTZ? **************** Answers: The best person to ask is your bonding company. They know your business best and you should openly […]
QUESTION: How long does it take to get approval from customs for a bonded warehouse? For an FTZ? If I bring raw materials into a bonded warehouse or FTZ and manufacture a new article of commerce within the bonded warehouse or FTZ, (substantial transformation), (not simple assembly, but real manufacturing) what is the origin of […]
QUESTION: If we brought goods into our FTZ (properly admitted, etc) but then exported them without any removal paperwork (7512, etc), what’s our penalty exposure? Just $1000 or do we have other things to be wary of? ========== Answers: You could be sited for liquidated damages for unauthorized release, which may be mitigated down. It […]
QUESTION: Is there anywhere with a general overview stating the costs of applying for a FTZ, yearly costs/fees to operate/maintain the FTZ once approved? ========== Answer: Yes – you can go to the FTZ Board website – and to the OFIS section, determine what county your zone will be in and select the proper zone/grantee, […]
