Galt Block Warehouse, Bangor, ME logo
Galt Block Warehouse Co., Inc.
PO Box 838, 242 Miller Street, Bangor, Maine 04402-0838
Tel: 1-207-942-3525 or 1-877-895-3526 / Fax: 1-207-942-0384 Info@GaltBlockWarehouse.com

Flexible Solutions to Meet Your Changing Needs


 BANGOR FOREIGN TRADE ZONE #58

A foreign trade zone is an authorized area, considered outside of U.S. Customs territory, but under Customs supervision. Foreign merchandise transported into a zone is considered in international commerce which delays formal Customs entry procedures and payment of duties until the merchandise enters a U.S. Customs territory for domestic consumption.
 

Therefore, distribution and processing can be conducted within the protective environment of a U. S. foreign trade zone with resulting savings in duty costs, cash-flow schedules, and import/export paper work. The BanAir Corporation, operator of Bangor Foreign Trade Zone #58 offers a full range of services for zone users from loading/unloading manpower and equipment to clerical services.
 

Foreign Trade Zone


Advantages of Foreign Trade Zones

  • Land and store imports without Customs duties or bonds.

  • Round-the-clock security for your goods.

  • Process your goods to obtain lower duties or freight charges.

  • Duty due on imported product or the imported components, whichever is lower.

  • Manufacture your goods using foreign and domestic components.

  • Customs savings. Re-label or remark merchandise in the Zone, avoiding fines on improperly marked goods. Withdraw a sample to learn how Customs rates your product.

  • Duty savings earned by: discarding substandard goods, impurities, waste; not paying for shrinkage, evaporation, seepage, etc.; manipulating your products - duty may be lower if your merchandise is disassembled or changed before entry.

  • Insurance savings - Insure goods only for their value plus freight; not for value plus freight, plus duty, plus taxes already paid.

  • Capital savings - Duties not paid until your goods are sold. If you re-export, your money is not ties up with drawbacks.

  • Overhead savings - BanAir will receive and store your merchandise, shipping it according to your instructions.

  • Import quotas do not apply in the Zone. You may import and hold goods in the Zone until the next quota period.

  • Sampling is possible before paying duty. Buyers can inspect your goods stored in the Zone.

  • Warehouse receipts are issued on requests so you can borrow on your goods in the Zone.

  • You may sell your goods in the Zone before paying duty or excise tax.

  • You can change your mind. If the U.S. market is not receptive, ship your goods elsewhere.

  • Stockpile ships stores, aircraft supplies, etc. at the Zone for use aboard ships or aircraft engaged in foreign service.

  • No time limit. Storage may await best market conditions.

  • Immediate recovery of drawbacks on goods entered in the Zone for subsequent export.


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All Rights Reserved.