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Foreign Trade Zone Sites To Benefit International Businesses Seeking Location In Goodyear, AZ
Goodyear has many successful Foreign Trade Zones (FTZs), which help foreign and international businesses establish and grow operations while limiting tariffs and fees. They present exceptional business opportunities, as they’re designed to facilitate and encourage international commerce while reducing the cost of operations. Goodyear’s Foreign Trade Zones also allow companies to employ American workers instead of sending manufacturing or automotive factories to other countries. Some experts agree that the U.S. may be on the cusp of a Foreign Trade Zone boom.¹
What Is A Foreign Trade Zone? How Do They Work?
A Foreign Trade Zone, or a free-trade zone, is a location on U.S. soil that, for customs purposes, is not recognized as being on U.S. soil, and goods in a zone are technically not yet in the U.S.² Foreign and domestic merchandise may be moved into zones for storage, exhibition, assembly, manufacturing, and processing without payment of duties, quota, and other import restrictions until the decision is made to enter the goods into the U.S. market.³ Foreign Trade Zones contribute substantially to the U.S. economy and its employment.
Benefits Of Locating In An FTZ
Only in Arizona
- Continuous 72% property tax reduction for approved and activated properties
- Nearly half of the top 100 importers in the U.S. use Foreign Trade Zone sites
- Consolidated weekly entry process reduces fees and paperwork
- Reduced supply chain time via faster customer clearance with special direct delivery procedures
- Reduced fees can be up to $1 million in savings annually
- Duty deferral and reduction where duty is paid on end products only when goods enter the U.S.
- Duty elimination (free of duty and federal excise tax) on foreign merchandise that is re-exported
- Duty elimination on goods scrapped, wasted, or destroyed in an FTZ
- Activated FTZ operators benefit from the highest level of security, which allows for negotiation of lower insurance rates
Goodyear, AZ, part of Metro Phoenix, is synonymous with growth and opportunity. It’s one of the fastest growing cities in the U.S., enjoys a median household income that’s nearly $74,000/year, and maintains a world-class healthcare corridor anchored by Abrazo West Campus and Cancer Treatment Centers of America. Its vast accessibility and transportation connections via I-10 and Loop 303 make it a sought after place to do business in Greater Phoenix, and it’s already home to major employers like Amazon, REI, Macy’s, Sub-Zero, Huhtamaki, and Ball Corporation. With more than 4,000 acres of land available for development, a business friendly environment that offers enhanced permitting and minimal regulations, affordable housing options, and an excellent quality of life, it’s no surprise that more companies are choosing Goodyear, a city poised for banner achievements and industry success.
For more information on Foreign Trade Zone sites in Goodyear, and to learn how to quality, visit the City of Goodyear Economic Development website. Special opportunities exist for manufacturing and internet fulfillment companies.