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EXPORT
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February 201
3
EDA Office of Foreign Trade • Riverside County, California • USA
By Phil Pitchford
Businesses that are involved in importing
and exporting can benefit greatly
from having even a portion of their
property designated a Foreign Trade
Zone (FTZ), whether it’s by getting their
products through customs faster or
delaying the payment of certain fees
until the materials are ready for sale.
But how do you navigate the
paperwork if your company is not
already in one of Riverside County’s
existing FTZs? A Temecula company
that worked closely with a local
biomed company to implement its
FTZ has opened an FTZ consultancy
to help companies find solutions.
Morex & Associates Inc. Talks about the
Benefits of a Foreign Trade Zone
“
This is a highly-regulated process,
and you want to make sure you are
in compliance,” said Kenneth Daniels,
President of Morex & Associates Inc. “For
example, if you bring something into
the FTZ, you cannot just casually move
an item around without customs being
aware of it. At every step of the way, the
inventory needs to be accountable.”
Daniels said part of his business will
be streamlining the record-keeping
systems for companies that want to take
advantage of FTZ benefits and providing
electronic reporting of FTZ-related
transactions as required by law. He also
can explain how much the FTZ process
will cost and when companies can expect
to receive a return on their investment.
Daniels worked on the biomed effort
for about 10 months, identifying
the requirements for the company
and ensuring that each was met. He
drew on his own experience in the
financial services, manufacturing, real
estate and hospitality industries.
“
I learned a lot in the process as well,”
Daniels said. “I would like to repeat
and replicate this process with other
companies. It’s a very comprehensive
approach to the project.”
The FTZ program provides assistance
to importers and exporters and
manufacturers by providing a haven
where companies can bring products
or raw materials, provide some sort
of value-added process like assembly
Kenneth Daniels, President of Morex & Associates Inc.
