MIFS is a Foreign Trade Zone operator in Miami Lakes, FL. We are operating our FTZ under the Alternative Site Framework (ASF) of the PortMiami as approved pursuant to Section 400.38 of the Foreign-Trade Zones Board’s regulations. MIFS has been assigned a FTZ Site number of 281-20 and our FTZ operating FIRMS Code is 0913.
A FTZ is a designated location in the United States where companies can use special procedures that help encourage U.S. activity and value added - in competition with foreign alternatives - by allowing delayed or reduced duty payments on foreign merchandise, as well as other savings.
A FTZ has a restricted access site that provides FTZ users, such as importers, manufacturers and distributors, with various cost-saving benefits. Moreover, FTZ’s attract and promote U.S. participation in international trade and commerce.
FTZ’s are most commonly used for the storage and/or distribution of merchandise. Such goods entering a FTZ also may be assembled, cleaned, destroyed, displayed, manipulated, manufactured, kitted, mixed, processed, relabeled, repackaged, repaired, salvaged, sampled, scrapped and tested to name a few. In other words, such goods are “fungible”.
A zone provides much more flexibility for an importer, exporter, manufacturer and/or a distributor above and beyond the benefits of a traditional Bonded warehouse.
- Deferral of Import Duties
- Potential Duty Elimination for Exporters that use Duty Drawback
- A Simplified Manipulation Process
- A Time Saver with the submission of Electronic CBP Documents
- No limits on how long goods can remain stored in the Zone
- Simplified Storage of goods as entries no longer need to remain separate
- Merchandise Processing Fees Savings/Reductions
- Harbor Maintenance Fee (HMF) Quarterly Reporting
- Relief from inverted tariffs
- Duty exemption on re-exports
- Duty elimination on waste, scrap and yield loss
- Savings on damaged or nonconforming items