Northern Nevada Becomes More Attractive To New Businesses With New FTZ Designation
Reno, Nev. –As the northern Nevada Foreign Trade Zone (FTZ) Administrator, Griffin Global Logistics has announced that the Northern Nevada Foreign Trade Zone (FTZ #126) has received approval to establish an Alternative Site Framework (ASF) that will provide a new benefit for businesses that relocate within the FTZ region. The ASF will allow any new companies that locate to northern Nevada to secure FTZ status for warehousing and distribution operations within approximately 30 days from the time an application is accepted for filing. This is a much faster time frame than was previously available.FTZ #126 is the first zone in Nevada to secure this option.
An FTZ is an area within the United States that the government treats as though it is outside the country or the U.S. Customs territory. Therefore, companies can import merchandise into one without going through formal customs entry procedures or paying import duties. Once merchandise has moved into an FTZ, companies can display or re-package goods, repair or destroy damaged ones, assemble component parts into finished products and re-export either the parts or finished products.
Companies that use FTZ status have many business benefits including: relief from inverted tariffs; duty exemption on re-exports; duty elimination on waste, scrap and yield loss; weekly entry savings; improved cash flow; lower inventory costs; security and quality assurance; distribution savings; and duty deferral.
“This ASF designation for our FTZ will provide a competitive advantage for our area in providing this option for our existing companies as well as new companies that locate within the area,” said Russ Romine, president of Griffin Global Logistics. “It is crucial that northern Nevada offer these types of incentives to the companies doing business in our area. This type of benefit is what will help us grow and position northern Nevada for success in the future.”
As the Administrator of FTZ #126, Griffin Global Logistics assists applicants through the FTZ setup process and provides expertise/knowledge of everything involved throughout the process. Griffin Global Logistics also manages FTZ compliance with each operator and provides reporting to the U.S. government.
To learn more about the Northern Nevada FTZ and the ASF designation, the Economic Development Authority of Western Nevada (EDAWN) will have two seminars that will explain how these can serve as an opportunity for companies to gain a competitive advantage. The seminar speaker will be Scott Taylor, Esq. of Miller & Co., who works nationally with many FTZ regions for application, setup and maintenance of zone operations.
The first seminar will take place on Wednesday, Sept. 22 from 7:30 a.m. to 11:30 a.m. at NV Energy (6100 Neil Road #100, Reno), Room B7. The second seminar will take place on Thursday, Sept. 23 from 7:30 a.m. to 11:30 a.m. at the Gold Dust West Casino in Carson City (2171 Hwy 50 East, Carson City). [K1] The seminar is $25 for participants. Those interested can please RSVP by calling EDAWN at 775.829.3768.
About Griffin Global Logistics:
Established in 1975 and based in Reno, Nev., Griffin Global Logistics is a supply chain company that provides a full range of international supply chain logistics services designed to meet the needs of companies engaged in global trade.
Griffin Global Logistics specializes in developing innovative, information-based logistics solutions to add value to its clients' business operations with a focus onreducing client costs, improving service and streamlining the entire supply chain. Griffin continues to expand its operations locally, domestically and internationally by focusing on Personal Service and Tailored Solutions with a Global Reach.
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