Foreign Trade Zone Is Now Open To Your Business
We Are The Official Strategic Alliance With VIEA
The Government of Canada has approved the Vancouver Island Economic Union(VIEA) to become the authoried authority for the Foreign Trade Zone(FTZ), which is one of the most important strategic action, FTZ is open toward future coorporation for Canadaian international trade in a global scale. CYEA owns both advantages in doing business and introducing foreing investment from Asian Pacific to Canada will enjoy special support and exclusive access to government-related policies and programs.
The FTA Special Team will work with representatives of various government departments to solve trading problems and initiate a series of projects that will directly benefit individual business entities.
Bullet Point About VIEA
The only broad regional FTZ in Canada.
The only FTZ granted to a non-government organization.
Started in a conversation at the Economic Summit in 2015.
All about improving Island prospects for global Trade.
1.Duty/Tax Deferral Programs – Cash Flow Advantage for Exporters.
Single Point of Access – Government Task Force Assigned to FTZVI.
A Single Island Brand for Global Export Marketing.
FTZs exist internationally (USA, India, China, Latin America, Europe, Africa).
Two part trade Zone; ‘Foreign’ Trade Zones & ‘Free’ Trade Zones. and is recognized globally.
A Government Task Force is Assigned to Assist
•Western Economic Diversification Canada
•Global Affairs Canada
•Canada Border Services Agency
•Canada Revenue Agency
•Transport Canada
•BC Ministry of Transportation & Infrastructure
•BC Ministry of Jobs, Trade & Technology
Cash Flow Advantage for Exporters
Duty Relief Program
Relieves payment of duties on imported goods that will eventually be exported in the same condition or after being consumed, expended or used in processing other goods.
Duty Drawback Program
Refund of customs duties paid for imported goods that will eventually be exported or used in manufacturing and then exported. This benefits businesses that have already paid duties and wish a refund.
Duty & Tax Deferral Programs
Customs Bonded Warehouses –
Companies participating qualify for complete deferral of duty and taxes. When goods exit the warehouse, taxes are applicable. If goods are re-exported, there are no duties or taxes. The definition of a warehouse is quite broad. It can be part of your office building, a stand-alone facility, or even a hotel conference room, and can be located anywhere within FTZ VI – e.g. anywhere on Vancouver Island!
•Export Distribution Centre Program – Relief of cash flow cost for export businesses that add limited value when processing or distributing goods such as relabeling, repackaging, assembling or disassembling, inspecting, cleaning, etc. This benefits companies importing goods and/or acquiring goods in Canada without paying GST/HST on goods that are later exported.
•Exporter of Processing Services Program – Qualifies companies to import goods belonging to non-residents without paying GST/HST on goods imported for processing, distribution or storage and then exported.
Working progress news
Initial Steps
- Foreign Direct Investment Portfolio – December 2018.
- Developing VI Exporter Database – 2018/2019.
- Business Match in Victoria – March, 2019.
- Assembling Advisory Team & Operating Contributions.
Second step:
- Pilot project to show value and build analytical model.
- Promote business case advantages to trading partners.
- Identify and employ global best practices.
Immediate Opportunities
1.Export companies can participate in pilot project.
2.Partners needed for start up funding and Advisory Team.
3.Get on our e-news list to be informed
We want to connect with everyone involved with export companies, foreign investors, and transportation infrastructure…
