Allen Cullum, developer of Velocity Park, the 130-acre state-of-the-art industrial park being developed in Greer, South Carolina, announces that Velocity Park has received approval from the U. S. Department of Commerce and the South Carolina State Ports Authority for the expansion of Foreign Trade Zone 38 to include all of the industrial park’s property.
Foreign Trade Zones (“FTZs”) were created in the United States to provide special customs procedures for U.S. plants engaged in international trade-related activities. FTZs are considered to be outside of U.S. Customs Territory for the purpose of customs duty payment. Therefore, goods entering FTZs are not subject to customs tariffs until the goods leave the zone and are formally entered into U.S. Customs Territory. Merchandise that is shipped to foreign countries from FTZs is exempt from duty payments. This provision is especially useful to firms that import components in order to manufacture finished products for export.
A variety of activities can be conducted in a Foreign Trade Zone, including assembling, packaging, destroying, storing, cleaning, exhibiting, re-packing, distributing, sorting, grading, testing, labeling, repairing, combining with foreign or domestic content, or processing.
Foreign Trade Zone approval for Velocity Park in Greer will provides significant benefits for manufacturers, processors, and other tenants that choose to lease buildings that will be built in this new Class A industrial park on Highway 101 across from the BMW Manufacturing Plant.