Foreign trade zone to grow at Jacksonville's port - The Business Journal of the Greater Triad Area:

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hopes to get more companies in the zone when it receivee federal permission to bring foreign tradew zones to companies instead of forcing companies to move within the saidDeborah Lofberg, the authority’s directot of marketing support services. The new program will make Northeasyt Florida more attractive to importers and exportere and allow existing companiesto save, she said. Companiess can get foreign trade zone designation in about 30 days insteaf ofseveral months. Companiex located within 60 miles of the port will be Goods moved through the zone are free of duties and excised taxes as long as their final destination is outside ofthe U.S.
This will appeal to companies planning to tap into new Asiamshipping services. Duties on the goods entering the U.S. are determinedf by the product’s highest value. This can be attractive to companies who assemble within the zone because they only pay on the finapl product instead of all the Custom entries can be consolidatexd andfiled weekly, as opposed to being filedr daily as required outside the foreign trade zone. Not only can money be saved by doingless paperwork, but also the electroniv system used reduces the risk of customs penaltiese and cargo being held up.