How to Get Started with FTZ #176
The benefits of Foreign Trade Zones (FTZ) are many, from increasing cash flow to improving supply-chain timelines and inventory control.
They continue to help American companies compete in the global economy, giving cargo preferential treatment with import duties deferred, reduced, or eliminated.
FTZ #176 encompasses the northern Illinois region of Stephenson to McHenry counties from west to east, and the Wisconsin Stateline to LaSalle/Peru from north to south (see service area map). Businesses within that region can activate their facility—at their current location—as an FTZ site or subzone and access the associated cost benefits.
Your company should consider becoming an activated FTZ #176 site or subzone if you:
- Are located within 60 miles or 90 minutes of the Rockford Port of Entry, which is the Greater Rockford Airport and you are in the FTZ #176 service area.
- Import a significant volume of products with a high value and/or you expect your imports to grow.
- Re-export a substantial percentage of imports.
- Hold significant value of imported inventory.
FTZ #176 Administrator Carrie Zethmayr will help guide you through the steps to get started.
We can conduct a no-cost feasibility analysis and help you gather all the necessary information you will need to provide to help us make an accurate determination of the potential value for your company.
The process to become an activated FTZ site or subzone typically follows these steps, all of which can be facilitated by FTZ #176 Administrator:
- Conduct a feasibility analysis with FTZ #176 to determine potential value of the program to your business
- Secure approval from the Greater Rockford Airport Authority board
- Submit completed application to the National FTZ Board.
- If pursuing production authority to secure the inverted tariff benefit, complete an additional application to the National FTZ Board that gets posted to the Federal Register for public comment (this is an optional step)
- Activate your FTZ site or subzone with Customs & Border Protection; this step requires that you demonstrate requisite security measures and customs entries processes and procedures per the CBP Foreign Trade Zone manual.
Fees imposed by the National FTZ Board and the Greater Rockford Airport Authority are outlined in the FTZ #176 Tariff. There are no fees imposed by U.S. Customs & Border Protection, though we can help you estimate potential additional costs for such items as upgrading building security, implementing software, legal fees, and more.
Get the help you need to get started with an FTZ by contacting FTZ #176 Administrator Carrie Zethmayr today 312-221-1115 or firstname.lastname@example.org.