Foreign Trade Zone logistic Warehouse Benefits for Merchants – OSV's Guide

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OSV FTWZ in India

GURGAON, HARYANA, INDIA, February 21, 2022 /EINPresswire.com/ -- The foreign trade zones (also called free trade zones or FTZ) are safe, designated areas near customs ports of entry where domestic and foreign goods are considered to be outside of the country’s territory and in international borders. Hence, businesses that make use of the FTZ can eliminate taxes and customs duties along with several other benefits that will be covered in the subsequent section of this blog.

A wide range of products can be imported into the foreign trade zones without paying taxes and customs duties that are otherwise a part of imported goods (outside of the FTZ). Customs Duties are to be paid only when the goods are moved out of the free trade zone for consumption in the local market. However, if

the goods do not enter the marketplace in India, no duty is applied to these goods for 3 years.

The foreign trade zones are established with the aim to stimulate development and growth in countries worldwide. These zones enable businesses to become more competitive by maintaining and expanding their operations nationally and internationally.

The foreign trade zones bring along several benefits for merchants some of which include:

FTWZ Benefits-

• Duty deferment
• Export of inventory to FTWZs is duty and tax-free
• 3 Years Tenure of Storage extendable up to 5 years
• Tax and Operational Benefits to Foreign Entities

OSV Free Trade Warehousing Add-ons-

• Value addition services such as labeling, packaging, kitting, assembling, etc. can be easily done
• In-house CHAs for rapid clearance
• Ability to pay in freely convertible foreign currency
• World-class infrastructure and storage facility
• Temperature and Cold Storage Premises
• Other amazing benefits include improved security, better control over the inventory, better compliance, reduced insurance and security costs, among others.