What do you mean by “Deemed Foreign Territory” and how is it different from normal logistics parks?
By “Deemed Foreign Territory,” the FTWZ will be treated as a foreign entity similar to the embassies of various countries. Though the territory is present in India, many of the common Indian business laws and taxation will not be applicable there. To promote international trade, the Government of India offers a slew of benefits like tax exemptions for companies operating through this FTWZ.
As against domestic logistics parks, companies operating in FTWZ need not be registered Indian entities. Foreign companies that are registered elsewhere can also trade and transact through FTWZ.
What business services does Seaways FTWZ offer to its clients?
CORE SERVICES: - Customized warehousing services for different types of cargo - Customs Clearance of goods - Freight forwarding - Transportation from port to FTWZ - Transportation from FTWZ to final destination
VALUE ADDED SERVICES: - Labeling/re-labeling - Invoicing/re-invoicing - Kitting and bundling - Packaging/re-packaging, bottling, etc. - Refurbishing, painting, etc.
How long can I store my goods at Seaways FTWZ? What are the benefits?
Any type of cargo can be stored for up to 5 years at Seaways FTWZ. You need not pay Customs duty or interest as long as the goods are stored. You just need to pay the rental for space used.
When should I pay the Customs duty?
Customs duty can be paid only when the goods are cleared into the domestic tariff area (DTA). In case the goods are cleared in parts, Customs duty can be paid on pro-rata-basis.
Can I get the normal export benefits if I move my cargo from DTA to Seaways FTWZ?
Yes, you will be eligible for all the benefits available to normal exporters. Moving of goods from DTA to FTWZ is considered as exports.
