Establishing a Base in RI
The ENTIRE State of Rhode Island is designated as a FOREIGN TRADE ZONE.
The entire state of Rhode Island is a FTZ, and companies can take advantage of the numerous benefits in this specially designated area.
https://commerceri.com/business-support/foreign-trade-zone-105/
A FTZ is a specially-designated area in or adjacent to a U.S. Customs port of entry, that is considered “outside” the customs territory of the United States.
Imported goods can wait in a space where businesses have an opportunity to register their entities and manufactured products. This effectively lowers the import taxation on products as they enter the United States. Certain types of merchandise can be imported into a FTZ without going through formal Customs entry procedures or paying import duties. Customs duties and excise taxes are due only at the time of transfer from the FTZ for U.S. consumption. If the merchandise never enters the U.S. commerce, then no duties or taxes are paid on those items.
Rhode Island's FTZs create a win-win economic scenario, and consist of three different geographic locations that are considered “magnet sites” under the Alternative Site Framework (ASF) regulations. The three magnet sites are:
- Thirty-two acres at ProvPort, a 115-acre commercial and industrial inter-modal facility
- A 43-acre area at the Airport Business Center adjacent to Rhode Island T.F. Green International Airport
- The Quonset Business Park and Port of Davisville, an 880-acre designation within the 3,000+ acre facility
Among the advantages of a FTZ are the quicker turnaround of ships and planes through the reduction in formalities of customs examinations and also the ability to fabricate, refinish, and store goods freely.
https://commerceri.com/wp-content/uploads/2020/12/Foreign-Trade-Zone-105-flyer_FINAL.pdf
Contact Us
Looking for help?
For further assistance, contact our team at 401-232-6407 or send us an email today.
Next up
Innovation Support
Rhode Island has a wealth of private and governmental partnerships, venture capital, accelerator, and incubator organizations all willing to collaborate with companies within every phase of their growth.