5 Advantages of being in a Free Trade Zone
In the heart of Antioquia, Colombia, nestled within the bustling landscape of innovation, lies a company that thinks as a Startup, that’s changing the game in electronic manufacturing and assembly. This is the story of Sento, a Colombian company located within a Free Trade Zone (FTZ), where boundaries between potential and reality blur, giving life to prototypes that power technological products in the United States. These are some of the advantages of working with a company located in an FTZ.
1. Unlocking a World of Economic Advantages
Stepping into the realm of a Free Trade Zone opens a gateway to a realm of economic advantages. The shackles of customs duties, tariffs, and even VAT on domestic raw material purchases are left at the entrance. For companies, a particularly enticing prospect is the reduction in corporate income tax, reflecting directly on the bottom line and contributing to the ultimate reduction of tax-induced overhead.
2. The Power of Temporal Freedom
The Colombian tax authority, DIAN, bestows a temporary permit upon those operating within the FTZ. This passport grants the privilege of temporarily moving raw materials beyond the Zone’s confines. This not only allows exploration of external processing options but also empowers collaboration with third-party services, all without the burden of tributes.
3. Simplified Customs Procedures: A Game-Changer
In the vast landscape of international trade, navigating the customs procedures can be labyrinthine. But in a Free Trade Zone, this labyrinth becomes a garden path. Assembling your electronic marvels here means leaving behind the cumbersome declarations and fulfilling intricate requirements that often devour time. Within the FTZ, such declarations cease to exist, making room for streamlined operations and accelerated progress.
4. Storage Crafted for Efficiency
The Zone Franca isn’t just a sanctuary for creativity; it’s a haven for materials. Storing raw materials is as simple as declaring their nature, quantity, and value. The real beauty, however, lies in the power of partial dispatches. Imagine sending out 500 units in batches, all while the safety of stored goods remains uncompromised, without the haunting specter of tributary costs.
5. Embracing Multimodal Possibilities
Picture a container arriving from a distant land, crammed with possibilities. The DIAN’s generosity extends even to this scenario. The startup can transport the container out of the Port of Buenaventura under safeguard, all without a single whisper of duty payments. This dynamic capability is what the industry refers to as Multimodal Transport, where possibilities converge and journeys take on new meanings.
In essence, partnering with our FTZ-based company is your pathway to a realm where innovation and efficiency converge. Our commitment to financial liberation, global integration, streamlined operations, agile storage, and seamless transit underscores our dedication to your success. As you embark on a journey to reshape your business landscape, remember that our FTZ location is more than a strategic advantage—it’s your gateway to a world of boundless opportunities.
